Crypto-linked stocks and digital assets surged on Friday after Federal Reserve Chair Jerome Powell signaled that the central bank could begin cutting interest rates as soon as September.

The tone marked a shift after weeks of growing investor doubt that the Fed would act before year-end.

Bitcoin (BTC) and ether (ETH) both moved higher following Powell’s remarks, as did the S&P 500 and Nasdaq. Shares tied directly to the crypto sector posted some of the sharpest moves of the day.

At the time of writing, Circle (CRCL) led the pack with a 7% jump. eToro (ETOR) and Marathon Digital (MARA) each climbed 6%, while Coinbase (COIN) rose 5%. MicroStrategy (MSTR), which holds billions in bitcoin, gained 4%, and Robinhood (HOOD) advanced 3%.

The moves underscored how tightly crypto assets and equities remain linked to expectations for U.S. monetary policy. Lower interest rates typically ease financial conditions, encouraging risk-taking and increasing the appeal of speculative assets.

U.S. President Donald Trump has repeatedly called on the Fed to ease borrowing costs. Powell, however, emphasized that inflation risks remain and the labor market continues to show signs of strain.

Still, he suggested the calculus is evolving. “The balance of risks appears to be shifting,” Powell said, adding that while the jobs picture looks stable on the surface, “it is a curious kind of balance that results from a marked slowing in both the supply of and demand for workers.”

That cautious framing helped reassure markets that the Fed is potentially preparing to move to cut rates but not rushing into a decision. Investors had grown less confident about a September cut after a series of firmer-than-expected economic readings. Friday’s comments put the possibility back in play.

Read more: Powell Puts September Rate Cut in Play; Bitcoin Pushes Higher

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