What to know:
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In the latest developments, Bitcoin has dipped below $115,000 due to growing caution in the markets prior to Jerome Powell’s upcoming speech at the Jackson Hole Symposium. Ether has similarly fallen to $4,220. The CoinDesk 20 Index, which tracks the largest digital currencies, has recorded a decline exceeding 4.5% overnight.
“More than $400 million in long positions were liquidated during the overnight drop as BTC shifted from $118,000 to $115,000 and ETH fell from $4,500 to $4,300,” noted QCP Capital in their market update. This follows a trend of profit-taking and has raised concerns about positioning ahead of Jackson Hole.
Record trading volumes have been observed for bitcoin and ether ETFs, indicating a solidifying infrastructure around crypto markets. Mena Theodorou states: “This isn’t just short-term momentum; we’re observing the stabilization of the crypto landscape in real-time.”
In traditional markets, gold has increased in value, while stocks in Europe experienced downturns. The upcoming bilateral meeting involving Donald Trump and Volodymyr Zelensky will focus on critical geopolitical matters impacting economic sentiments.
What to Watch:
- Crypto: New perpetual futures for nano SOL and nano XRP will be launched by Coinbase on August 18. Qubic (QUBIC) will have its first annual halving event on August 20.
- Macro: Key meetings will occur involving Zelensky and Trump on August 18. Important inflation data will be released from Canada and El Salvador.
Market Movements:
- BTC: $115,205.89 (24hrs: -2.73%)
- ETH: $4,305.90 (24hrs: -5.77%)
- The CoinDesk 20 index is reported at 4,057.54, down 4.56%.
This recap serves as a thorough overview of the pressing issues and insights from the cryptocurrency landscape as we move through the day.
