Bitcoin price remains steady at $60k as market awaits Powell's speech at Jackson Hole

From Investing.com
August 23, 2024 2:23 AM:

Bitcoin price remained steady on Friday as the market awaited signals from Federal Reserve Chair Jerome Powell on U.S. interest rates. Bitcoin was also affected by concerns over Mt Gox token distributions. Bitcoin rose 0.2% to $60,846.8 amid a broader risk-off sentiment and a stronger yen impacting risk-driven markets.

Bitcoin’s weekly performance was lackluster due to ongoing worries about Mt Gox and the movement of nearly $3 billion worth of tokens from wallets associated with the defunct exchange. The fear of a mass sale event in Bitcoin loomed as the exchange continued to distribute tokens stolen in a 2014 hack.

Markets were cautious ahead of Powell’s speech at the Jackson Hole Symposium, where he is expected to provide insight on interest rates and the economy. Traders anticipate a rate cut in September but are divided on the extent. Weak labor market data earlier in the week raised concerns of economic growth being impacted.

Cryptocurrency prices saw a slight rise on Friday, but were on track for a lackluster week following a rebound from early-August losses. Ethereum rose 1.8% to $2,674.99, while altcoins like Litecoin, Stellar, and Dash also saw modest gains. However, meme coin Dogecoin lagged behind, falling by 0.1%.

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