Jerome Powell's Jackson Hole Speech
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Bitcoin slid below $116K and Ethereum lost over 4% as crypto markets turned risk-off ahead of Fed Chair Jerome Powell’s final Jackson Hole keynote.
Bitcoin rose more than 2% on Friday after Federal Reserve Chair Jerome Powell signaled it may be time to cut interest rates amid mounting concerns about the labor market during his speech at the central bank’s Jackson Hole symposium.
Crypto traders had been preparing in recent days for a more-hawkish tone from Fed Chair Jerome Powell's highly anticipated speech in Jackson Hole.