Bitcoin and Ethereum soar on Powell’s remarks… ETH hits new all-time high

The leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), saw surges in price following remarks by Jerome Powell, Chair of the Fed.

On the 22nd (local time), Bloomberg reported, “When Powell left open the possibility of a rate cut in September during his speech at the Jackson Hole Symposium, the market reacted immediately.” According to Binance, Bitcoin is currently trading up 2.32% at $115,841 (about ₩160,000,000 on Upbit).

Notably, Ethereum at one point soared to $4,866.73, breaking its previous all-time high ($4,866.40) set in November 2021. Since the start of this year, Ethereum has risen more than 40% and firmly maintained its position as the second-largest cryptocurrency by market capitalization.

The market response was clear. Katalin Tischhauser, Head of Research at Sygnum Bank in Switzerland, analyzed, “The digital asset market immediately reacts to dovish signals in a liquidity-driven bull run,” and stated, “Powell’s remarks played that role.”

Institutional demand is also supporting the strength. According to Bloomberg’s tally, over $2.5 billion in net inflows have been recorded into US spot Ethereum ETFs this month, while Bitcoin funds saw net outflows of $1.3 million. Companies that accumulate Ethereum—so-called DATs (Digital Asset Treasuries)—have purchased $17 billion worth of Ethereum to date.