BTC Touches $65K As Jerome Powell Pledges To Start Cutting Interest Rates

Bitcoin (BTC) continued its positive price movements when it reached $65,000 for the first time since August 3rd. During the same period, several altcoins also saw significant gains, with SATS climbing 25%, FET rising 19%, and SUI increasing by 15%.

Ethereum (ETH) has gained over 3% in the past 24 hours, now sitting above $2,760. Ripple, Toncoin, Dogecoin, Tron, Cardano, Avalanche, Bitcoin Cash, and Polkadot have all experienced gains up to 5%. Among the larger-cap altcoins, Solana and Shiba Inu stand out. Both have risen approximately 6%, with SOL surpassing $150 and SHIB reaching $0.000015.

BTC On The $65K Path

The end of this business week differed notably to the previous one. BTC had dropped to $56,000 on Thursday but saw some recovery on Friday and through the weekend. Monday, however, began with a pullback as the asset fell to $58,000.

The bulls managed to step in and halt further declines, but the week remained relatively quiet until Friday evening, when positive news emerged which involved Fed Chair Jerome Powell pledging to start cutting interest rates. This news triggered a rally, causing BTC to surge to $64,000. Following a brief correction, it continued its upward trajectory, reaching $65,000 for the first time in over three weeks.

Even though BTC has retraced by around $800 since reaching $65,000, it remains 5% higher for the day, holding steady above $64,000. Its market capitalization has surged to $1.270 trillion, with its dominance over altcoins increasing to 53.8%. The overall crypto market cap has also increased by around $100 billion since yesterday, now totaling $2.360 trillion.

Other Markets

Traders on the NYSE floor are seeing gains in stocks and futures as the easing of the maturity wall, large amounts of debt maturing at once, mitigates default concerns. Central banks are aligning with Fed Chair Jerome Powell signaling potential rate cuts and a shift in focus toward improving employment rates.

Elsewhere, Zimbabwe continues to adjust post-Mugabe, with warnings of increased blackouts due to power utility faults. Türkiye is investigating false social media claims about the resignation of its Finance Chief, and the Chinese Central Bank is cautioning against risks in bond trading while considering narrowing the rate corridor. Finally, although the African cocoa harvest may improve, factors like disease and low farmer pay are likely to keep chocolate prices stable.