Cryptocurrency While the downward trend in the market continues bitcoin price is moving at the border of $ 21,000 at the time of this writing.
On the Ethereum side, one of the critical support points was below $ 1,600 and it is currently trading at approximately $ 1,575.
All eyes seem to be focused on global, macroeconomic developments and the impact of both growth and inflation on cryptocurrencies.
Fed Chairman Powell to Speak at the Economic Policy Symposium on Friday
Investors will look for clues on what the central bank will do at its September meeting, listening to comments from Fed Chairman Jerome Powell during the Kansas City Federal Reserve Bank’s Economic Policy Symposium in Wyoming.
The symposium, which begins Friday, is expected to provide insight into the pace Powell expects the Federal Open Market Committee (FOMC) to raise interest rates for the remainder of the year.
According to the CME FedWatch tool, the probability of a 75 basis point rate hike has increased to 54.5% from 47% the day before.
In global economic news, Hong Kong’s annual inflation rate for July rose to 1.9% from 1.8% the previous month, but fell short of the common estimates of 2%.
On the other hand, the Dow Jones Industrial Average (DJIA), S&P 500 and tech-heavy Nasdaq stocks fell 1.9%, 2.1% and 2.6%, respectively, while traditional markets also tumbled.
50 bps Increase Signal Could Positively Affect The Cryptocurrency Market
Target rate probabilities for the FOMC’s September meeting currently point to a 54.5% probability that rates will rise by 75 basis points. A week ago, the probability of a 75 basis point increase was only 39%.
Both traditional and digital asset prices could rise if Powell signals that the FOMC can only raise rates by 50 basis points.
Current Bitcoin Chart
When we look at the Bitcoin chart, a price that clings to the red support band welcomes us. Closing of 4 hours or more below this level or $ 20,800 will take the price up to the psychological level of $ 20,000.
If it is below $20,000, it is possible to say that the declines may deepen.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!