BTC, ETH Climb on Late-Week Buying, Extend Gains to Multi-Week Highs

Bitcoin and Ether Rebound Ahead of Expected Fed Rate Cut

Bitcoin (BTC) and ether (ETH) gained late Friday, recapturing momentum after a week dominated by altcoin rallies. BTC climbed 2% to $116,600, while ETH jumped 5% to $4,650 — both marking the highest levels since mid-August volatility following Fed Chair Jerome Powell’s Jackson Hole comments.

Powell had shifted from a hawkish to dovish tone, citing labor market weakness as a concern despite persistent inflation. Markets quickly priced in a September rate cut, with only the magnitude — 25 or 50 basis points — remaining uncertain.

Following Powell’s speech, BTC surged from around $112,000 to over $117,000, and ETH spiked more than 16% in under 48 hours, briefly approaching $5,000. The rally later retraced, with BTC sliding to $107,000 and ETH returning near pre-speech levels by late August.

Next week, traders expect the Fed to deliver the first rate reduction in a year, cutting the benchmark funds rate by 25 basis points to 4.00%–4.25%. Meanwhile, altcoins like solana (SOL) and dogecoin (DOGE) have led recent gains, rising 17% and 25% over the past seven days, boosted by incoming ETFs and new crypto treasury firms.