Bitcoin and the broader crypto market rallied on Wednesday after Federal Reserve Chairman Jerome Powell said in a speech that December would likely bring smaller rate hikes.
The largest cryptocurrency by market capitalization was up 2% in the hour following Powell’s speech and more than 4% in the past 24 hours, while the second-largest digital asset, ethereum, was up even more, up more than 6% in 24 hours .
All other major digital assets rallied after Powell’s comments that “the time to ease the pace of rate hikes could come as soon as after the December meeting,” he said. Crypto markets have been watching U.S. stocks closely this year because investors largely view them as risk assets.
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