Crypto Cools as Jackson Hole Hype Fades: Bitcoin at $112,000
Most altcoins also slipped on the day: Dogecoin (DOGE) dropped 5.3%, Solana fell 4.3%, and TRON declined 3.4%.
Quick overview
- Bitcoin (BTC) has declined 2.2% in the past 24 hours, trading at $112,420, as market optimism fades after Jerome Powell's speech.
- Ethereum (ETH) reached a new all-time high of $4,948 but has fallen 3.5% today, while still maintaining a 7.3% weekly gain.
- Most altcoins, including Dogecoin and Solana, experienced significant drops, reflecting a broader pessimism in the crypto market.
- Wall Street indices are also trading lower after recent highs, with the S&P 500 and Dow Jones showing slight declines.
The world’s leading cryptocurrency failed to sustain the brief rebound that began Friday after the Federal Reserve Chair’s speech.
Pessimism has returned to the crypto market, with renewed pressure on Bitcoin (BTC) at the start of the week, after the weekend enthusiasm sparked by Jerome Powell’s Jackson Hole remarks—where he suggested a possible rate cut in September—faded away.
BTC is down 2.2% over the past 24 hours, trading at $112,420. Meanwhile, Ethereum (ETH) is at $4,639.39, falling 3.5% on the day but still holding a 7.3% weekly gain, according to Binance. Most altcoins also slipped on the day: Dogecoin (DOGE) dropped 5.3%, Solana fell 4.3%, and TRON declined 3.4%. Cardano (ADA) slid 3.5% to $0.8578, Ripple (XRP) fell 2.2% to $2.97, and BNB (BNB) dipped just 0.1% to $869.64.
Ethereum Sets a New All-Time High
Ethereum’s price reached $4,948 on August 24, marking a fresh record. Holding above $4,600 would signal strength, with deeper support levels around $4,370. Analysts warn of possible pullbacks before resuming the uptrend, with rebound entry zones eyed near $4,100—previously a key support—and $3,900, which has acted as resistance.
A sharp rally in ETH is being interpreted as a sign of a potential breakout across the altcoin market.
Wall Street Performance
Meanwhile, Wall Street indices are taking a breather, trading lower after hitting new record highs on Friday in response to Fed Chair Jerome Powell’s Jackson Hole remarks, where he opened the door to a potential rate cut in September.
In Europe, the pan-European STOXX 50 index is down 0.93%, with most regional benchmarks in negative territory. Germany’s DAX is down 0.42%, while France’s CAC 40 slips 1.59%.
In the U.S., the S&P 500 is edging down 0.04%, the Dow Jones Industrial Average is off 0.47%, and the tech-heavy Nasdaq 100 is posting a modest 0.13% gain.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Save