Powell relented and hinted at a rate cut, ETH broke a new high, how will the market behave?
Original | Odaily Planet Daily (@OdailyChina)
Author|Golem (@web 3_golem)
On the evening of August 22, Fed Chair Powell's last appearance during his tenure in Jackson Hole's speech opened the door for a resumption of rate cuts, with the last rate cut announced by Powell occurring on December 18, 2024. The market immediately responded positively. The three major U.S. stock indexes collectively closed higher, with the Dow Jones Industrial Average closing up 1.89%, the S&P 500 up 1.52%, and the Nasdaq Composite Index up 1.88%. At the same time, many stocks in the U.S. crypto sector rebounded and rose, with SharpLink up 15.69%, Bitmine up 12.07%, Coinbase up 6.52%, CIrcle up 2.46%, and Strategy up 6.09%.
The crypto market has also performed well, with the total market capitalization of the cryptocurrency market returning to $4.1 trillion, mainly driven by the Ethereum system. On August 22,...