{"id":26902,"date":"2022-08-24T05:57:38","date_gmt":"2022-08-24T05:57:38","guid":{"rendered":"http:\/\/egrowonline.com\/?p=26902"},"modified":"2022-08-24T05:57:38","modified_gmt":"2022-08-24T05:57:38","slug":"bitcoin-btc-rises-as-focus-turns-to-powells-jackson-hole-speech-analyst-says-crypto-does-not-look-healthy","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=26902","title":{"rendered":"Bitcoin (BTC) Rises As Focus Turns To Powell’s Jackson Hole Speech: Analyst Says Crypto ‘Does Not Look Healthy’"},"content":{"rendered":"


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Major coins traded higher on Tuesday evening as the global cryptocurrency market cap rose 1.15% higher to $1.04 trillion at press time.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

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Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

0.6%<\/td>\n

<\/p>\n

-9.8%<\/td>\n

<\/p>\n

$21,534.51<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

2.5%<\/td>\n

<\/p>\n

-11.7%<\/td>\n

<\/p>\n

$1,661.26<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

0.8%<\/td>\n

<\/p>\n

-21%<\/td>\n

<\/p>\n

$0.07<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

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Cryptocurrency<\/th>\n

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24-Hour % Change (+\/-)<\/th>\n

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Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

XDC Network<\/strong> (XDC)<\/td>\n

<\/p>\n

+14.9%<\/td>\n

<\/p>\n

$0.03<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Chiliz<\/strong> (CHZ)<\/td>\n

<\/p>\n

+11.9%<\/td>\n

<\/p>\n

$0.25<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Cosmos<\/strong> (ATOM)<\/td>\n

<\/p>\n

+11.1%<\/td>\n

<\/p>\n

\u200b\u200b$12.31<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: <\/em>How To Get Free Crypto<\/em><\/a><\/p>\n

Why It Matters:<\/strong> Bitcoin<\/strong> and Ethereum<\/strong> were in the green at press time. The two largest coins by market cap rose even as other risk assets like stocks were volatile on Tuesday. At press time the S&P 500 and Nasdaq futures were seen flat.<\/p>\n

Edward Moya<\/strong>, senior market analyst with OANDA noted that Bitcoin\u2019s correlation with U.S. equities remains elevated. The analyst said that August flash PMI readings were below market expectations while new home sales fell in July.\u00a0<\/p>\n

\u201cFinancial markets will remain in choppy waters until Fed Chair [Jerome Powell\u2019s<\/strong>] Jackson hole speech on Friday. he may struggle to convince markets that he is comfortable with tightening policy and triggering a recession,\u201d wrote Moya, in a note seen by Benzinga.<\/p>\n

Moya said there\u2019s a chance that Powell may sing a dovish tune at Jackson Hole and that could put an end to the crypto winter.\u00a0<\/p>\n

\u201cThe base case for Jackson Hole still leans towards the hawkish side, as Powell will signal the Fed can continue to tighten even as the economy weakens. If Bitcoin holds the $20,000 level this week, that would be very constructive and could open the door to test the $25,000 region.\u201d<\/p>\n

Cryptocurrency trader Justin Bennett<\/strong> said\u00a0the cryptocurrency market \u201cdoes not look healthy overall.\u201d<\/p>\n

<\/p>\n

Sorry to disappoint, but the #crypto<\/a> market does not look healthy overall.<\/p>\n

I’m a long-term #Bitcoin<\/a> bull, but the chart below + macro headwinds paint an ugly picture.$TOTAL<\/a> $BTC<\/a> $ETH<\/a> pic.twitter.com\/6uSpmcpGb7<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) August 23, 2022<\/a><\/p><\/blockquote>\n

Bitcoin transactions are mostly taking place at a loss, according to Santiment. The market intelligence platform said traders have turned their attention to Ethereum and altcoins.<\/p>\n

\u201cThis is the lowest ratio of profit taking we’ve seen on record,\u201d tweeted Santiment<\/strong>.\u00a0<\/p>\n

<\/p>\n

#Bitcoin<\/a> has slumped since briefly jumping back above $25k on Aug 14th. As traders have turned their attention to #Ethereum<\/a> and #altcoins<\/a>, $BTC<\/a> transactions are mostly happening at a loss. This is the lowest ratio of profit taking we’ve seen on record. https:\/\/t.co\/H4BDXWhYMg<\/a> pic.twitter.com\/gOHogfRzUW<\/a><\/p>\n


\n\u2014 Santiment (@santimentfeed) August 23, 2022<\/a><\/p><\/blockquote>\n

Glassnode said on Twitter that the number of Ethereum deposits into the Beacon Chain \u2014\u00a0the coordination mechanism of ETH 2.0 network \u2014\u00a0 is now \u201cat a stable but macro low of 220 deposits\/day.\u201d<\/p>\n

According to the on-chain analysis firm, this may be a signal that a \u201cstable holding pattern\u201d has been reached as investors look forward to a successful shift of Ethereum from a proof-of-work network to a proof-of-stake mechanism. The so-called Merge is scheduled for mid-September.<\/p>\n

<\/p>\n

The number of $ETH<\/a> deposits into the Beacon chain contract is now at a stable but macro low of 220 deposits\/day.<\/p>\n

This may signify a stable holding pattern is been reached, as investors await a successful Merge, scheduled for mid-September.<\/p>\n

Live Chart: https:\/\/t.co\/uVDy2zfZBr<\/a> pic.twitter.com\/rmXoSKAqr0<\/a><\/p>\n


\n\u2014 glassnode (@glassnode) August 23, 2022<\/a><\/p><\/blockquote>\n

Read Next: <\/em>Bitcoin Bull Scaramucci Says This Is What Needs To Happen For The Apex Crypto To Become Inflation Hedge<\/em><\/a><\/p>\n<\/div>\n


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Major coins traded higher on Tuesday evening as the global cryptocurrency market cap rose 1.15% higher to $1.04 trillion at press time. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD 0.6% -9.8% $21,534.51 Ethereum […]<\/p>\n","protected":false},"author":1,"featured_media":26903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[646,50,194,62,2356,192,9810,4847,10671,1086,2299,2395],"class_list":["post-26902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-analyst","tag-bitcoin","tag-btc","tag-crypto","tag-focus","tag-healthy","tag-hole","tag-jackson","tag-powells","tag-rises","tag-speech","tag-turns"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/shutterstock_2023079627.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26902"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26902\/revisions"}],"predecessor-version":[{"id":26904,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26902\/revisions\/26904"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/26903"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26902"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}