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Seeking Alpha 2022-08-25 19:02:43

Bitcoin down, ether up as traders await Fed chair Powell's keynote at Jackson Hole

Cryptocurrencies traded mixed in Thursday afternoon trading as speculators await Federal Reserve chairman Jerome Powell's appearance Friday at the Jackson Hole Economic Policy Symposium for hints on how the central bank will tame inflationary pressures at the risk of tipping the U.S. economy into recession. Bitcoin (BTC-USD) slipped 0.7% to $21.52K as of shortly before 3:00 p.m. ET, while ethereum (ETH-USD) drifted up 1.9% to $1.70K. Overall, the global crypto market cap is up slightly by 0.2% to $1.04T, according to data from CoinMarketCap. With all eyes on the Fed in the run-up to Jackson Hole, cryptos have acted less volatile in the past week. Bitcoin (BTC-USD), for instance, has stayed in a relatively tight range of $20.9K-$21.7K, down nearly 70% from current levels. Apparently the digital token is sitting at around 54% under its fair value based on its price-to-network ratio, in a signal that it's a good time to be a buyer, said fellow SA contributor Andrew Feazelle. Meanwhile, the stock market, which has a strong relationship with bitcoin (BTC-USD), perked up with the Dow Jones (DJI) +0.3%, S&P 500 (SP500) +0.7% and Nasdaq (COMP.IND) +0.9%. The upswing comes as Treasury bonds catch a bid. The 10-year note yield (US10Y) fell 8 basis points to 3.03% and the two-year (US2Y) ticked down 1 bp to 3.37%. "The Jackson Hole symposium could be a bullish catalyst for markets," said GlobalBlock analyst Marcus Sotiriou, noting th...

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Bitcoin down, ether up as traders await Fed chair Powell's keynote at Jackson Hole

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