MARKET WRAP: Bitcoin (BTC) and most other crypto assets finished the day higher as they benefited from Wall Street investors' returned appetite for riskier assets. HeleneBraunn reports
Moving in sync, bitcoin and ether were recently up 1% and 2%, respectively, according to CoinDesk data. Other blockchain-affiliated assets, including Solana’s SOL and Cardano’s ADA rose by about a percentage point.
Investors have been hesitant to commit over the past few days before the U.S. Federal Reserve’s annual economic symposium in Jackson Hole, Wyoming, where Fed Chair Jerome Powell may offer clues about upcoming monetary policy in a Friday speech. “We are stuck in consolidation mode before Jackson Hole and that should keep bitcoin supported above the $20,000 level,” Moya said. “Risky assets may be stuck in a range even after Powell's speech on Friday, as not much will be able to deter the Fed's hawkish stance until we get soft inflation [data].”
Powell is expected to give a speech on Friday at 10 a.m. ET that will clarify the central banker’s outlook on inflation over the next couple of months. Traders are also hoping for hints of whether the Fed will hike interest rates by 75 basis points at its next meeting in September, or by 50 basis points. The amount depends on signs inflation is lessening.
“In the absence of any new energy or other shock, it is therefore possible that the ongoing easing of supply bottlenecks will cause a substantial drop in inflation in the near term,” the report said.
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