Crypto sentiment turned to “Greed” as the market surged following Fed Chair Jerome Powell’s comments hinting at a rate cut in September. The Fear & Greed Index rose to 60 from 50, boosted by Powell’s remarks on inflation and labor market conditions.

Bitcoin jumped 5% to $117,300, liquidating $379.88 million in shorts, while Ether hit $4,878, reclaiming its 2021 all-time highs. Market participants anticipate a rate cut at the Sept. 17 Fed meeting, with Powell potentially setting the stage for it.

St. Louis Fed President Musalem is still undecided on supporting a rate cut, saying he needs more data. Earlier, the market expected a surge if Powell hinted at a rate cut, with speculations driving anticipation for potential market spikes. Participants are closely watching Powell’s moves.

Read more at Cointelegraph: Fed-Fueled Crypto Rally Pushes Sentiment Into ‘Greed’ Territory