Bitcoin hits $62,000 after Fed chair's rate cut hint

The price of Bitcoin hit $62,000 on Friday, after The US Federal Reserve Chair Jerome Powell signaled the upcoming interest rate cut at the central bank's next meeting in September.

Bitcoin saw its price climbing to as high as $62,276 after Powell's much-anticipated speech at the annual Jackson Hole symposium in the US state of Wyoming.

The world's biggest cryptocurrency was trading around $61,500 at 12.30 p.m. EDT (1630GMT) for a daily gain of 1.6%.

Ethereum, the world's largest altcoin by market cap, was trading at $2,670 for a daily increase of 2.2%.

The value of the cryptocurrency market stood at $2.18 trillion, rising 1.94% for the day, according to CoinMarketCap, a digital asset price-tracking website.

Bitcoin's share, known as dominance, was at 55.7% and Ethereum's was at 14.7%, while some altcoins soared as much as 18%.

Powell said his confidence has grown that inflation is on a sustainable path back to 2%, saying "time has come" for an adjustment in monetary policy.

The timing and pace of interest rate cuts will depend on incoming macroeconomic data, the evolving economic outlook, and the balance of risks, he added.

Cryptocurrencies saw a steep decline at the beginning of August when recession fears sent global markets into a freefall.

Bitcoin fell to as low as $49,551 on Aug. 5.