The post Why the Crypto Market is Rising Today appeared first on Coinpedia Fintech News
The cryptocurrency market is showing signs of life again, with a nearly 4% jump, as its market cap hit almost $4 trillion in the past 24 hours. Meanwhile, with Bitcoin up almost 4% from yesterday, crossing the $116,800 mark, a remarkable 93% increase from one year ago.
This rally has surprised the entire crypto market while traders are wondering the reason behind this massive jump.
Let’s break down what’s driving this rally.
Powell Hints at Rate Cuts In Sept
Federal Reserve Chair Jerome Powell’s recent speech from Jackson Hole strongly hinted at upcoming interest rate cuts, encouraging investors to move into risk-on assets like cryptocurrencies. Meanwhile, the CME FedWatch tool now shows a 75% chance of a cut
Powell’s softer stance pushed investors toward riskier assets like crypto. Bitcoin quickly bounced from $111,600 to above $117,000, showing how strongly markets react to
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