Crypto News Catchup: Bitcoin Breaks $65K Barrier After Powell’s Jackson Hole Speech Fuels Rally 

Bitcoin’s recent price action has caught the attention of crypto traders, driven by Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium. The speech sparked optimism in the market, propelling Bitcoin above the critical $65,000 mark. This surge follows a key resistance break and indicates a strong upward trend supported by technical indicators. With significant upside potential and some downside risks, Bitcoin has experienced a remarkable 32% increase since its early August plunge, reflecting the market’s positive response to Powell’s comments on monetary policy adjustments.

The speech by the Federal Reserve Chair Jerome Powell last Friday in Jackson Hole, Wyoming, ignited enthusiasm among crypto traders who pulled Bitcoin above the $65,000 benchmark. Bitcoin exceeded the resistance of 62,753.14, as marked on August 9, and was en route to the psychological target of 65,000. Prices are currently above the 50-period Exponential Moving Average and the Momentum oscillator indicates an upward trend, showing values above the 100 baseline. Three potential upside targets may be determined at 65,073.29, 66,834.64, and 70,092.19. Conversely, three downside targets are recognized at 62,753.14, 59,723.7, and 59,149.23, respectively. Bitcoin experienced more than a 32% increase since the August 5 plunge and a 7% weekly change.

During the Jackson Hole Symposium, Powell stated: The time has come for policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.

According to CoinDesk, Argentina is undergoing a transformative shift, embracing cryptocurrency as a tool to stabilize its economy amid ongoing financial challenges. At the center of this change is the Crecimiento movement, uniting crypto enthusiasts, entrepreneurs, and innovators to drive sustainable, crypto-driven reforms. This movement is showcased at Aleph, a month-long pop-up city in Buenos Aires, where global and local leaders are collaborating to launch startups and fuel crypto innovation. Argentina is seizing the opportunity to position itself as a global leader in the digital asset space, with government support and a thriving crypto ecosystem. The Crecimiento movement aims to revolutionize Argentina’s economy through crypto, turning the country into a testbed for economic transformation.

Vice President Kamala Harris supports policies aimed at expanding the cryptocurrency industry, signaling her intent to foster growth while implementing necessary safeguards. Her campaign adviser highlighted her focus on creating a stable regulatory environment that encourages innovation. Harris’s approach contrasts with former President Donald Trump’s pro-crypto stance, which advocates reducing regulations. As Harris outlines her economic policy, she emphasizes cutting bureaucratic red tape and protecting consumers while also aiming to build a stable business environment for emerging technologies like digital assets.

On another note, the former US Presidential Candidate RFK Jr., who recently endorsed Donald Trump, stated, “I am a strong advocate for Bitcoin. The majority of my wealth is in Bitcoin.”

Toncoin, a cryptocurrency linked to Telegram’s blockchain project, The Open Network (TON), lost $2.7 billion in market value following the reported detention of Telegram’s co-founder, Pavel Durov, at a Paris airport. The token’s price dropped over 20% amid concerns that Durov’s arrest, linked to allegations of insufficient action against criminal activity on Telegram, could negatively impact TON’s growth. TON’s appeal is closely tied to its integration with Telegram’s vast user base, and any threat to Telegram’s position could harm TON’s prospects.

Despite the arrest, Telegram asserts that Durov has nothing to conceal and that the company adheres to EU regulations. However, the outcome of the French judicial process will be pivotal in shaping the future of both Durov and Telegram. The upcoming days will be critical as the legal proceedings continue.

According to Bloomberg, one month after the launch of Ether ETFs in the US, investor interest remains lukewarm, with the nine funds seeing net outflows for six consecutive days. While Bitcoin ETFs have attracted consistent inflows, Ether ETFs have struggled, partly due to outflows from the recently converted Grayscale Ethereum Trust. The total net outflows for Ether ETFs have reached around $458 million, with trading volumes hitting new lows. Analysts suggest that traditional investors are more comfortable with Bitcoin as an entry point into crypto, and market uncertainty ahead of the Federal Reserve’s Jackson Hole meeting may have contributed to the cautious approach toward Ether ETFs.

On August 22, according to Blockchain.com, the average Bitcoin transaction fee surged by 937.7%, jumping from $0.74 to $7.679 per transaction due to a significant increase in network demand. This sudden increase sharply contrasted with the previously stable fees under $2 that had been consistent since July. The high fees imposed significant pressure on users, with some having to pay excessive amounts during peak demand periods. However, by August 23, fees had decreased to $0.34 as network demand eased. The fee spike illustrates the volatile nature of Bitcoin’s network demand and its impact on transaction costs.

In conclusion, Bitcoin’s recent price surge, fueled by positive market sentiment following Jerome Powell’s Jackson Hole speech, underscores the cryptocurrency’s resilience and potential for further growth. As the market navigates both upside targets and downside risks, the broader crypto landscape remains dynamic, with global events and regulatory developments influencing investor behavior. Whether through Argentina’s ambitious crypto-driven economic reforms, the evolving regulatory stances in the US, or the volatility seen in transaction fees, the cryptocurrency market continues to be a focal point of innovation and speculation, with Bitcoin at the forefront.