The cryptocurrency market is experiencing temporary stability ahead of the long-awaited speech by Jerome Powell at the Jackson Hole symposium. Investors are curious about how this may influence the market.
Bitcoin and Market Awaiting Events
Bitcoin is trading at around $113,000, remaining in a tight range. The market capitalization sits at $3.85 trillion, with negative indexes prevailing. Ethereum has shown slight gains among the top 10 cryptocurrencies, while XRP, Solana, and Dogecoin continue to lose value.
Experts' Opinions
According to BitMEX co-founder Arthur Hayes, the current market situation raises questions. In a post on X, he expressed doubts about whether Powell would reduce rates or remain cautious. He mentioned that the decline in Bitcoin prices may be an integral part of the upcoming decisions.
Impact of Powell's Speech on the Market
Powell's speech could become the next catalyst for either growth or decline in cryptocurrencies. Traders speculate that a dovish signal might trigger a sharp price surge, while reaffirming inflation risks could deepen the current decline. Support for a hard policy could have significant market repercussions.
In anticipation of decisions from the Federal Reserve, investors remain uncertain, making the cryptocurrency market increasingly volatile. The next steps depend on Jerome Powell's speech at the Jackson Hole symposium.
