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Bitcoin (BTC) Surges as Attention Turns to Powell’s Jackson Hole Speech: Analyst Says Crypto ‘Doesn’t Look Healthy’

Major coins traded higher on Tuesday evening, with the global cryptocurrency market cap rising 1.15% to $1.04 trillion at press time.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD 0.6% -9.8% $21,534.51
Ethereum ETH/USD 2.5% -11.7% $1,661.26
Dogecoin DOGE/USD 0.8% -21% $0.07

Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
XDC Network (XDC) +14.9% $0.03
Chiliz (CHZ) +11.9% $0.25
Cosmos (ATOM) +11.1% $12.31

See also: How to get free crypto

Why is this important: Bitcoin and Ethereum were in the green at the time of going to press. The two largest coins by market capitalization rose even as other risky assets like stocks were volatile on Tuesday. At press time, S&P 500 and Nasdaq futures were considered flat.

Edouard Moya, senior market analyst at OANDA noted that Bitcoin’s correlation to US equities remains high. The analyst said flash August PMI readings were below market expectations while new home sales fell in July.

“Financial markets will remain in choppy waters until the Fed Chairman [Jerome Powell’s] Jackson Hole Speech Friday. he may struggle to convince markets that he is comfortable with policy tightening and the onset of a recession,” Moya wrote, in a note seen by Benzinga.

Moya said there was a chance Powell would sing a dovish tune in Jackson Hole and that could end the crypto winter.

“The base-case scenario for Jackson Hole still leans to the hawkish side, as Powell will signal that the Fed may continue to tighten even as the economy weakens. If Bitcoin maintains the $20,000 level this week, that would be very constructive and could open the door to test the region of $25,000.

Trader in cryptocurrency Justin Bennett said the cryptocurrency market “doesn’t look healthy overall.”

Bitcoin transactions mostly take place at a loss, according to Santiment. The market news platform said traders have turned their attention to Ethereum and altcoins.

“This is the lowest take profit ratio we have ever seen,” tweeted Saniment.

Glassnode said on Twitter that the number of Ethereum deposits in the Beacon Chain – the coordination mechanism of the ETH 2.0 network – is now “at a stable but macro level of 220 deposits/day”.

According to the on-chain analytics firm, this may be a sign that a “stable holding pattern” has been achieved as investors eagerly await Ethereum’s successful transition from a proof-of-work network to a mechanism. proof of participation. . The so-called merger is scheduled for mid-September.

Read more : Bitcoin Bull Scaramucci Says This Is What Needs To Happen For Apex Crypto To Become An Inflation Hedge

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