Bitcoin surged to $116,000 after Fed Chair Powell’s dovish comments hinting at an interest rate cut next month. Crypto and risk assets rose while the US dollar weakened. Bitcoin bounced back from 6-week lows as Powell spoke at Jackson Hole, causing volatility in the market. Market participants anticipate a rate cut in September as per CME Group’s FedWatch Tool. Powell’s speech indicated a potential rate cut, aligning with market expectations. Analysts suggest bullish divergence in Bitcoin’s price, signaling potential for a rebound.

Read more at CoinTelegraph: Bitcoin Gets A Price Boost From Fed Chair Jerome Powell