What to Know

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Current Bitcoin Market Overview

Bitcoin is currently priced around $113,000, failing to surpass the $115,000 mark. Recently, bullish forecasts anticipated a rise to $135,000, but sentiment has cooled.

The CoinDesk 20 Index—which tracks the largest digital assets—has dropped to 3,996, reflecting a 0.46% decrease on the day after previously starting above 4,012. This recovery is indicative of a wider pullback across the board, not limited to Bitcoin.

For now, all eyes are on the forthcoming speech by Jerome Powell at Jackson Hole, with hopes that his remarks will provide reassurance or potentially introduce further volatility into the markets.

Noteworthy Trends

Bitcoin funds have seen outflows exceeding $1 billion in mere days, according to SoSoValue data. Although Ether ETFs recorded some inflows recently, they’ve seen a loss of half a billion dollars this week as traders display a preference for caution.

Ether hovers near $4,289, with large-cap tokens like XRP and SOL also experiencing declines—each dipping over 6% just this week.

Pulkit Goyal from Orbit Markets remarked, “BTC options are pricing in about a ±2% move around Powell’s speech.” The stakes are clear: should Powell hint at possible rate cuts, risk assets could be rejuvenated; however, maintaining a cautious tone might deepen the downtrend.

Upcoming Events

• Crypto

  • Aug. 22, 2 p.m.: Polygon Labs will host a live AMA on X.
  • Aug. 27, 3 a.m.: Mantle Network will implement a mainnet upgrade to version 1.3.1.

• Macro

  • Aug. 22, 8 a.m.: Mexico’s National Institute of Statistics and Geography will announce Q2 GDP growth data.

Monitoring upcoming fluctuations in the market is crucial as the focus sharpens on Powell’s address and potential economic implications.