Powell Speech Spurs Ether, Bitcoin Gains Across Global Crypto Markets

Following Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium hinting at a possible interest rate cut in September, the cryptocurrency market experienced a sharp rally. Bitcoin surged to around $116,000, and Ethereum climbed above $4,600, gaining over 8%, as investors reacted positively to the prospect of eased monetary policy. This renewed optimism triggered significant short liquidations and inflows into Ethereum-focused assets, with shares of companies accumulating ether rising sharply and the broader crypto market capitalization reaching around $4.08 trillion. Institutional interest in Ethereum has increased, highlighted by large purchases from firms like SharpLink Gaming and BitMine Immersion, alongside new tokenized securities launched by DBS Bank, signaling growing corporate and banking adoption. Despite some outflows earlier in the week, Ethereum ETFs saw renewed inflows, and technical indicators point to strengthening momentum with potential for further gains. Overall, Powell's remarks have reignited confidence in risk assets, boosting cryptocurrencies as investors anticipate a more accommodative Federal Reserve stance.