Jerome Powell set off a Friday boom in the crypto markets. After the chair of the U.S. Federal Reserve indicated Friday morning that September rate cuts may be in the cards, Ethereum, the world’s second largest cryptocurrency, soared about 13% to more than $4,814, according to data from Binance. That is only slightly below its all-time high of $4,878 in November 2021.
Bitcoin, the world’s largest cryptocurrency, is also up. It’s jumped about 4% over the past day to around $117,000, per Binance. The total market capitalization of all cryptocurrencies has risen 6% to more than $4.1 trillion, mirroring the broader surge in the stock market. The S&P 500 is up 1.5% since trading began Friday morning.
