{"id":14455,"date":"2023-08-25T16:07:02","date_gmt":"2023-08-25T16:07:02","guid":{"rendered":"https:\/\/isafespend.com\/investing\/bitcoin-falls-ahead-of-powells-jackson-hole-speech-heres-where-cryptos-may-go\/"},"modified":"2023-08-25T16:07:03","modified_gmt":"2023-08-25T16:07:03","slug":"bitcoin-falls-ahead-of-powells-jackson-hole-speech-heres-where-cryptos-may-go","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=14455","title":{"rendered":"Bitcoin Falls Ahead of Powell\u2019s Jackson Hole Speech. Here’s Where Cryptos May Go."},"content":{"rendered":"
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<\/p>\n

\n
<\/div>
\n

Bitcoin prices have recently fallen to near their lowest levels since mid-June.<\/h4>\n


\n Dreamstime
\n <\/span>
\n <\/figcaption><\/figure>\n<\/p><\/div>\n

\n Bitcoin
\n and other cryptocurrencies fell Friday as traders braced for Federal Reserve Chairman Jerome Powell\u2019s hotly anticipated speech at the Jackson Hole Economic Symposium, which looms large as a catalyst for risk-sensitive assets.<\/p>\n

The price of Bitcoin has fallen 1.5% over the past 24 hours to below $26,100. The largest digital asset has been hovering around $26,000 since a selloff last week snapped a period of historically low volatility and brought Bitcoin down to a trough below $25,500, marking the lowest levels since mid-June.<\/p>\n

\n

\u201cAfter plummeting from $29,000, Bitcoin\u2019s consolidation at around $26,000 continues as the market quietly awaits the Fed Chair Powell\u2019s speech at the Jackson Hole Economic Symposium,\u201d said Yuya Hasegawa, an analyst at crypto exchange Bitbank.<\/p>\n

Cryptos\u2014like stock indexes such as the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n \u2014are likely to move on the back of Powell\u2019s words at Jackson Hole as the outlook for interest rates remains a key catalyst for risk-sensitive assets.<\/p>\n

The Fed has ramped up rates to a generational high since last March in a bid to control inflation, a major force behind the selloff in stocks and cryptos in 2022. Elevated rates weigh heavily on the likes of Bitcoin because when investors can earn higher rates on cash or risk-free Treasuries, there are fewer incentives to pile into riskier bets.<\/p>\n

Traders have recently been shifting their expectations for the outlook for rates in moves that have shaken digital asset prices. On the one hand, a long-reiterated commitment to fighting inflation and signs of a strong economy will encourage the Fed to keep interest rates higher for longer than once thought. On the other, there have recently been growing fears of a \u201chard landing\u201d\u2014that the Fed cannot bring inflation under control without causing an economic slowdown\u2014amid a spate of downbeat economic data, which has moderated rate expectations.\u00a0<\/p>\n

Powell\u2019s speech at Jackson Hole will be scrutinized closely by investors attempting to read into the path ahead for the Fed.<\/p>\n

\u201cFor the price of Bitcoin, no additional hawkish surprise could lead to a mild rebound as the current tension and sense of caution could rewind,\u201d said Hasegawa. \u201cHowever, no matter how the price reacts to Powell\u2019s speech, it will likely struggle to show a clear direction towards the next [Fed policy] meeting in September.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was down 1% to $1,650. Smaller cryptos, or altcoins, were also in the red, with
\n Cardano
\n falling 2% and
\n Polygon
\n dropping 3%. Memecoins exhibited more of the same, with
\n Dogecoin
\n down 2% and
\n Shiba Inu
\n declining 3%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin prices have recently fallen to near their lowest levels since mid-June. Dreamstime Bitcoin and other cryptocurrencies fell Friday as traders braced for Federal Reserve Chairman Jerome Powell\u2019s hotly anticipated speech at the Jackson Hole Economic Symposium, which looms large as a catalyst for risk-sensitive assets. The price of Bitcoin has fallen 1.5% over the<\/p>\n","protected":false},"author":1,"featured_media":14456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-14455","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nBitcoin Falls Ahead of Powell\u2019s Jackson Hole Speech. Here's Where Cryptos May Go. | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Bitcoin prices have recently fallen to near their lowest levels since mid-June. 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