Bitcoin Price Surges After Powell’s Remarks, U.S. Job Claims Delayed
- Bitcoin has risen over 7% this month, currently trading above $123,000 after an intraday low near $122,000.
- The price surge follows Fed Chair Jerome Powell’s remarks at the Community Bank Conference where he did not address monetary policy.
- Anticipation of further rate cuts has contributed to Bitcoin reaching a new all-time high (ATH) just above $126,000.
- CME FedWatch indicates a 94.6% chance of a rate cut by the Fed at the October meeting.
- U.S. jobless claims reports were delayed due to the government shutdown, impacting market volatility.
The current market dynamics are influenced by expectations of Fed rate cuts and uncertainty surrounding economic indicators such as jobless claims, which have not been released due to the shutdown.
With Bitcoin climbing significantly after Powell’s comments and reaching an ATH above $126,000, investor sentiment remains bullish amid anticipated monetary easing.(Source)
