Share this article
Powell Puts September Rate Cut in Play; Bitcoin Pushes Higher
The Fed chair, perhaps surprisingly, took a dovish tone in his remarks at Jackson Hole.
Updated Aug 22, 2025, 2:35 p.m. Published Aug 22, 2025, 2:04 p.m.
Make us preferred on Google
What to know:
- Fed Chair Jerome Powell opened the door to a September rate cut in remarks at Jackson Hole on Friday.
- "Downside risks to employment are rising," said Powell.
- Under pressure for the past week, bitcoin rose sharply on the dovish tone.
Perhaps surprising markets which had expected a hawkish tone, Federal Reserve Chair Jerome Powell firmly put a September rate cut on the table on Friday.
Speaking at the Kansas City Fed's Economic Symposium in Jackson Hole, Powell said the shifting balance of risks may warrant adjusting policy.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Downside risks to employment are rising," said Powell. "If those risks materialize, they can do so quickly in the form of sharply higher layoffs and rising unemployment."
Bitcoin has gained about 2% since the remarks hit the wires, rising to $114,200. U.S. stocks have added more than 1% and the 10-year Treasury yield is lower by six basis points to 4.27%. The dollar index has dipped about 0.5% and gold is higher by 0.6%.
Rough week ahead of Powell
In anticipation that Powell would remain hawkish, risk markets — crypto among them — had been under sizable pressure in the days leading up to his address.
Touching a record high above $124,000 about one week ago alongside September rate cut expectations that had risen to nearly 100%, bitcoin has slumped nearly 10% to $112,000 since as those monetary easing hopes quickly dwindled to just 69% in the hours ahead of Powell's speech. In the minutes following, those odds have re-risen to nearly 90%, per CME FedWatch.
Read more: Fed's Hammack Says 'No' to Rate Cut; Bitcoin Slips to Session Low Below $113K
The correction in the perhaps more speculative ether was even deeper, with that crypto tumbling roughly 12% over the same time frame after coming within a few dollars of its all-time high. It's bounced nearly 8% since the Powell speech.
In traditional markets, the Nasdaq dipped 3% over the past few days as it too priced in lessening chances of a rate cut.
あなたへの
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
知っておくべきこと:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
