Crypto

Bitcoin (BTC) Rises Ahead of Powell Jackson Hole Speech: Analyst Throws Crypto and Equity Cheat Sheet – World Today News

Major coins were in the green at the end of Thursday as the global crypto market capitalization surged 0.7% to $1.04 trillion.

Price dynamics of major coins Coin 24 hours 7 days Bitcoin price Bitcoin/US dollar
0.9% -6.2% $21,559.88 Ethereum Ether/US dollar
1.7% -7.2% $1,688.76 Dogecoin DOGE/US dollar
1.35% -8.2% $0.07 24-hour core increase (data from CoinMarketCap) Cryptocurrency 24-hour change % (+/-) Shiba Inu (SHIB) Price +6.9% 0.000014 $ Decree ( DRC) +6% $33.79 Ghost +5.3% $93.20

See also: How to get free cryptocurrency

Why it matters: Ethereum was the top earner among the major coins at the time of publication. Cryptocurrencies have been on the rise ahead of a keynote speech by U.S. Federal Reserve Chairman Jerome Powell.

Prior to Powell’s speech, stock futures traded unchanged. On the day, however, the Nasdaq and S&P 500 rose 1.4% and 1.7%, respectively, as reports surfaced that the US and China are close to reaching an agreement that would allow audits of New York-listed Chinese companies.

OANDA Senior Market Analyst Edouard Moya pointed to a decline in jobless claims and a slight upward revision in total GDP and personal consumption data, saying it was the “perfect snack” for Friday Powell’s hawkish speeches.

“The Fed is poised to remain in tightening mode until inflation comes down, and the latest inflation pretty much confirms that won’t happen until next year. The labor market is still too strong and this will continue to fuel wage growth and signal that the Fed may continue to aggressively raise rates.

“Bitcoin consolidates ahead of Jackson Hole but remains comfortably above $20,000. The correlation with bitcoin and equities doesn’t hold today, but that’s mainly because the rally in equities is the story of Chinese ADRs, not the broader movement of tech stocks,” the author, an analyst, wrote in a note reviewed by Benzinga.

Michael van de Poppe said bitcoin is “boring” right now, but tomorrow it could “trigger false exits”. The crypto trader said the top coin is testing $21,800 and will see it accelerate to $23,200. The $21,000 level is critical for the coin.

Trader Justin Bennett tweeted about the correlation between the underlying monetary base and risk assets on Friday. He said, “Don’t fight the Fed!

Bitcoin’s Adjusted Output Profit Ratio — the ratio of outputs spent that were profitable over a given period — continues to face “strong resistance” at the 1.0 breakeven point, Glassnode tweeted.

“This [suggests BTC] investors profit during a bear market rally and spend coins at their value just to “get their money back,” the network analytics firm said in a post.

On the Ethereum side, the price of the second-largest coin is closely tied to the S&P500 amid global uncertainty, Sentiment said.

“$ETH supply on exchanges surged shortly before falling last week, with network growth falling to a 3-month low,” the market news platform said in a statement.

Read more: Mark Cuban bullish on Ethereum ahead of this key event

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