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- Bitcoin pops on Powell promise 🤞
Bitcoin pops on Powell promise 🤞
On a weirder note, meet the ‘crack head dev’ who spurred the latest meme coin frenzy.
Ryan Ozawa
August 23, 2024
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📝 What you need to know
Whenever and wherever Fed Chair Jerome Powell speaks, markets move. With simmering concerns over inflation and recession, he affirmed today that the Federal Reserve is poised to act at its September meeting—a long-anticipated interest rate cut.
The price of Bitcoin, already up for the day, spiked above $62,100 upon Powell’s declaration and sits comfortably above $61,000 as of writing, a more than 5% increase over the week. Ethereum also leaped above $2,700.
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💬 Quote of the Day
“Generally, a rate cut bodes well for risk-on assets, which have historically enjoyed the expansion of investor appetite as borrowing costs decrease.”
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