Wall Street cheered remarks from Federal Reserve Chair Jerome Powell in Jackson Hole opening the door to a rate cut in September.

Trump ratcheted up his pressure campaign this week, calling on Fed Governor Lisa Cook to resign after a Trump administration official alleged that she had committed mortgage fraud. Cook rebuked the push for her to quit, saying she has “no intention of being bullied to step down from my position because of some questions raised in a tweet.”

Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.

Bitcoin, Ethereum, and XRP were being helped by Fed Chair Powell’s comments that rate cuts could be warranted in his speech at Jackson Hole.

Investors cheered Federal Reserve Chair Jerome Powell's Jackson Hole address, which gave a green light to buy risky assets on the hope the central bank is ready to cut rates, but took his dovish message with a note of caution as they see a risk of stagflation ahead and worry markets are over-optimistic.

Pudgy Penguins is also seeing daily momentum, having achieved a bump of 9.5% in the past 24 hours and 6.5% in just the last hour, just after Federal Chair Jerome Powell hinted at a rate cut.