August 24, 2023 11:17 PM | 2 min read
Major cryptocurrencies experienced a significant drop on Thursday evening in anticipation of Federal Reserve Chair Jerome Powell’s upcoming remarks at the Jackson Hole Symposium hosted by the Kansas City Federal Reserve.
This annual gathering on Friday unites central bankers and economists at the highest levels, making it a pivotal event in the market.
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| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | -0.95% | $26,158 |
| Ethereum (CRYPTO: ETH) | -0.93% | $1,660 |
| Dogecoin (CRYPTO: DOGE) | -1.34% | $0.062 |
What Happened: Investors will eagerly pay attention to this speech as they seek indications regarding the outlook for monetary policy.
U.S. initial jobless claims dropped to 230,000 last week, compared to the previous week’s 240,000 and economist predictions of 240,000. This data implies that the robust labor market is experiencing minimal signs of slowing down.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Bone ShibaSwap | +12.42% | $1.39 |
| Render | +0.84% | $1.48 |
| GMX | +0.54% | $37.10 |
Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.83% decrease in the last day.
Stocks experienced a sharp decline on Thursday following a brief surge in the tech sector, triggered by Nvidia’s better-than-anticipated results. The S&P 500 saw a 1.35% drop, while the Nasdaq Composite, which is predominantly composed of technology stocks, experienced a larger decline of 1.87%.
See More: Best Crypto Day Trading Strategies
Analyst Notes: Crypto analyst Michael Van De Poppe suggests that the movement of Bitcoin seems to be in line with commodities.
In other news, silver has managed to recover from its losses and is now trading at July levels. Van De Poppe believes it’s only a matter of time to see if Bitcoin will reach $30K again. Additionally, if there is another drop in price to the range of $24-25K, Van De Poppe states that he will consider it an opportunity to buy before the market experiences a bullish trend.
Crypto analyst Jason Pizzino predicts a period of relative stability for Bitcoin before it experiences another bullish trend.
Pizzino, explains how BTC is currently undergoing a “grinding bottom” phase following a significant price dip last week. He identifies the $27,800 level on the daily chart as a critical point that needs to be surpassed for Bitcoin to demonstrate strength and indicate a potential upward movement. “We’ve been up for about 33 weeks. There’s no time in history in a bear market where Bitcoin has gone up for 33 weeks and then collapsed to new lows. Yes, it’s only got 10 or 12 years of history. But that just doesn’t happen.”
Photo by SvetlanaParnikova on Shutterstock
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