Federal Reserve Chair Jerome Powell expressed a dovish stance at the Jackson Hole symposium, indicating a possible rate cut in September due to rising employment risks. His comments led to a sharp increase in Bitcoin's price, which rose about 2% to $114,200. Prior to his speech, Bitcoin had suffered a 10% decline, dropping to $112,000 as market expectations of a rate cut diminished. Following Powell’s remarks, those expectations surged again to nearly 90%. Traditional markets also responded positively, with U.S. stocks gaining over 1%. However, Powell continues to face pressure to balance rate cuts against inflation and labor market challenges. Other cryptocurrencies like Ether saw even steeper corrections prior to the speech, but have begun to recover post-statement.

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