Jerome Powell, in his speech at the Jackson Hole symposium, said that the central bank is considering adjusting its policy in connection with slowing inflation and a weakening labor market.

In his remarks, Powell predicted that the Fed was approaching a rate cut, although he did not provide specific details about when that might happen. "It's time for a policy adjustment," Powell said, pointing to a change in the Fed's approach due to the current economic situation.

Following these remarks, the Bitcoin price jumped to a high of $63,591, an increase of 5.51% in the last 24 hours. Similarly, the price of Ethereum also rose to $2,750.38, according to CoinMarketCap.

In addition, the CME FedWatch tool now shows a 63.5% probability of a 25 basis point rate cut in September, down slightly from 76% the day before. However, many market watchers expect the Fed to cut rates to 100 basis points by the end of the year.

As a result, US Treasury yields fell and the dollar weakened to its lowest level in 14 months, which usually leads to an increase in the value of bitcoin.

Following these remarks, the Bitcoin price jumped to a high of $63,591, an increase of 5.51% in the last 24 hours. Similarly, the price of Ethereum also rose to $2,750.38, according to CoinMarketCap.

In addition, the CME FedWatch tool now shows a 63.5% probability of a 25 basis point rate cut in September, down slightly from 76% the day before. However, many market watchers expect the Fed to cut rates to 100 basis points by the end of the year.

As a result, US Treasury yields fell and the dollar weakened to its lowest level in 14 months, which usually leads to an increase in the value of bitcoin.