Markets dip further ahead of today’s Fed minutes and Friday’s central bank conference
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📉 Crypto slips - Bitcoin down 1.3%, Fear & Greed Index edging toward Fear.
📊 ETH ETFs - US spot ETH ETFs now hold ~5% of supply, showing strong institutional demand.
🏦 Fed minutes - July inflation surprise dampens hopes for a September rate cut.
🦅 Powell in focus - Jackson Hole speech on Friday could signal a more hawkish Fed stance.
Crypto and stock markets continue to dip following last week’s historic highs. Bitcoin is down another 1.3% overnight, while the tech-heavy Nasdaq 100 has also slipped by a similar margin. The Fear and Greed Index is now hovering just above Fear after this week’s lacklustre performance. Still, institutional appetite remains strong. The Block reports that US spot ETH exchange-traded funds (ETFs) now hold about 5% of all ETH supply, while others continue to add Bitcoin to their treasuries.
In macro news, investors are awaiting the release of the Fed’s July meeting minutes later today. Hopes for a near-certain interest rate cut in September have dimmed after July’s wholesale inflation numbers came in higher than expected. Fed Chair Jerome Powell has been relatively quiet in the lead-up to this closely watched event, but all eyes are on whether he will reveal more during his speech at the Jackson Hole symposium, the annual central bank conference, on Friday.
Market watchers say Powell’s upcoming remarks are already unsettling stocks. "It seems like folks are hedging a little going into Jackson Hole, thinking Powell might be more hawkish than markets currently appreciate," James Cox, managing partner at Harris Financial Group, told Reuters. Tech stocks like Nvidia faced heavy selling pressure yesterday, dragging down indices such as the Nasdaq 100, where they carry significant weight.
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $3.82 trillion, down 1.34% over the past 24 hours.
🟠 Bitcoin (BTC) ↘️
Price: $113,503 down 1.32% in the last 24 h.
Daily high: $115,789
Daily low: $112,647
📈 S&P 500 ↘️
SPY is currently down about 0.59% since yesterday’s close.
📈 Nasdaq 100 ↘️
The Nasdaq 100 is down about 1.39% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 45/100, in Neutral.
📊 Bitcoin Relative Strength Index (RSI) (14)
The 14-day RSI for BTC is approximately 41, approaching oversold territory.
Data is correct as at 20 August, 08:07 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.
