Market Update: Crypto Tokens Trading Lower Ahead of Jerome Powell’s Speech
Ahead of Federal Reserve Chair Jerome Powell’s speech on the economic outlook at a global central bank gathering, crypto tokens were trading in the red on Friday. The global cryptocurrency market cap was trading lower, around $1.05 trillion, falling 1.43% in the last 24 hours.
Key Points:
- Bitcoin (BTC) fell 1.76% to $26,002
- Ethereum declined nearly 2% to below the $1,650 level
- Other top crypto tokens, including BNB, XRP, Cardano, Dogecoin, Solana, Polygon, and Shiba Inu, were also trading lower on Friday
- The crypto fear and greed index fell by 2 points and remains in the fear zone
- Investors are looking forward to Jerome Powell’s speech, expecting an impact on the crypto market
“The market is looking forward to the US Federal Reserve Chair Jerome Powell’s speech on Friday. Investors are expecting an end to the rate hike cycles, which may impact how the crypto market performs subsequently,” said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
Bitcoin Market Updates:
- Bitcoin’s market cap is around $506 billion with a dominance of 48.35%
- BTC volume fell 22.94% in the last 24 hours
- Market dynamics could change based on Jerome Powell’s speech, potentially affecting the crypto markets
“A hawkish stance could lower the price of Bitcoin, while a dovish stance could raise it,” said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
Tech View:
BTC’s technical indicators show a strong sell sentiment, with exponential moving averages and simple moving averages indicating sell signals. The Ichimoku Base Line shows a neutral sentiment, while the Hull Moving Average indicates a buy signal. The MACD level and Stochastic RSI Fast suggest a sell sentiment, while the Williams Percent Range signals neutrality.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hot Take:
With the anticipation of Jerome Powell’s speech, the crypto market experienced a decline, reflecting the cautious sentiment among investors. The outcome of Powell’s remarks on rate hike cycles could have a significant impact on the crypto market, potentially leading to price fluctuations in Bitcoin and other top tokens. The technical indicators also suggest a sell sentiment for BTC. It will be interesting to see how the market reacts to Powell’s speech and how the crypto market performs in the coming days.
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