Synopsis
On Tuesday, Bitcoin and Ether prices surged up to 4% amid hopes for rate cuts from the Federal Reserve. Investors eagerly awaited insights from the Fed’s July meeting minutes and Jerome Powell’s speech at the Jackson Hole Symposium.
Bitcoin and Ether prices surged up to 4% on Tuesday amid expectations that the Federal Reserve could offer further hints of imminent rate cuts later this week.
With the data calendar relatively light across major economies this week, market attention is focused on the release of the Fed’s July meeting minutes on Wednesday and Chair Jerome Powell’s speech at the Jackson Hole Symposium on Friday, both expected to provide insights into the U.S. rate outlook.
At 2:20 pm IST, Bitcoin was trading nearly 4% higher at $60,842, while Ethereum had risen 1.7% to $2,664. The broader crypto market also experienced gains, with BNB up 6%, Solana rising 2.7%, XRP increasing by 6%, Dogecoin by 4.7%, Tron by 7%, and Avalanche by 5.5%.
Crypto Tracker
TOP COIN SETSDeFi Tracker2.53% BuyCrypto Blue Chip – 50.85% BuyBTC 50 :: ETH 50-0.44% BuyNFT & Metaverse Tracker-2.00% BuyWeb3 Tracker-2.13% BuyTOP COINS (₹) BNB47,578 (5.92%)BuyBitcoin5,106,543 (3.77%)BuySolana12,294 (2.58%)BuyEthereum223,386 (1.6%)BuyTether84 (-0.18%)Buy”This week, the Jackson Hole Symposium, particularly Powell’s speech on August 23, could introduce volatility to the market,” said CoinDCX Research Team. They identified key support levels for Bitcoin around $58,500 and $56,000, with resistance expected at $63,500, $65,500, and $67,000.
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View Details »Recent signals from Fed policymakers have hinted at possible rate easing in September, leading markets to anticipate a dovish tone from Powell and other speakers at the annual gathering of global central bankers in Jackson Hole, Wyoming.
The prospect of a dovish Fed has left the dollar struggling. The dollar index was last marginally higher at 101.94, after hitting its lowest level since early January at 101.76 earlier in the session.
CoinSwitch Markets Desk noted, “After trading below $60,000 for the last six days, BTC broke above this level with bulls showing strength. Bitcoin’s dominance touched 56% following a tweet from Tron’s founder Justin Sun, hinting at China potentially removing the ban on Bitcoin and other crypto assets. However, the primary factor behind this surge can be attributed to the USD regaining strength against the Japanese Yen.”
The global cryptocurrency market cap surged 3.17% to around $2.14 trillion in the last 24 hours.
The volume of all stablecoins is now $60 billion, 92.43% of the total crypto market 24-hour volume, as per data available on . Stablecoins, often used for trading and hedging, continue to dominate the market’s liquidity.
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, rose to $1.2 trillion. Bitcoin’s dominance is currently 56.03%, according to . BTC volume in the last 24 hours rose 47% to $29.4 billion.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
