Bitcoin (BTC) Rises as Focus Turns to Powell’s Jackson Hole Speech: Analyst Says Crypto ‘Doesn’t Look Healthy’
Major coins were trading higher on Tuesday night as the global cryptocurrency market cap rose 1.15% to $1.04 trillion at press time.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.6% | -9.8% | $21,534.51 |
| ether ETH/USD | 2.5% | -11.7% | $1,661.26 |
| Dogecoins DOGE/USD | 0.8% | -21% | $0.07 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| XDC network (XDC) | +14.9% | $0.03 |
| chili (CHF) | +11.9% | $0.25 |
| cosmos (ATOM) | +11.1% | $12.31 |
See also: How to get free crypto
Why it matters: Bitcoin and ether were in the green at the time of going to press. The two largest coins by market cap rose, although other risky assets like stocks were volatile on Tuesday. At press time, the S&P 500 and Nasdaq futures were flat.
Edward Moya, Senior Market Analyst at OANDA, noted that Bitcoin’s correlation with US stocks remains elevated. The analyst said August flash PMI readings came in below market expectations while new home sales fell in July.
“Financial markets will remain in choppy waters until the Fed presidency [Jerome Powell’s] Jackson Hole speech on Friday. he may have trouble convincing markets that he agrees to tightening policy and triggering a recession,” Moya wrote in a note seen by Benzinga.
Moya said there’s a chance Powell will sing a temperate tune in Jackson Hole and that could put an end to the crypto winter.
“The base case for Jackson Hole is still biased on the hawkish side as Powell will signal that the Fed can tighten further even if the economy weakens. If Bitcoin holds the $20,000 level this week, it would be very constructive and could open the door to test the $25,000 region.”
cryptocurrency trader Justin Bennett said that the cryptocurrency market “overall doesn’t look healthy.”
Sorry for the disappointment but the #cryptomarket overall doesn’t look healthy.
I’m a long term #Bitcoin bull but the chart below + macro headwinds paint an ugly picture. $TOTAL $BTC $ETH pic.twitter.com/6uSpmcpGb7
— Justin Bennett (@JustinBennettFX) August 23, 2022
According to Santiment, Bitcoin transactions mostly take place at a loss. The market research platform said traders turned their attention to Ethereum and altcoins.
“This is the lowest take profit rate we’ve seen,” it tweeted Holy.
#Bitcoin has been plummeting since briefly bouncing back above $25,000 on Aug. 14. As traders turned their attention to #Ethereum and #Altcoins, $BTC transactions are mostly done at a loss. This is the lowest take profit rate we’ve seen. https://t.co/H4BDXWhYMg pic.twitter.com/gOHogfRzUW
— Santiment (@santimentfeed) August 23, 2022
Glassnode said on Twitter that the number of Ethereum deposits into the Beacon Chain – the coordination mechanism of the ETH 2.0 network – is now “at a stable but macro low of 220 deposits/day”.
According to the on-chain analytics firm, this could be a signal that a “stable wait pattern” has been reached as investors brace for a successful Ethereum transition from a proof-of-work network to a proof-of-stake one. mechanism look forward . The so-called merge is planned for mid-September.
The number of $ETH deposits into the Beacon chain contract is now at a stable but macro low of 220 deposits/day.
This could mean a stable hold has been achieved as investors await a successful merger, which is scheduled for mid-September.
Live Chart: https://t.co/uVDy2zfZBr pic.twitter.com/rmXoSKAqr0
— glassnode (@glassnode) August 23, 2022
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