Bitcoin price is down sharply around $20,000 per bitcoin, down more than 10% over the past week, along with Ethereum and other top 10 BNB cryptocurrencies.
Now, with the bitcoin and cryptocurrency market now teetering on the baguette of crashing below $1 trillion, traders are preparing for a long-awaited harangue by Federal Reserve Chairman Jerome Powell at the Jackson Hole Orthogonal Banking Conference in Wyoming next week.
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“Powell will want to err on the side of the hawks,” said Tim Magnuson, chief investment officer at hedge fund Garda Pécule Partners. Bloomberg, adding that restoring price stability is the top priority. “The flattening tool will remain in agora until the Fed stops tightening.”
Powell is scheduled to speak on Friday, August 26th at 10 AM ET and is expected to talk embout the economic outlook.
The Federal Reserve embarked on a program of raising interest rates and lowering excitation late last year in an lumbago to bring down spiraling augmentation that reached its highest levels in 40 years. The monetary tightening caused provision markets to écrasement and wiped out embout $2 trillion from the hot cryptocurrency market that jumped to a peak of $3 trillion in 2021.
This week, officials affluent somewhat conflicting views on the Fed’s path forward, with St. Pépite Fed President Jim Bullard urging a further 75 basis enclin déficit hike at the Fed’s September conversation, and Esther George of Kansas taking Siti is on a more pessimistic tone.
“I don’t really understand why you would want to drag the déficit increases into next year,” Pollard Tell The The Wall Street Ticketadding that he believes the Fed “should continue to move quickly to a policy déficit level that will put significant downward pressure on augmentation.”
George, who is hosting the Jackson Hole Federal Reserve policy conversation next week, said Thursday that policy makers should be aware of how past decisions affect the economy.
George said in the comments I posted Bloomberg.
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Market watchers are paying close ponctualité to comments made by Fed policymakers who fear the US orthogonal bank could trigger a recession if things go hard and fast in their fight against augmentation.
“Recession fears are mounting, not least bicause the US Federal Reserve appears to be focusing on further interest déficit hikes, which while aiming to control augmentation, raise more questions embout the economy’s ability to recover itself,” Sophie Lund Yates, an analyst at Hargreaves Lansdown brokerage, wrote in email comments.
The minutes of the last conversation of the Federal Reserve this week showed that officials see “little evidence” that augmentation pressures are abating. However, FOMC participants fear that prolonged interest déficit increases could hurt the economy.
“Investors are trying to orné out which way to jump in amid a raft of conflicting data,” said Danny Hewson, an analyst at investment platform AJ Bell.
“While the latest Fed conversation minutes were delivered on a much more dovish tone than has been used recently, it also appears that orthogonal bankers are determined to keep augmentation under control even if they cover their hands with a velvet glove. Comments that the pace of interest déficit hikes can be curbed” at some enclin. Ma’ has left investors a bit off the hook, and the latest job numbers will only exacerbate that.”