By: Economic & Finance Report
Sunday evening August 28, 2022; Bitcoin (BTC) fell under $20,000 range bound between $19,500-$19,600. Bitcoin (BTC) which happens to be the largest crypto by market cap, declined drastically Sunday, Aug. 28, 2022; trading around the $19,500 levels. The second largest crypto by market cap, Ethereum (ETH) was trading around $1,430.
Much of the volatility happened to come from comments made from the U.S. Federal Reserve leadership (which is spearheaded by U.S. Fed Reserve chairman Jerome Powell). The yearly summer retreat 2022 at Jackson Hole, Wyoming, preceded last week. The hawkish tone from Powell and other Federal Reserve heads, caused the financial markets to fluctuate vividly this weekend and into Monday, August 29, 2022.
The macro dynamics and various uncertainties; seemed to sway how BTC (Bitcoin) digested the speeches and comments, made by the Fed late last week at Jackson Hole, Wyoming. By Monday, Aug 29, 2022, most cryptocurrencies were in deep red, from previous session highs. Jobs and employment have not geared into recession mode, but those indicators are closely being monitored. -SB
Image Source: CNBC