The second-largest crypto by market cap was recently changing hands below $1,600, a more than 2% drop that left ETH at its lowest level in nearly three weeks amid investor concerns that venture firm Jump Capital was dumping the token. a sign that investors are not ready to see prices retest the June lows."Įther offered a two-pronged tale on Monday. Yet, Moya added that bitcoin weakness was "not matching the selling pressure hitting stocks. "Too much of Wall Street expects inflation to take two years or longer for the Fed to get inflation under control." "Bitcoin momentum has evaporated as risky assets soften ahead of the Jackson Hole Symposium," Oanda Senior Market Analyst Edward Moya wrote in an email. Powell is widely expected to signal the central bank's intent in a speech at the Fed's annual Economic Symposium in Jackson Hole, Wyoming, later this week. BTC has dropped 10% over the past five days after the release of July's Federal Open Market Committee (FOMC) meeting suggesting the bank would maintain its current inflation prescription of 75-basis point, interest rate hikes. The largest cryptocurrency in market value was recently trading at about $21,100, down roughly a percentage point over the past 24 hours. Fed Chair Jerome Powell and the same macroeconomic uncertainty that has engulfed markets of all stripes for almost a year. Information about CoinDesk Indices can be found at /indices.īitcoin Declines Ether Falls, Although Investor Interest Is Reappearingīitcoin remained firmly above $21,000 on Monday afternoon as investors continued their anxious fretting over coming remarks by U.S. Bitcoin is the CoinDesk Bitcoin Price Index (XBX) Ether is the CoinDesk Ether Price Index (ETX) Gold is the COMEX spot price. Ten-year Treasury yield daily close: 3.04% +0.05īitcoin, ether and gold prices are taken at approximately 4pm New York time.
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