The crypto market has shown slight positive changes in the last 24 hours, but fears of ongoing instability persist.
Overview of the Crypto Market
The crypto market, led by Bitcoin (BTC), saw a 1.2% increase, reaching a total market capitalization of $3.92 trillion on Wednesday, August 20, during mid-North American session.
Factors Influencing the Market
The recent performance of the crypto market has been heavily influenced by whale activities and the economic outlook in the U.S. Last week's higher-than-expected inflation data has weighed down traders' expectations of a Fed rate cut in September. FOMC meeting minutes show no signs of the Fed initiating a rate cut next month.
Future of the Crypto Market
With current bearish sentiment triggered by FOMC meeting minutes, the crypto market is in a state of uncertainty. Traders are expecting similar hawkish sentiment from the upcoming U.S. unemployment data and Fed Chair Jerome Powell's speech at Jackson Hole. Nevertheless, a sharp rebound in the crypto market may occur in the coming weeks, potentially fueled by a major short-squeeze.
The crypto market remains under pressure from uncertainty, but there are signs pointing to possible recovery in the future.
