Home Markets Bitcoin Slides After Powell’s Jackson Hole Speech, Crypto Market Cap Returns to Under $1,000,000

Bitcoin Slides After Powell’s Jackson Hole Speech, Crypto Market Cap Returns to Under $1,000,000

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Bitcoin Slides After Powell’s Jackson Hole Speech, Crypto Market Cap Returns to Under $1,000,000

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bitcoin (BTC-USD), ethereal (ETH-USD) and other major cryptocurrencies sold off Friday afternoon in a broad day at risk after Federal Reserve Jerome Powell’s Warmongering Speech earlier in Jackson Hole.

bitcoin (BTC-USD) tempered 4.3% at $20,600, the lowest level since mid-July, at 2:35 p.m. ET, and ether (ETH-USD) tear down 9.2% at $1.54,000. Shiba Inus (SHIB-USD) -7.3%classical ether (ETC-USD) -7.2%uniswap(UNI-USD) -9.8% and avalanche (AVAX-USD) -6.1% were among the biggest losers among the top 20 cryptos by market capitalization.

Overall, the global crypto market capitalization has fallen below $1,000,000, standing at $996.1 billion at the time of writing, according to CoinMarketCap. Data. The drop in digital tokens came as equities also took a beating, with the Dow Jones (DJI) -2.2%S&P 500 (SP500) -2.6% and the Nasdaq (COMP.IND) -3.2%underscoring investors’ reduced tolerance for risky assets as the Fed pledges to continue raising interest rates until inflation falls significantly.

“While not as compelling as a month ago, positioning on BTC and ETH remains long, indicating that the market believes both are somewhat oversold,” wrote Director Andreas Steno Larsen. and head of research at Heimstaden, in a Twitter. Publish.

Larsen, which remains bitcoin for a long time (BTC-USD) and ether (ETH-USD), added that positioning in ETH is longer than positioning in BTC, as the former easily overtook the latter over the past month ahead of its highly anticipated transition to the proof-of-work proof-of-stake, as seen in this chart.

Crypto-related stocks fell significantly intraday: Riot Blockchain (RIOT) -8%Digital Marathon (MARA) -11.7%Blockchain HIVE (HIVE) -9.8%Digital bit (BTBT) -10.3%MicroStrategy (MSTR) -8.1% and Coinbase Global (PIECE OF MONEY) -6.4%.

Elsewhere in the cryptosphere, VGX tokens extend the rally following the sell-off process for The advantages of Voyager Digital. In the meantime, for more on the possible longer-term ramifications of Powell’s comments, see why Mott Capital says the speech could give a “fatal blow” to the markets.

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