The price of Bitcoin reached $62,000 on August 23. This came after US Federal Reserve Chairman Jerome Powell signaled an imminent interest rate cut at the central bank's next meeting in September.
The price of Bitcoin rose to 62,276 US dollars after Powell's long-awaited speech at the annual symposium in Jackson Hole in the US state of Wyoming, Anadolu Agency reported.
The world's largest cryptocurrency was trading around $61,500, up 1.6% on the day.
Ethereum, the world's largest altcoin by market capitalization, was trading at $2,670 for a daily gain of 2.2%.
The cryptocurrency market was worth $2.18 trillion, up 1.94% on the day, according to CoinMarketCap, a website that tracks digital asset prices.
Bitcoin's share, known as dominance, was 55.7% and Ethereum's was 14.7%, while some altcoins rose as much as 18%.
Powell said his confidence had grown that inflation was on a sustainable path back to 2%, saying "the time has come" to adjust monetary policy.
The time and pace of the reduction of interest rates will depend on the incoming macroeconomic data, on the development of the economic prospects and on the balance of risks - he added.
Cryptocurrencies saw a sharp decline in early August as recession fears sent global markets into freefall.
On August 5, Bitcoin fell to $49,551. | BGNES
