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Bitcoin's Value Skyrockets as Fed Chair Powell Indicates Potential for Rate Reductions in September
During a much-anticipated speech in Jackson Hole, outgoing Fed Chair Jerome Powell alluded to possible rate cuts before the end of the year, without specifying further. Powell, whose term is nearing its end, identified a significant slowdown in the US economy, more substantial than estimates from a month ago. Despite an increase in unemployment rates to 4.2% in July, he noted that this is still historically low and has been stable over the past year.
Particularly significant to the financial markets was Powell's hinting at potential interest rate reductions in the next FOMC meeting in September. Bitcoin's price responded immediately to his speech, with a surge from under $112,000 before his address to nearly $116,000 afterwards, triggering a sharp increase in liquidations for Bitcoin and many altcoins.