Bitcoin jumps to Highest Since August in Post-Fed Crypto Rally

Bitcoin hit the highest since august as investors interpreted Federal Reserve chair Jerome Powell’s comments about progress on inflation as a sign that a less harsh monetary policy backdrop lay ahead.

The largest token rose as much as 2.4% and was trading at $24,020 as of 9.35 a.m. in Singapore amid wider crypto gains, including a 3% climb in second-ranked Ether. A gauge of the top 100 digital assets has added 37% this year.

A range of investments from stocks to bonds and crypto pushed higher after Powell said the disinflationary process is underway. He didn’t push back aggressively on a rally in global markets this year that’s loosened financial conditions, which can make it harder to temper price pressures.