Modest crypto recovery, and Fed minutes highlight inflation and labour worries
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📉 Fed minutes - show concern over labour market weakness and inflation.
📊 Bitcoin in the green - up 0.2%, while US indexes dip on Nvidia’s drag.
🚀 Altcoins outperform - SOL +3.8%, DOGE and LINK up 4-6%.
The Fed’s minutes from its July meeting, released yesterday, highlighted concerns over a weakening labour market and ongoing unease about creeping inflation. The general consensus among central bankers was that the current cautious approach was the right one, despite two members pushing for an immediate rate cut.
Crypto and stock markets showed little reaction to the release. Bitcoin (BTC) modestly recovered with a 0.2% price increase, while the S&P 500 and Nasdaq 100 dipped slightly overnight, still reeling from Nvidia’s share price slide the day before. Nvidia remains the heaviest-weighted stock in both indexes.
Bitcoin’s Relative Strength Index (RSI) has climbed to 49, where 30 signals oversold conditions and 70+ signals overbought territory. Altcoins saw some notable moves overnight, though. Solana (SOL) gained more than 3.8%, while Dogecoin (DOGE) and Chainlink (LINK) each posted 24-hour returns of between 4–6%.
All eyes are now on the Jackson Hole central bank conference tomorrow, where Fed Chair Jerome Powell is expected to speak. Investors are waiting to see if he provides clarity on September’s policy direction.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.87 trillion, up 1.11% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $113,876 up 0.22% in the last 24 h.
Daily high: $114,723
Daily low: $112,460
📈 S&P 500 ↘️
SPY is currently down about 0.24% since yesterday’s close.
📈 Nasdaq 100 ↘️
The Nasdaq 100 is down about 0.58% 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 49, sitting between oversold and overbought.
Data is correct as at 21 August, 04:25 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.
