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The Kansas City Federal Reserve's annual Jackson Hole Symposium is underway, and Powell will deliver his keynote address Friday morning.
A lot of put options are in-the-money, crypto options exchange Deribit's Lin Chen said.
Don't ready too much into the move, said one observer, calling it a typical position reset.
The latest price moves in crypto markets in context for August 24, 2023.
Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem.
Despite today’s market-wide advance, the outlook for risk assets is pointing to softer prices for the next few weeks, one observer noted.
VIPNoteworthy Bitcoin-themed memecoins- 16:01Spot Gold Breaks Above $3,320 per Ounce, Continuing to Set a New Record HighJinse reported that spot gold broke above $3,320 per ounce, continuing to set a new record high with a 2.9% increase during the day.
- 15:12U.S. Stock Indices Open Significantly LowerAccording to Jinse, the U.S. stock market opened with the Dow Jones dropping 0.47%, the S&P 500 falling 1.17%, and the Nasdaq declining 1.89%.
- 15:08Analyst: Bitcoin's Current "Capitulation Zone" is $65,000Analyst James Check stated that $65,000 is the cost basis for regular investors and the true capitulation zone for Bitcoin at this stage. He noted that a $1 trillion market cap for Bitcoin (approximately $50,000 in price) should be a strong support area.James Check mentioned that the "volatile consolidation" period in 2024 lasted for several months, with Bitcoin trading between $50,000 and $70,000. It is expected that Bitcoin will sharply drop from the $65,000 region, while the $49,000 to $50,000 range will see strong support. These prices represent the launch of ETFs in 2024 and a $1 trillion market cap for Bitcoin. He stated that unless there is a global economic recession, it is unlikely that Bitcoin will fall to the low of $40,000. (CoinDesk)