Crypto markets have showed a strong comeback over the past two days, allowing altcoins to recover significantly after weeks of decline. This rise comes in anticipation of the upcoming speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole symposium. Investors are also watching the release of the minutes of the Federal Open Market Committee (FOMC) meeting, which could indicate a pacifist stance from the Fed.
Crypto markets recover ahead of Jackson Hole Symposium
The annual Jackson Hole Economic Symposium, hosted by the Kansas City Federal Reserve, begins this Thursday, August 22nd, and runs through Saturday, August 24th. This event is one of the most important macroeconomic events that could cause massive volatility in the crypto markets. Approximately 120 experts, including several Federal Reserve officials, are expected to attend.
Market observers are eagerly awaiting the findings of this influential meeting. Particularly noteworthy is the chairman of the US Federal Reserve Jerome Powell is scheduled to speak to the assembly on Friday morning.
Although recent strong economic indicators suggest inflation will continue, Powell is unlikely to make any definitive statements about future monetary policy. Instead, he may emphasize ongoing inflation concerns.
These developments are likely to impact the crypto market as investors try to assess the broader economic landscape. Adjustments to monetary policy can have a significant impact Cryptocurrency ratings, adding an additional layer of intrigue to Powell’s upcoming remarks.
Will the release of the FOMC minutes impact the dynamics of the crypto market?
The Federal Reserve will release the minutes of its July meeting on Wednesday. The details of these discussions often influence U.S. interest rate forecasts and the crypto market. While the meeting’s interest rate decisions are public, new findings or unexpected details in the minutes could cause market volatility.
In the previous statement, officials stressed that progress had been made towards achieving an inflation target of 2%. In addition, FOMC noted that achieving maximum employment and price stability now seems more achievable. Following these revelations, investors in the crypto market should prepare for potential volatility.
According to Matrixport’s latest analysis, Bitcoin (BTC) has seen a significant increase, potentially indicating a breakout from a recent price consolidation. This move comes after BTC fluctuated within a narrowing pattern, with its price action highlighted by a series of lower highs and higher lows.
Rising Bitcoin price drives crypto markets
As the chart shows, Bitcoin reached a turning point at around $60,365, with forecasts suggesting a possible uptrend towards $69,988.
This recent surge in Bitcoin price is also fueling interest and investment in other altcoins as traders and investors look for potential gains across the crypto market.
The chart highlights critical points such as the support level at $49,121 that BTC was able to successfully hold, leading to the current bullish momentum. At the time of writing, the BTC Price is currently at $60,302, with a 3% increase indicating an uptrend.
As the crypto market reacts to these moves, participants continue to watch for confirmed breakout signals that could dictate the trend in the coming weeks.
Coingape Staff
CoinGape is comprised of an experienced team of homegrown content writers and editors who work around the clock to cover news around the world and present it as facts, not opinions. CoinGape writers and reporters contributed to this article.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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