In brief
- Fed Chair Jerome Powell went much more dovish than expected at Jackson Hole, sending stocks up 2% and crypto markets higher.
- Altcoins are outpacing Bitcoin, with Dogecoin and Solana showing increasingly bullish signs.
- But today, all eyes are on Ethereum, which is inching closer to breaking its 2021 all-time high.
Crypto markets have come alive following dovish remarks today from Federal Reserve Chair Jerome Powell. The Fed chairman opened the door to interest rate cuts during a speech at Jackson Hole, which both traditional and crypto markets had been eagerly awaiting—though not necessarily expecting.
Crypto climbed back above the $4 trillion mark and the Dow Jones Industrial Average jumped as much as 900 points, up to 2% on the day, after Powell suggested interest rate cuts could be on the way. The synchronized risk-on rally across both traditional and digital assets happens after weeks of consolidation, with the S&P 500 gaining 1.68% and the tech-heavy Nasdaq rising 2.1%.
Powell’s keynote at the annual symposium struck a more dovish tone than markets anticipated. “Downside risks to employment are rising,” Powell said. “With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our
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Author: Jose Antonio Lanz
