Saturday, 28 January 2023
Trending

Crypto News

BTC miners exit capitulation — 5 things to know in Bitcoin this week

BTC miners exit capitulation — 5 things to know in Bitcoin this week

Bitcoin (BTC) starts a new week fresh from a new multi-week low amid a return of highly nervous sentiment.

After dipping below $21,000 over the weekend, the largest cryptocurrency is consolidating around 10% lower than a week ago, and the fear across crypto markets is clearly visible.

As some call for new lows and others warns of a difficult few months ahead, there is plenty for bulls to contend with on both long and short timeframes

The United States Federal Reserve annual Jackson Hole symposium is due this week, while September is already due to form something of a showdown when it comes to inflation and associated macro price triggers.

That could mean fresh volatility across risk assets both during and prior, something weary investors will no doubt not welcome after last week’s escapades on BTC/USD.

Related: 3 reasons why the Bitcoin price bottom is not in

At the same time, miners are giving strong signals that the worst is over, with hash rate starting to rebound from a rare “capitulation” phase. 

With that in mind, Cointelegraph takes a closer look at five market moving topics pertinent to Bitcoin traders in the coming days and beyond.

All eyes on Jackson Hole

The United States Federal Reserve is once again in the driving seat this week when it comes to potential macro price triggers for risk assets.

Fresh from last week’s Federal Open Markets Committee (FOMC) meeting, Fed officials, together with banking figures from around the world, will meet for the annual Jackson Hole symposium on Aug. 25-27.

This year’s gathering comes at a critical time for markets in the U.S. and further afield. Inflation under the Fed’s jurisdiction appears to have begun cooling, while elsewhere, the opposite story remains true.

The latest U.S. inflation data is still weeks away, but that might not stop Fed Chair Jerome Powell from giving strong hints as to how the Fed will react, as well as positioning expectations regarding future economic policy.

With that in mind, volatility could easily pick up both before and during the event, making Jackson Hole a key item to watch on traders’ radar.

“They are so focused on doing this partly just because they screwed up last year with the whole ‘transitory’ thing, and they realize that the one thing they can do now is tighten policy, and that will slow inflation,” Kevin Cummins, chief U.S. economist at NatWest Markets in Stamford, Connecticut, told Bloomberg.

With that, it remains to be seen whether the market will shift to…

Click Here to Read the Full Original Article at Cointelegraph.com News…