Jerome Powell’s comments about potential rate cuts in September sent the crypto markets surging on Friday. Ethereum rose 13% to over $4,814 while Bitcoin increased 4% to around $117,000. The total market capitalization of all cryptocurrencies exceeded $4.1 trillion, reflecting a broader stock market surge. Powell’s remarks at a conference in Jackson Hole signaled a possible shift in Fed policy, prompting traders to embrace riskier assets like crypto. Market volatility followed recent economic data releases, but traders are now pricing in an 85% chance of a rate cut in September.

Read more at Yahoo Finance: Ethereum brushes record high after Fed chair says ‘balance of risks’ is shifting