Bitcoin Surges 2.6% to $114,800 After Federal Reserve Remarks
Bitcoin (BTC) rebounded from the $111,800 support level, increasing by 2.6% to $114,800 after Federal Reserve Chairman Jerome Powell hinted at possible rate cuts during a speech at Jackson Hole.
- Over $375 million in crypto derivatives positions were liquidated, mainly affecting short positions.
- Ether (ETH) saw $150 million liquidated as its price rose from $4,200 to $4,650, a 10% gain.
- The bounce from Bitcoin's critical support indicates a bullish reversal following a downtrend from $124,500.
- Powell noted rising downside risks to employment, suggesting potential rate cuts that could favor risk assets like BTC and ETH.
- After the speech, BTC pulled back slightly from $115,700 to $114,800, while open interest increased, indicating leverage backing the bounce.
- Most altcoins lag behind ETH, with Lido (LDO) and Ethena (ENA) continuing their upward trend following SEC clarifications on staking.
