Bitfinex Alpha: Fed Chairman hints that rate cuts are good for risk assets, and risk appetite has returned to BTC

Odaily Odaily News Bitfinex Alpha Research Report shows that as Federal Reserve Chairman Jerome Powell made comments in Jackson Hole suggesting possible rate cuts, risk assets generally rose, and BTC soared to $65,000. This statement caused the US dollar to fall, boosting the stock market. The S&P 500 index is close to its historical high. Bitcoin, which had previously lagged behind the stock market, rose sharply by 6.06% in one day, the second largest single-day increase since May. The rise occurred against the backdrop of a growing positive correlation between Bitcoin and the U.S. stock market. In fact, since hitting a low in early August, Bitcoin has been relatively weak relative to stocks. The price of Bitcoin last Friday also witnessed a sharp rise in correlation, indicating that risk appetite has returned to the market.