Powell Speech Sparks Ethereum Rally, Breaking Past $4,800

A recent speech by Federal Reserve Board Chairman Jerome Powell ignited bullish sentiment in the cryptocurrency market, driving Ethereum past the $4,800 price barrier. This surge is attributed to expectations of rate cuts in September, fueling a pump across various cryptocurrencies. Analysts attribute this rise to expanding decentralized finance (DeFi) applications and increasing institutional interest, making ETH outperform Bitcoin’s modest gains.