Bitcoin, Ethereum jump as Fed Chair signals slowing rate hikes

Bitcoin and the wider crypto market jumped Wednesday after Federal Reserve Chair Jerome Powell said in a speech that December would likely bring smaller interest rate hikes.

The biggest cryptocurrency by market cap was trading for $17,102 at the time of writing—up 2% in the hour after Powell’s speech and over 4% in the past 24 hours. Ethereum, the second largest digital asset, was up 1.57% in 24 hours, trading hands for $1,287.