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Powell Sending Ripples Through Crypto Market with Crucial Statements

During a news conference on Wednesday, July 31, Federal Reserve Chair Jerome Powell indicated that the central bank might execute a long-anticipated rate cut this September. He noted that the economy is “moving closer” to the point where a reduction in the current policy rate would be appropriate, but stated, “we’re not quite at that point.” Previously, July was discussed as the month to initiate the first rate cut; however, the Fed has collectively decided to postpone this decision until the next meeting. Following Powell’s address, the likelihood of a rate cut in September now stands at an impressive 93.5%.

Shiba Inu Eyes Birthday Rally, If SHIB Price History Proves Itself

In August 2024, the Shiba Inu meme cryptocurrency celebrates its fourth anniversary. As the SHIB community celebrates, investors are closely monitoring the token’s price chart for a potential rally. Historically, August has been a favorable month for Shiba Inu, demonstrating an average return of 2.7% and a median return of 3.4%. The rarity of both the median and average being positive raises expectations that SHIB will finish August positively, thus increasing optimism for a bullish trend as summer concludes.

Here’s How Much Bitcoin BlackRock (NYSE:BLK) Currently Holds

In the realm of BTC ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) stands out. Recent data shows that their Bitcoin holdings exceed 343,000 BTC, specifically amounting to 343,387.46220 BTC. At the current BTC price of $63,285, this holding is valued at approximately $21,706,544,778.72 as of August 1, 2024. Additionally, BlackRock holds a notable amount in USD Cash, specifically 326,384.95000 worth approximately $326,384.95 in their portfolio.

This article was originally published on U.Today