Ethereum (ETH), Bitcoin (BTC) Rise: Analyst Says Crypto ‘More Eager’ to Break Up Amid Jackson Hole Anxiety
The two biggest coins were trading higher on Wednesday night as the global cryptocurrency market capitalization fell 0.4% to $1 trillion.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.4% | -8.4% | $21,477.66 |
| Ethereum ETH/USD | 1.7% | -9.6% | $1,668.36 |
| Dogecoin DOGE/USD | 0.6% | -15.7% | $0.07 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Decided (DCR) | +11.8% | $32.27 |
| Ankr (ANKR) | +8.7% | $0.04 |
| Cosmos (ATOM) | +7.2% | $13 |
See also: Best USDC interest rates
Why it matters: Bitcoin and Ethereum were trading in the green at press time. Stocks traded flat with the S&P 500 and Nasdaq futures down nearly 0.1% each.
The rebound seen in stocks in the regular hours was “small and on light volume,” it said Edward Moyasenior market analyst at OANDA.
“Most traders are playing the waiting game for the Fed Chair [Jerome Powell’s] Jackson Hole Symposium speech,” Moya wrote, in a memo seen by Benzinga.
“Jackson Hole will be massive for Bitcoin, and if it paves the way for the Fed to remain aggressive with inflation, we will quickly see if the institutional money remains patient with their crypto bets. The correlation with Bitcoin and stocks remains, but it could soon weaken if investors are becoming confident that the US can avoid a deep and painful recession, the analyst said.
The Federal Reserve’s annual Jackson Hole symposium is scheduled to begin on Thursday.
Michael van de Poppe tweeted, “Markets are more eager to break up (crypto) than down.”
The cryptocurrency trader said “consolidation” was happening and some altcoins were already breaking higher.
Looks like markets are more eager to break up (crypto) than down.
Consolidation is happening, while some #altcoins already breaking upward out of that construction.
— Michaël van de Poppe (@CryptoMichNL) 24 August 2022
Justin Bennett do not expect a central central bank in the current macroeconomic environment.
The trader pointed out in a Twitter thread that the “solid employment numbers” are “not a reliable indicator of economic health. It’s one of the most sluggish indicators out there.”
And just to clarify, solid employment numbers are not a reliable indicator of economic health. It is one of the most hanging indicators out there.
— Justin Bennett (@JustinBennettFX) 24 August 2022
Meanwhile, Cathie Wood-led Ark Investment Management analyst David Puell said the total value transacted in dollars on the Bitcoin network has passed $100 trillion.
Puell said: “For the true measurement of cumulative economic activity, $7.3 trillion (change, unit adjusted) is the mark.”
Hold your horses, cowboys and cowgirls. The above is only a landmark and a fact and should be read as such.
For true measurement of cumulative economic activity, $7.3 trillion (change, unit adjusted) is marked. pic.twitter.com/oPnuDfUs3S
— David Puell (@dpuellARK) 24 August 2022
On the Ethereum side, the gap between Ethereum’s top 10 largest non-exchange addresses and exchange addresses is closing as the network approaches the merger, said Sentiment.
The market intelligence platform said on Twitter: “Since May 10, these top non-exchange $ETH addresses have 11% fewer coins, and top exchange addresses have 78% more.”
The gap between #Ethereumtop 10 largest non-exchange addresses and exchange addresses close as we move toward #merge in 3 weeks. Since May 10, these peak non-exchange $ETH addresses hold 11% fewer coins, and top exchange addresses hold 78% more. pic.twitter.com/XOAVhXaKPG
— Santiment (@santimentfeed) 24 August 2022
Read next: Binance, Mastercard tie up to enable payments in cryptos like Bitcoin, Ethereum, Dogecoin in 90 million stores
