BTC price It is struggling to hold above $60,500 and closing higher after weeks is positive. In Altcoins The expected movement has started, albeit sporadically. For example, AVAX continues the day with a 10 percent increase and yesterday’s good news has shown its effect. So why is today important?
Cryptocurrencies and Jackson Hole
Powell He will begin his speech shortly, and it is important that they open after the biggest downward revision in employment data since 2009. We will share his Jackson Hole, Wyoming speech here in real time, where the Fed Chair is expected to take a clear stance on the September meeting. Fed Its members’ discount stance is clear and the 25bp discount is just weeks away. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Cryptocurrency As the conversation continues in the markets, the potential for increased volatility is strong. If Powell delivers stronger rate cut messages, this could trigger a rapid recovery in cryptocurrencies. However, if we see a more obvious statement, there is a high potential for markets expecting a 100bp annual cut to price this down.
Will Cryptocurrencies Rise?
Ryan Lee, chief analyst at Bitget Research, said the market will get more assurance about the rate cut in this speech. Powell, who has been saying more often lately that they will make decisions by examining the data from meeting to meeting, will not be good if he does not appear confident about the 2% inflation path and makes skeptical statements.
“As of now, the market is expecting a 73.5% chance of a 25 basis point cut in September or a 26.5% chance of a 50 basis point cut. The 10-year Treasury yield is around 3.85% and the U.S. Dollar Index is at 101.44.”
Bitfinex Head of Derivatives Jag Kooner drew attention to the employment revision.
“Despite the downward revision, broader economic indicators such as GDP and jobless claims suggest the economy is not in as dire a state as it was during the 2009 recession. This mixed data could prompt Powell to maintain his cautious tone and emphasize the Fed’s data-dependent stance.”
Finally, Anndy Lian after four years future extremely positive about the results of interest rate cuts.
“I believe there will be an increase in liquidity. This is because lower interest rates encourage borrowing and spending, putting more money in circulation. Some of this liquidity will be invested in the search for potentially higher returns. crypto- tends to flow into riskier assets such as.”
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
