Cryptocurrencies Respond to Jackson Hole, Fed Rate Hike Plans and Weakening Bear Market
Bitcoin, altcoins, and stock price moves reflect investor concern over Fed rate hike plans , a weakening bear market and this week's Jackson Hole Economic Symposium.
Price analysis
European stock markets and US stock markets are both deep in the red on August 22 as investors fear that aggressive rate hikes cannot be ruled out.
Another thing making investors nervous could be the upcoming Jackson Hole Economics Symposium, which is due to begin on August 25. Investors fear that Federal Reserve Chairman Jerome Powell will release more details about the Fed's hawkish stance and plans for future interest rates. hikes.
This macro uncertainty has kept institutional investors away from the crypto markets. Data from CoinShares showed that crypto investment products saw weekly volumes of $1 billion, 55% below the annual average.
Daily performance of the cryptocurrency market. Source: Coin360On-chain analysis resource Material Indicators said Bitcoin (BTC) failed to break above July lows. This suggests that the bear market rally is not over yet. However, buyers will need to push the price above the 200-week moving average near $23,000 to gain the upper hand.
Could Bitcoin and most major altcoins make a strong comeback in the coming days and what are the critical levels to watch? Let's study the charts of the top 10 cryptocurrencies to find out.
BTC/USDTBuyers defended the sup...
Bitcoin, altcoins, and stock price moves reflect investor concern over Fed rate hike plans , a weakening bear market and this week's Jackson Hole Economic Symposium.
Price analysis
European stock markets and US stock markets are both deep in the red on August 22 as investors fear that aggressive rate hikes cannot be ruled out.
Another thing making investors nervous could be the upcoming Jackson Hole Economics Symposium, which is due to begin on August 25. Investors fear that Federal Reserve Chairman Jerome Powell will release more details about the Fed's hawkish stance and plans for future interest rates. hikes.
This macro uncertainty has kept institutional investors away from the crypto markets. Data from CoinShares showed that crypto investment products saw weekly volumes of $1 billion, 55% below the annual average.
Daily performance of the cryptocurrency market. Source: Coin360On-chain analysis resource Material Indicators said Bitcoin (BTC) failed to break above July lows. This suggests that the bear market rally is not over yet. However, buyers will need to push the price above the 200-week moving average near $23,000 to gain the upper hand.
Could Bitcoin and most major altcoins make a strong comeback in the coming days and what are the critical levels to watch? Let's study the charts of the top 10 cryptocurrencies to find out.
BTC/USDTBuyers defended the sup...
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