BTC Jumps 5K! Powell’s Speech Sparks Crypto Chaos 🚀💸

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The highly anticipated Jackson Hole speech by Fed Chair Jerome Powell was met with massive enthusiasm by investors… who probably thought the Fed was giving away free Bitcoin. 🤯💸

Bitcoin jumped by over five grand from bottom to top, like a confused kangaroo on a trampoline. 🦘💥 While some of the biggest altcoins rocketed to new all-time highs, probably because they finally found their confidence. 🚀

BTC Soared to Over $117K

The days leading to the event were quite grim, to say the least. Bitcoin opened the business week with an immediate price drop that drove it from over $118,000 to $115,000. Although the bulls tried to stage a quick recovery, BTC was stopped at $117,000 and driven south even harder to under $113,000 by Wednesday and Thursday. Sounds like a bad day at the office for Bitcoin. 😭

The landscape worsened on Friday, hours before the Jackson Hole event. BTC dived once more, this time to its lowest position since early July of under $111,700. Because nothing says “I’m stressed” like a cryptocurrency dropping like a stone. 🪨

As Powell took the stage, though, the situation started to change quickly. Although he didn’t confirm that there would be rate cuts in September, his statements were regarded as positive for future reductions, and BTC skyrocketed within minutes to over $117,000. Because who needs sleep when the Fed speaks? 😴

It has lost some traction since then and now sits below $116,000; it’s still over 2% up on the day. Its market cap is above $2.3 trillion, but its dominance over the alts has taken another hit and is down to 56.5% – because even the alts are getting a little too much attention. 😅

ETH, BNB to New ATHs

Perhaps the most significant beneficiary of Powell’s speech from the larger-cap alts was Ethereum. The second-largest cryptocurrency had dipped below $4,200 earlier in the day but went on a massive roll, taking it to a new all-time high of roughly $4,900 (although CoinGecko hasn’t confirmed this, it occurred on most exchanges). Because Ethereum finally found its “I’m not a scam” moment. 🎉

Binance Coin is another alt that shot up and tapped a new peak of $900. SOL has gained 10%, ADA is up by 7%, DOGE by 9%, SIU by 9%, XLM by 5.5%, and AVAX has shipped by 9%. XRP has reclaimed a crucial resistance of $3.00. Because even the smallest coins are trying to shine. ✨

With most other altcoins charting notable gains, it’s no wonder that the total crypto market cap has added over $200 billion since yesterday’s low and is close to $4.1 trillion on CG. Because everyone’s a winner… except the people who didn’t invest. 😂

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2025-08-23 11:40