On Monday, the BTC is trying to recover but not too successfully. It is chiefly fluctuating at $19,879. Over the last week, the leading cryptocurrency has lost more than 9%. Sellers took the BTC to $19,520 but the market recovered fast. Today everyone is perplexed as to whether to keep buying or to stop and wait for the situation to get clearer.
The Economic symposium at Jackson Hole, US, ended up quite neutrally, as it should have ended. The head of the US Fed Jerome Powell stated that the country’s economy needs a tougher structure of monetary policy to control inflation. For this, they will be increasing the interest rate. The Fed expects labour conditions to worsen but gives no hints on what happens at the September meeting.
Nothing new. Previously, it was clear that fighting inflation was now more important than creating a hard foothold for the economy. With this goal, the Fed will not care about a decline in the economy. This will be just a side effect of a global movement.
Technically, if aggressive sales start, the BTC might slide back to testing important support levels of $18,500-$19,000. If they give away, negative moods will open a pathway to $12,000-$13,000. Quite a sad perspective. But if the market collects powers and rises its head above $22,000, a road will open to $25,000.
The crypto market dropped noticeably
By 29 August, the capitalisation of the crypto market dropped to $953.09 billion due to mass sales last week. A serious decline was demonstrated by such tokens as the ADA, DOGE, and SOL.
Binance will pause operations with ETH
The Binance crypto exchange decided to put on a pause the work of deposits and withdrawal procedures in the ETH and ERC-20 tokens while the blockchain is migrating to the Proof-of-Steak (PoS) algorithm.
Antpool is against PoS
One of the largest mining pools Antpool does not support the Ethereum in its migration to PoS due to possible regulation problems. Nonetheless, Antpool will go on working with PoW-based tokens.
Source: Roboforex
