Crypto and stocks sideways as markets await possible hints at rate moves
The Daily Brief is brought to you in partnership with BCB Group, Vault12 and World Mobile.
🏦 Wait and see - Investors await Powell’s speech at the central bank conference.
📉 Bitcoin mainly sideways - slips 0.1%
📈 ETH up - Ethereum bucks the trend, up 1%
😐 Neutral markets - Fear & Greed Index sits in Neutral; RSI steady in the middle.
Crypto and stock markets remain largely unchanged since this time yesterday, as many investors await the outcome of the central bank conference today, where Fed Chair Jerome Powell is set to deliver a speech. The key question is how much he will reveal about the Fed’s plans for interest rates at its September meeting, where many investors expect a cut for the first time since the pause.
Bitcoin has inched down by 0.1% overnight, while the broader US stock market is following a similar trend. The outlier this morning is Ethereum (ETH), which has added 1% overnight, a green light in an otherwise red day for markets.
Other indicators reflect investors’ hesitation to make big moves ahead of Powell’s remarks. The Fear and Greed Index hovers in Neutral, while the Relative Strength Index sits near the middle, between oversold and overbought territory.
Many analysts don’t expect Powell to give much away today, given the politically charged backdrop, with Trump pressuring the Fed to lower rates. Either way, the big question is: how will markets react, or have they already priced it in?
On a personal note, it's my birthday today! And what better way to celebrate than announcing that I'll be joining the incredible Vaultz Capital team. The Vaultz team already feels more like family to me, having known Eric Benz, Aleks Nowak, Adam Vaziri, Marc Taverner, and Henrik Hoffmeyer for years, and who can one trust more than family? With track records of innovation, collaboration and education at our collective core, I am personally very excited with what the future may hold. You can read more about it here.
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $3.84 trillion, down 0.11% over the past 24 hours.
🟠 Bitcoin (BTC) ↘️
Price: $113,009 down 0.22% in the last 24 h.
Daily high: $113,827
Daily low: $112,023
📈 S&P 500 ↘️
SPY is currently down about 0.4% since yesterday’s close.
📈 Nasdaq 100 ↘️
The Nasdaq 100 is down about 0.46% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 46/100, in Neutral.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 46, sitting between oversold and overbought.
Data is correct as at 22 August, 10:08 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
