{"id":548883,"date":"2023-08-25T14:33:23","date_gmt":"2023-08-25T14:33:23","guid":{"rendered":"https:\/\/uniquehot.com\/?p=548883"},"modified":"2024-06-11T10:08:21","modified_gmt":"2024-06-11T10:08:21","slug":"powell-speaks-at-jackson-hole-bitcoin-volatility-comes-back-with-a-vengeance","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/powell-speaks-at-jackson-hole-bitcoin-volatility-comes-back-with-a-vengeance\/","title":{"rendered":"Powell Speaks At Jackson Hole, Bitcoin Volatility Comes Back With A Vengeance?"},"content":{"rendered":"

US Federal Reserve (Fed) Jerome Powell spoke<\/a> at the annual Jackson Hole Economic Symposium, which has significantly pressured the Bitcoin price. Consolidation has been the new normal for BTC over the past few weeks, but with September around the corner, macroeconomic events are likely to exercise renewed influence. <\/strong><\/p>\n

Related Reading: XRP Price At Make-Or-Break Moment, Key Levels To Watch<\/a><\/div>\n

As of this writing, Bitcoin has been hovering around $26,000, but with increasing fluctuations as the Jackson Hole event approaches. All eyes and ears are set on the Fed Chair as he takes center stage and influences global markets.<\/p>\n

\"Bitcoin
BTC’s price is moving sideways on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Jackson Hole Takes Place, Price Of Bitcoin Reacts<\/h2>\n

In the first part of his speech, the US Fed Chair highlighted the increasing inflation due to the COVID-19 pandemic and its impact on the country\u2019s economy. Government officials believe the economy has shrunk in recent years, but there is evidence that some sectors remain strong and might contribute to swelling inflation.<\/p>\n

The Fed Chair stated the following, emphasizing intentions to bring down inflation, as measured by the Consumer Price Index (CPI), to 2%. Powell noted that further potential interest rate hikes could have unintended consequences for financial markets:<\/p>\n

We are prepared to raise interest rates further until inflation is on a convincing path towards the 2% rate.<\/p><\/blockquote>\n

As of this writing, the Bitcoin price and the crypto market are yet to show some reaction to Powell\u2019s seemingly hawkish speech. Across social media, some analysts are pointing out the aggressive tone from the Fed Chair, but there weren\u2019t unexpected statements.<\/p>\n

An analyst called the current price action a classic \u201cPowell is talking\u201d dynamic, with the Bitcoin price moving sideways from $26,000. As the analyst pointed out, the price action seems to lean toward the upside as the cryptocurrency seeks liquidity around upper levels.<\/p>\n

\n

#Bitcoin<\/a> Bulls trying to push higher here and now trading back at the Daily & Weekly open.<\/p>\n

Powell speaking soon and a possible grayscale decision in 1.5 hours as well.<\/p>\n

Both can impact the market but mostly interested in it’s reaction. pic.twitter.com\/JpVMjCsE3C<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) August 25, 2023<\/a><\/p><\/blockquote>\n

On low timeframes, uncertainty remains king. On higher timeframes, a report<\/a> published by Deribit Insights claims that the market structure will need time to recover following an aggressive move to the downside and the increasing volatility.<\/p>\n

Related Reading: MasterCard Axes Partnership With Binance Amid Regulatory Pressures<\/a><\/div>\n

In that sense, sideways movement seems likely for the coming weeks until another macroeconomic event comes into the picture. The report stated:<\/p>\n

It may take a while for this to recover even if the market finds a new range in the forthcoming weeks as some of the vol selling appetite may have waned, especially on the front end.<\/p><\/blockquote>\n

Chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

US Federal Reserve (Fed) Jerome Powell spoke at the annual Jackson Hole Economic Symposium, which has significantly pressured the Bitcoin price. Consolidation has been the new normal for BTC over the past few weeks, but with September around the corner, macroeconomic events are likely to exercise renewed influence. Related Reading: XRP Price At Make-Or-Break Moment, Key Levels To Watch As of this writing, Bitcoin has been hovering around $26,000, but with increasing fluctuations as the Jackson Hole event approaches. All eyes and ears are set on the Fed Chair as he takes center stage and influences global markets. Jackson Hole Takes Place, Price Of Bitcoin Reacts In the first part of his speech, the US Fed Chair highlighted the increasing inflation due to the COVID-19 pandemic and its impact on the country\u2019s economy. Government officials believe the economy has shrunk in recent years, but there is evidence that some sectors remain strong and might contribute to swelling inflation. The Fed Chair stated the following, emphasizing intentions to bring down inflation, as measured by the Consumer Price Index (CPI), to 2%. Powell noted that further potential interest rate hikes could have unintended consequences for financial markets: We are prepared to raise interest rates further until inflation is on a convincing path towards the 2% rate. As of this writing, the Bitcoin price and the crypto market are yet to show some reaction to Powell\u2019s seemingly hawkish speech. Across social media, some analysts are pointing out the aggressive tone from the Fed Chair, but there weren\u2019t unexpected statements. An analyst called the current price action a classic \u201cPowell is talking\u201d dynamic, with the Bitcoin price moving sideways from $26,000. As the analyst pointed out, the price action seems to lean toward the upside as the cryptocurrency seeks liquidity around upper levels. #Bitcoin Bulls trying to push higher here and now trading back at the Daily & Weekly open. Powell speaking soon and a possible grayscale decision in 1.5 hours as well. Both can impact the market but mostly interested in it’s reaction. pic.twitter.com\/JpVMjCsE3C \u2014 Daan Crypto Trades (@DaanCrypto) August 25, 2023 On low timeframes, uncertainty remains king. On higher timeframes, a report published by Deribit Insights claims that the market structure will need time to recover following an aggressive move to the downside and the increasing volatility. Related Reading: MasterCard Axes Partnership With Binance Amid Regulatory Pressures In that sense, sideways movement seems likely for the coming weeks until another macroeconomic event comes into the picture. The report stated: It may take a while for this to recover even if the market finds a new range in the forthcoming weeks as some of the vol selling appetite may have waned, especially on the front end. Chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":548003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-548883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nPowell Speaks At Jackson Hole, Bitcoin Volatility Comes Back With A Vengeance?<\/title>\n<meta name=\"description\" content=\"US Fed Jerome Powell spoke at the annual Jackson Hole Economic Symposium, which has significantly pressured the Bitcoin (BTC) price.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Powell Speaks At Jackson Hole, Bitcoin Volatility Comes Back With A Vengeance?","url":"http:\/\/uniquehot.com\/news\/powell-speaks-at-jackson-hole-bitcoin-volatility-comes-back-with-a-vengeance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/powell-speaks-at-jackson-hole-bitcoin-volatility-comes-back-with-a-vengeance\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Downloader.la-64dfb78eee512.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Downloader.la-64dfb78eee512.jpg?fit=1024%2C768"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2023-08-25T14:33:23Z","datePublished":"2023-08-25T14:33:23Z","dateModified":"2024-06-11T10:08:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Powell Speaks At Jackson Hole, Bitcoin Volatility Comes Back With A Vengeance?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/powell-speaks-at-jackson-hole-bitcoin-volatility-comes-back-with-a-vengeance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/powell-speaks-at-jackson-hole-bitcoin-volatility-comes-back-with-a-vengeance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Downloader.la-64dfb78eee512.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Downloader.la-64dfb78eee512.jpg?fit=1024%2C768\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2023-08-25T14:33:23Z\",\"datePublished\":\"2023-08-25T14:33:23Z\",\"dateModified\":\"2024-06-11T10:08:21Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/Downloader.la-64dfb78eee512.jpg?fit=1024%2C768","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548883"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=548883"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/548883\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/548003"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=548883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=548883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=548883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}