Bitcoin (BTC) rose above the $61,000 level earlier today after trading between $59,000 and $61,000 for the past two weeks. Investors are keeping an eye on the US Federal Reserve (Fed) Chairman for comments that could create significant movement in the markets. Jerome Powell‘of Jackson HoleHe has already translated it into the speech he will give today at 17:00 Turkish time.
Cryptocurrency Market Shows Signs of Recovery
While the major cryptocurrencies in the market remain relatively stable Cardano (ADA) and Avalanche (AVAX) made remarkable gains. Cardano’s ADA rose by 3 percent, while Avalanche’s AVAX made a 10 percent jump. The rise in AVAX Franklin TempletonThis comes after OnChain U.S. Government Money Market Fund (FOBXX) added AVAX as a network option. FOBXX began trading in 2021 and was introduced as the first money market fund to use a public blockchain to record transactions and ownership. 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!
On the other hand, listed in the USA spot Bitcoin exchange-traded funds(ETFs) continued its six-day winning streak, with an inflow of $64 million. Among these funds, market leader BlackRock’s IBIT ETF attracted the highest inflow of $75 million. Some analysts consider the slowdown in the overall pace of inflows into ETFs as a negative signal for the market.
On the other hand, spotlight Ethereum (ETH) ETFs have had a bad start, seeing record outflows in their first month. The ETFs saw $800,000 in outflows on Thursday alone, while they have seen a total of $458 million in outflows since their launch on July 23.
All Eyes on Powell’s Speech
Right now, all the attention in the world markets is on the Fed Chairman, along with cryptocurrencies. Jerome PowellIt has been translated into the clues that Powell will give in his speech in Jackson Hole. future The US is expected to confirm that it will cut interest rates in the month. Such steps usually create a positive atmosphere among investors because low-cost borrowing spur growth in riskier markets.
On the other hand, some analysts are cautious. Head of SOFA Insights Augustine Fan“Powell may want to give himself some room to maneuver in the face of four rate cuts priced in by the end of the year. The Jackson Hole meeting tends to be a ‘risk-on’ event, as it has been in the past, so we would expect investors to be more willing to buy on dips,” he told CoinDesk.
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.
