Crypto sentiment returns to Greed as Bitcoin and Ether spike on Fed speech

A popular crypto sentiment tracker surged back into Greed on Saturday after Fed Chair Jerome Powell hinted at a possible rate cut in September.

Crypto sentiment returned to “Greed” on Saturday as the crypto market surged, following dovish comments from US Federal Reserve Chair Jerome Powell that raised speculation of a possible rate cut in September.

The Crypto Fear & Greed Index, which measures overall crypto market sentiment, rose to a “Greed” score of 60 on Saturday, up 10 points from Friday’s “Neutral” reading of 50, after briefly dipping into Fear earlier in the week.

The rebound came after Powell’s speech at the annual Jackson Hole economic symposium on Friday, where he said that the current conditions in inflation and the labor market “may warrant adjusting” the Fed’s monetary policy stance.