What to Know

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Key Takeaways

Crypto majors are trading choppily, with Bitcoin retreating to $113,600 after hitting $114,800 late Wednesday. Ether and most major tokens also erased early gains as traders sought downside protection ahead of Jerome Powell’s speech at the upcoming Jackson Hole Symposium.

Long-term outlook for Bitcoin has turned bearish for the first time since June 2023, with signs indicating a weakening short-term outlook. An OG wallet recently sold 660 BTC while acquiring long positions in Ether worth $295 million across several wallets, reflecting a growing preference for Ethereum over Bitcoin.

In light of rising concerns regarding Bitcoin’s decentralization, it was revealed that two mining pools now control over 50% of the network’s hashrate. This follows a controversial claim regarding a possible attack on Monero.

Noteworthy Events to Watch

• Aug. 21: Statistics Canada will release July producer price inflation data.
• Aug. 22: Fed Chair Jerome Powell delivers a critical speech at the Jackson Hole Economic Policy Symposium.

Market Movements

• BTC is down 0.84% from 4 p.m. ET Wednesday at $113,434.22.
• ETH is down 1.68% at $4,283.19.

Bitcoin Stats:

• BTC Dominance: 59.5% (+0.2%)
• Hashrate: 946 EH/s
• Total Fees: 3.41 BTC / $388,249

Bitcoin Mining Sentiment on Bitcoin is turning bearish. (Mohd Fazlin/Flickr)

Rapper Kanye West recently launched a meme coin called YZY, which surged to a $3 billion market cap in moments before plummeting below $1 billion. This rapid change stands in contrast to previous celebrity tokens, suggesting a declining appetite for speculative tokens.