BTC/USD: Bitcoin Powers Up by 12% to $68K After Jay Powell Upholds Rate-Cut Timeline

OG crypto leaped to erase a chunk of its recent losses while gold and all three major US stock indexes closed at record highs.

• Bitcoin tops $68,000 after Powell's speech.
• US stock indexes close at record highs.
• Three rate cuts are coming in 2024.
• Bitcoin prices skyrocketed late Wednesday and marched higher early Thursday fueled by traders unleashing their long bets. The newfound bravado swept crypto markets largely thanks to the Federal Reserve’s press conference following the March interest rate decision. The central bank kept borrowing costs flat at a 23-year high of 5.25% to 5.50%.
• Jay Powell, Fed chief, appeared to give his remarks on the US economy and the path forward. In his speech, he reassured investors that three rate cuts were still on the 2024 agenda. The news stirred up the dealmaking scene across the board. All three major US indexes—S&P 500, Dow Jones, Nasdaq Composite—closed at record highs. Gold hit a new all-time record of $2,222 per troy ounce.
• Bitcoin added 12% to climb above $68,000 in early trading today before coming back under the threshold. The orange coin has been floating under its record high of $73,000 hit last week before a string of inflation data knocked traders’ enthusiasm for buying at the top. Overall, optimism is so-so back with the total crypto market value surpassing $2.5 trillion today.