A few minutes after Fed Chair Jerome Powell hinted at a possible rate cut during his speech at Jackson Hole, Binance futures experienced a sharp uptick. According to market data analysis from CryptoQuant, Binance futures products recorded a $300 million upsurge in 15 minutes after the Fed Chair’s speech.
As a result, Binance’s BTC Open Interest (OI) jumped to around $13.3 billion. Meanwhile, the total crypto OI surged by 8.5 percent to about $215 billion.
The sudden market shift also resulted in more than $656 million of crypto derivatives liquidated in the past 24 hours
Bitcoin price regained bullish sentiment following Fed Chair Powell’s remarks at the Jackson Hole conference. President Donald Trump welcomed the Fed rate cut goodwill but highlighted it ought to have happened a year ago.
“With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Fed Chair Powell stated.
The flagship coin rallied over 4 percent on Friday to trade above $117k during the mid North American session. The wider altcoin industry followed in tandem, led by Ethereum (ETH), thus pushing the total crypto market towards $4.12 trillion.
Meanwhile, Kalshi traders increased their bets on a potential 25 bps Fed rate cut in September to 79 percent and reduced their stake on possible the Fed maintaining its rate between 4.25% and 4.5% to 18 percent.
With the renewed demand for Bitcoin by whale investors, a fresh bull market is likely in the coming weeks. However, Bitcoin price must consistently close above $120k to invalidate the midterm bearish sentiment towards $108k.
CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
Bitcoin (BTC) price extended its recent gains on Friday to almost retest its all-time high…
Ethereum may be on track to reach $60,000 in the next few years, according to…
Investors searching for 10x returns before 2026 need to balance ambition with realism. Many of…
Ethereum (ETH)’s success story continues to inspire traders across the market. For years, ETH has…
Cryptocurrency is steadily gaining ground in the U.S., with more people and businesses exploring digital…
President Donald Trump has floated a proposal that could change the way Americans benefit from…
