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(Kitco News) – The reservations many had about market exposure ahead of today’s Jackson Hole summit proved well justified, as hawkish comments from Fed Chairman Jerome Powell sent stocks plummeting. asset prices in global financial markets on Friday.
As of this writing, the S&P 500 fell 2.15% on the day, while the Dow and NASDAQ fell 1.85% and 2.57% respectively, while the vast majority of crypto -Top 100 currencies are now in the red for the day.
Daily performance of the cryptocurrency market. Source: Coin360
Data from TradingView shows Bitcoin (BTC) price saw through Powell’s comments, initially falling from $21,130 to a daily high of $21,895, then falling more than 6, 22% to hit a daily low of $20,530.
BTC/USD 1 hour chart. Source: Trading View
This result was not entirely unexpected for Kitco Crypto readers, as Kitco Senior Market Analyst Jim Wyckoff warned of the possibility of a downturn in his morning Bitcoin briefing on Friday.
“The bears have the slight overall short-term technical advantage. The recent break produced a “collapse in volatility,” suggesting that a bigger price move is on the horizon. The technical odds slightly favor this downward move. Market prices tend to oscillate between periods of higher volatility and periods of lower volatility, and some higher volatility is now due,” Wyckoff warned.
Ether Falls Despite Merge Hype
Top altcoin Ethereum (ETH) has been making headlines in recent weeks as its transition to a proof-of-stake consensus mechanism, known as Merge, looks set to end on or around September 15. .
It seems the building hype wasn’t enough to shield Ether from J. Powell’s comments, as the smart contract platform saw its token price make a similar circular saw move to hit a daily low of $1,565, and is currently down 7.3% on the 24-hour chart.
ETH/USD 1 hour chart. Source: Trading View
Data from CoinMarketCap shows that of the top 200 tokens, only a handful of coins managed to gain amid the widespread downturn.
The biggest gainer in the past 24 hours has been Braintrust (BTRST), which climbed 10.74% to a price of $2.11, followed by a 5.3% increase for Conflux (CFX) and a 5.3% increase in the price of Tribe (TRIBE).
The overall cryptocurrency market capitalization now stands at $999 billion and Bitcoin’s dominance rate is 39.7%.
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