Ahead Of Powell's Jackson Hole Speech, What To Expect For Bitcoin And Crypto This Week
Bitcoin and cryptocurrencies are on the radar of many as former Fed Chair Janet Yellen began speaking at a symposium in Jackson Hole this week.
Powell's speech is expected to focus on economic developments and monetary policy, but what else can we expect with respect to future developments?
Bitcoin will be featured prominently in Powell's speech. This was one of the main themes of this year's Jackson Hole Symposium, with many speakers discussing its implications for the global economy. When the Fed Chairman released his semi-annual monetary policy report in February, he spoke about Bitcoin and blockchain technology.
In it, he said cryptocurrencies could have a big impact on monetary policy in the future, as they enable fast and cheap money transfers.
He went on to say that central banks should be ready to issue digital currencies themselves if needed.
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Bitcoin’s price action suggests that the asset remains in a precarious position, and a recent report from ARK Invest says Bitcoin (BTC) shorts had no choice but to capitulate during the month of August, as the percentage of Bitcoin supply in profit fell by 14 percentage points.
The benefits of being a Bitcoin investor are many. They include the ability to purchase cryptocurrencies with a few mouse clicks, as well as invest in assets with a level of privacy that’s otherwise only possible through hard cash (as well as numerous other advantages).
On Sept. 5, Marathon Digital Holdings reported that the company’s production surpassed 1,072 Bitcoin in August. The figure is five times higher than in August 2022 and 1/5 below its previous highest weekly production figure at 1,745 Bitcoin in July 2016.
The recent surge in oil prices has led many economists to expect that the Federal Reserve will hike interest rates by another 0.25% this month. A significant number of analysts believe that the bank could also hike rates by another 0.25% in September.
The global cryptocurrency market has experienced a bearish trend in the last few days. Bitcoin Cash, Stacks, Neo, Solana, and Stellar lumens price drifted downwards as a sense of fear engulfed the financial market. Most of these coins dropped by more than 3% on Wednesday as demand remained significantly low.
After markets recovered from their recent lows, the next stage of financial crisis is likely to take place after prices of oil started to rise. This exacerbates fears about a hike in interest rates by the Federal Reserve and US consumers will feel the effect.
Card Games, Gambling and In-Game Items. Google has revised its cryptocurrency advertising policy to permit blockchain-based NFT gaming ads as long as they don’t advocate gambling or gambling services.
To understand Google's new policy, you first have to understand the history of what initially led him to this decision.