Bitcoin reached an eye-popping peak of $64,853 per unit on Friday, boosted by a speech by Federal Reserve Chairman Jerome Powell at Jackson Hole, where he hinted at a possible rate cut in September. Over the past day, the cryptocurrency has gained 5.3%, helping the entire cryptocurrency market gain 5.01%, with its market cap now at $2.24 trillion.
Under the influence of Powell's latest remarks, Bitcoin is approaching the $65,000 range.
Bitcoin (BTC) is trading around $64,433 per coin on Friday afternoon after reaching an intraday high of $64,853. BTC is up 5.3% today and is up 6.6% against the dollar over the past week.
Today’s rally was sparked by a speech by Federal Reserve Chairman Jerome Powell at Jackson Hole, where he hinted at a possible rate cut. The cryptocurrency market moved in sync with the U.S. stock market, which was led by the Russell 2000, Nasdaq, and S&P 500.
Ethereum (ETH) jumped 5%, lagging behind Bitcoin in gains, while Dogecoin (DOGE) led the top 10 cryptocurrencies with a 7.25% gain. The day’s top performer was Suncoin (SUN), which surged 46.47%, followed by Tyrolcoin (TRB), which rose 31.27% in 24 hours.
Other notable gains on Friday included MEME, CKB, TURBO, SUI, MEW and FET, which each rose between 18.16% and 21.33% throughout the day. In addition to Bitcoin, Ethereum and stablecoins, the highest trading volumes were Dogecoin, TRON (TRX), Pepecoin (PEPE), Solcoin (SOL), Binance Coin (BNB), Ripple (XRP), Avacoin (AVAX), WIF and SUI.
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