Bitcoin Slips Near $26.1K Ahead Of Fred’s Jerome Powell Address
By Laxmikant Khanvilkar
The leading virtual digital assets (VDA) have retreated lower on Friday early Asia trade, paring most of their previous session gain, ahead of the Federal Reserve Chairman Jerome Powell address to attendees at Jackson Hole Symposium, a high-level gathering for central bankers and economists. Investors will watch the speech closely in search of signals about monetary policy outlook.
Bitcoin (BTC), Ethereum (ETH), prices have knocked down yesterday’s advance alongside declines in traditional markets.
BTC, the largest cryptocurrency by market capitalisation, was last trading 1.34% lower at $26,136.54. ETH, the second largest crypto in market value, was changing hands at $1,656.40, down 1.49%.
Elsewhere, a weird transfer of meme coin PEPE worth millions of dollars spooked investor sentiment. Over 16 trillion tokens flowed out of the PEPE multisig – keeper of much of the token’s supply – wallet midday Thursday on its way to addresses associated with Binance, OXK, and Bybit. PEPE’s price plunged nearly 15%.
The global crypto market cap drifted 1.14% lower to $1.05 tn, over the last 24-hours. Simultaneously, the total crypto market volume decreased 19.52% to $27.51 bn. The total volume in DeFi is currently $1.97 bn and all stablecoins $26.27 bn, representing 7.15% and 95.47% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance eased 0.04% to 48.30%.
IC15 index, the barometer of top fifteen tokens, eased 1.34% to 34,293.67.
Meanwhile, equities markets have also turned lower, led by the Nasdaq Composite’s 1.3% decline. The S&P 500 is down by 0.8%. Among individual names of note, chipmaker and AI favorite Nvidia (NVDA) has given up most of its post-earnings gains from last night.
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