Crypto Market dips Ahead of Powell’s Speech, ETFs See Sharp Outflows
The crypto market has taken a dip on August 22, with anticipation building around Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium.
Bitcoin prices have plummeted to $112,000,marking a 10% drop from its peak this year.The market capitalization of all cryptocurrencies has also fallen to $3.8 trillion. Tokens including Fartcoin, Sky, and Chainlink are among those bleeding value, with each seeing declines over 5%.
This downturn closely aligns with the upcoming speech by Jerome Powell, which is expected to influence interest rate decisions. Analysts suggest a dovish tone from Powell could boost crypto markets,whereas hawkish wording might further impact the ongoing downturn.
- A dovish Powell speech could rally Bitcoin.
- Hawkish comments could push Bitcoin below $110,000.
Institutional investors seem to be pulling back. Bitcoin ETFs have seen a decline of over $1 billion in assets in the past five days, with a notable $194 million shedding just on Thursday. Ethereum ETFs have fared similarly, shedding more than $700 million.
From a technical standpoint, Bitcoin’s daily chart reveals a concerning double-top pattern around $123,000—one of the more bearish signals. This headline is influencing market sentiment substantially.
Given the developments,the industry expects a clarification on the next moves in economic policy which will shape future trends in cryptocurrency transactions.
