Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2022-08-26 18:36:46

Bitcoin slides after Powell's Jackson Hole speech, crypto market cap back to under $1T

Bitcoin (BTC-USD), ethereum (ETH-USD) and other major cryptocurrencies sold off in Friday afternoon trading in a broad risk-off day after Federal Reserve Jerome Powell's hawkish keynote earlier at Jackson Hole. Bitcoin (BTC-USD) dipped 4.3% to $20.60K, the lowest level since mid-July, at 2:35 p.m. ET, and ether (ETH-USD) fell 9.2% to $1.54K. Shiba inu (SHIB-USD) -7.3%, ether classic (ETC-USD) -7.2%, uniswap (UNI-USD) -9.8% and avalanche (AVAX-USD) -6.1% were some of the biggest losers among the top 20 largest cryptos by market cap. Overall, the global crypto market cap cracked below $1T, standing at $996.1B at the time of writing, according to CoinMarketCap data. The slump in digital tokens came as equities also took a beating, with the Dow Jones (DJI) -2.2%, S&P 500 (SP500) -2.6% and Nasdaq (COMP.IND) -3.2%, highlighting investors' narrowed tolerance in risk assets. "Though not as convincingly as a month ago, positioning in BTC and ETH remains long, offering some indication that the market believes that the two are somewhat oversold," Andreas Steno Larsen, director and head of research at Heimstaden, wrote in a Twitter post. Larsen, who remains long bitcoin (BTC-USD) and ether (ETH-USD), added that positioning in ETH is more long than in BTC positioning, as the former easily outpaced the latter in the past month ahead of its highly-anticipated transition to Proof-of-Stake from Proof-of-Work, as seen in this chart. Crypto-...

freebitcoin
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.