Cryptocurrencies Struggle, Drop Up to 7% in a Week
Markets will closely follow his remarks for signals on the Fed’s next policy moves, with the central bank set to meet again in September.
Quick overview
- The crypto market is closely monitoring the Jackson Hole symposium, which begins Thursday.
- Bitcoin has dropped below $113,000, marking a two-week low, and is down 4.6% over the past week.
- Investors are particularly focused on Federal Reserve Chair Jerome Powell's speech on Friday for insights into future monetary policy.
- A moderate tone from Powell could dampen market confidence, while hints at easing may boost prices.
Just like traditional markets, the crypto sector is closely watching developments in the United States starting Thursday, when the Jackson Hole symposium gets underway.
Bitcoin broke below the $113,000 mark on Thursday, its lowest level in two weeks, according to Binance, and is down 4.6% over the past week. Pressure on the world’s largest cryptocurrency is intensifying ahead of Jackson Hole and Friday’s speech by Federal Reserve (Fed) Chair Jerome Powell.
In that context, Bitcoin is up 0.2% in the past 24 hours to $112,546, while Ethereum trades at $4,244 after a 0.3% gain, though it is down 6.6% on the week. On the day, the broader crypto market remains flat, according to CoinGecko. Other altcoins also show weekly losses, led by Lido Staked Ether (-6.6%), followed by Ripple (-6.3%) and Solana (-5.9%).
Awaiting Powell’s speech
Investors are focused on events in Wyoming, where the Jackson Hole symposium brings together central bankers, finance ministers, economists and investors. Powell, who speaks Friday, will be the main event.
Markets will closely follow his remarks for signals on the Fed’s next policy moves, with the central bank set to meet again in September.
However, Powell is expected to strike a moderate tone, avoiding any signal of imminent rate cuts — a stance that undermines market confidence and supports a bearish outlook. Conversely, an early hint at easing would likely have an upside effect.
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