Bitcoin (BTC) Rises As Focus Turns To Powell’s Jackson Hole Speech: Analyst Says Crypto ‘Not Looking Healthy’
Major coins traded higher on Tuesday night as the global cryptocurrency market capitalization rose 1.15% higher to $1.04 trillion at press time.
| Coin | 24 hours a day | 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 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| XDC network (XDC) | +14.9% | $0.03 |
| Chillies (CHZ) | +11.9% | $0.25 |
| Cosmos (ATOM) | +11.1% | $12.31 |
See also: How to get free crypto
Why it matters: Bitcoin and Ethereum was in green at press time. The two largest coins by market capitalization rose even as other risk assets such as stocks were volatile on Tuesday. At press time, S&P 500 and Nasdaq futures were seen flat.
Edward Moya, senior market analyst with OANDA noted that Bitcoin’s correlation with US stocks remains high. The analyst said August PMI readings were below market expectations while new home sales fell in July.
“Financial markets will remain in choppy waters until the Fed chair [Jerome Powell’s] Jackson hole speech on Friday. he may struggle to convince markets that he is comfortable tightening policy and triggering a recession,” Moya wrote in a note seen by Benzinga.
Moya said there’s a chance Powell could sing a dovish tune at Jackson Hole and that could put an end to the crypto winter.
“The base case 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 holds the $20,000 level this week, it will be very constructive and could open the door to testing $25,000 region.”
Cryptocurrency trader Justin Bennett said the cryptocurrency market “doesn’t look healthy overall.”
Sorry to disappoint, but #crypto the market does not look healthy overall.
I am a long-termer #Bitcoin bull, but the chart below + macro headwinds paint an ugly picture.$TOTAL $BTC $ETH pic.twitter.com/6uSpmcpGb7
— Justin Bennett (@JustinBennettFX) 23 August 2022
Bitcoin transactions mostly take place at a loss, according to Santiment. The market intelligence platform said traders have turned their attention to Ethereum and altcoins.
“This is the lowest rate of profit-taking we’ve seen on record,” it tweeted Sentiment.
#Bitcoin has briefly fallen back above $25k on August 14th. To which traders have turned their attention #Ethereum and #altcoins, $BTC transactions mostly take place at a loss. This is the lowest rate of profit taking we have ever seen. pic.twitter.com/gOHogfRzUW
— Santiment (@santimentfeed) 23 August 2022
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-low level of 220 deposits/day.”
According to the on-chain research firm, this could be a signal that a “stable holding pattern” has been reached as investors look forward to a successful shift of Ethereum from a proof-of-work network to a proof-of-stake mechanism. . The so-called merger is planned for mid-September.
The number of $ETH deposits in the Beacon chain contract are now at a stable but macro low of 220 deposits/day.
This could mean that a stable holding pattern has been reached, as investors await a successful merger, scheduled for mid-September.
Live Chart: pic.twitter.com/rmXoSKAqr0
— glassnode (@glassnode) 23 August 2022
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