Bitfinex Alpha: The Fed Chairman hinted that rate cuts are good for risk assets, and risk appetite has returned to BTC

According to a Bitfinex Alpha research report, as Federal Reserve Chairman Jerome Powell made comments in Jackson Hole suggesting possible rate cuts, risk assets generally rose, and BTC soared to $65,000. This statement caused the dollar to fall, boosting the stock market, and the S&P 500 index approached its all-time high. Bitcoin, which had previously lagged behind the stock market, rose sharply by 6.06% in one day, marking the second largest single-day gain since May. The rise occurred against the backdrop of a growing positive correlation between Bitcoin and the U.S. stock market. In fact, since hitting a low in early August, Bitcoin has been relatively weak relative to stocks. Last Friday's Bitcoin price also witnessed a sharp rise in correlation, indicating that risk appetite has returned to the market.