Bitcoin (BTC) Price Surge Leads the Crypto Market Rally, Eyes a Rally to $70,000 This Weekend

The crypto market has now joined the euphoria visible on Wall Street on Friday soon after the Jackson Hole speech from Jerome Powell where the Fed Chair gave clear hints of a pivot and interest rate cuts in the coming month.

Fresh hints of a pivot and interest rate cuts from Jerome Powell during his Jackson Hole speech on Friday sparked euphoria in the crypto market. Bitcoin and altcoins combined to lift the broader crypto market by over $110 billion. This surge in institutional interest also drove a net inflow of $251 million into spot Bitcoin ETFs on Friday, as noted by Blockware Solutions.

The world's largest crypto asset class, Bitcoin, led the rally with a 5.5% gain, reaching levels of $65,000 with a massive 66% surge in daily trading volumes to $43.1 billion. According to Coinglass data, over $180 million were liquidated in the crypto market over the last 24 hours, with short liquidations accounting for over $140 million. This sets the stage for a potential Bitcoin price rally to $70,000 during the weekend.

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