Top Crypto Performers Today – Brett, BitTorrent, dogwifhat
Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...
As major cryptocurrencies reverse what had been looking like a promising rally earlier on Tuesday, traders are turning to altcoin markets as they search out top crypto performers today that might deliver quick gains.
Bitcoin (BTC) was last trading just to the south of $59,000, having at one point rallied above $61,000 on Tuesday.
Ethereum (ETH), meanwhile, reversed back under $2,600 and Solana (SOL) back to the low $140s.
All of the above mentioned coins, as well as most other blue-chip names, remain locked within recent ranges.
And that’s no surprise. Traders are awaiting major macro events later this week.
Thursday’s US PMI data will shed light on whether the US economy is tilting towards a recession or not.
And then, probably even more importantly, Fed Chair Jerome Powell will speak at the Jackson Hole symposium on Friday.
He is likely to comment on whether the Fed could cut interest rates by 25 or 50bps next month.
⚡POWELL'S JACKSON HOLE SPEECH TO SUPPORT SEQUENCE OF 25BP CUTS
Fed Chair Powell will "express a bit more confidence in the inflation outlook" in his Jackson Hole speech, while putting "a bit more emphasis on downside risks in the labor market" than he did in the July Q&A,…
Crypto markets are likely to experience volatility. The most bullish scenario would likely be a combination of 1) US data showing recession isn’t coming and 2) Fed Chair Jerome Powell signaling lower interest rates without signaling that the Fed is panicking.
Other themes that traders will be watching include political developments in the USA.
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