Jackson Hole Launches Tomorrow: What Awaits Bitcoin, SHIB and Altcoins?

The Jackson Hole meeting, which is important in the financial field, starts tomorrow. The meeting will take place on 25-27 August. The most anticipated development regarding the conference will be the speech of Fed Chairman Jerome Powell. While traditional financial markets are eagerly awaiting the talk, Bitcoin and altcoin users will also have their eyes on this meeting. So, what are the details about the meeting? Which direction is cryptocurrencies expected to go? Here are the details…

Event that will affect the Bitcoin and altcoin market: Jackson Hole

The Jackson Hole conference will include officials of many central banks around the world. The conference will take place August 25-27 in Kansas. In the statements at the meeting, it is thought that the FED Chairman will give a new signal about the rate hike. As we have also reported as Kriptokoin.com, the FED has increased interest rates twice over the past months. The rate hike has affected Bitcoin as well as traditional markets. Therefore, any signal from Powell is likely to affect the markets, albeit slightly. Powell’s speech is expected to begin on Friday, August 26th, at 17:00 CET.

In general, while recession concerns continued in the markets, BTC and other cryptocurrencies lost momentum. Bitcoin is trying to consolidate above $21,000 this week. On the other hand, Ethereum, the second largest cryptocurrency, is also hovering around $500 below the $2,000 it saw last week. Experts think that the Jackson Hole meeting will create a more definite line of direction in the market. Because the uncertainty environment has resulted in the disposal of the risky asset group so far.

Edward Moya: Markets volatile as far as Jackson Hole

Meanwhile, OANDA senior market analyst Edward Moya noted that Bitcoin’s correlation with US equities remains high. The analyst stated that the flash PMI data for August was below market expectations. He said new home sales fell in July. Moya used the following statements:

Financial markets will remain in choppy waters until the Fed Chairman’s Jackson Hole speech on Friday. The president may have a hard time convincing markets that he is comfortable with a policy of tightening and triggering a recession.

Moya noted that Powell had a chance to take a “pigeon” approach at Jackson Hole. This could end the crypto winter, she said. However, Powell signaled that the Fed could continue to tighten even as the economy weakens. The base case for Jackson Hole is still leaning towards the hawk. According to the analyst, if Bitcoin holds the $20,000 level this week, it would be very constructive. It could open the door to test the $25,000 zone. Cryptocurrency trader Justin Bennett said the cryptocurrency market “does not look healthy overall.”

What does the data show?

According to Santiment, Bitcoin transactions are mostly done at a loss. The platform said that traders are turning their attention to Ethereum and altcoins. “This is the lowest take-profit rate we’ve seen on record,” Santiment said.

Glassnode reported on Twitter that the number of Ethereum deposits on the Beacon Chain, the coordinating mechanism of the ETH 2.0 network, is currently “fixed”. However, he stated that the low level was recorded with 220 deposits on a macro scale. According to the analyst firm, this could point to a stable pattern as investors are looking forward to ETH’s Merge.