The cryptocurrency market witnessed a major rally as Bitcoin (BTC) soared past $117,000, while Ethereum (ETH) climbed above $4,700. The surge followed comments by U.S. Federal Reserve Chair Jerome Powell, who signaled that an interest rate cut could be on the horizon.
Investors interpreted Powell’s remarks as a bullish sign, with lower borrowing costs expected to drive more liquidity into risk assets like cryptocurrencies. Trading volumes spiked across major exchanges, with Bitcoin seeing its strongest upward momentum since March.
Analysts note that Bitcoin’s new peak strengthens its position as a store of value, while Ethereum’s rally highlights growing optimism around decentralized finance (DeFi) and Ethereum-based applications. The broader crypto market capitalization also swelled, adding billions of dollars in value within hours.
Market watchers say if the Fed follows through on its rate cut, crypto assets could see even stronger gains, though volatility remains a concern for investors.
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