The cryptocurrency market digest (BTC). Overview for 26.08.2022

26.08.2022

Once again, activity in the BTC is low. On Friday, the major crypto remains at $21,420; it has been moving inside a narrow range the entire week.

The BTC isn’t moving away from $21,500. The scenario remains the same – to resume rising, the asset must secure above $22,000.

Today’s highlight is an annual symposium in Jackson Hole, the US, and the speech to be delivered by the Fed Chairman Jerome Powell. Hypothetically, no one is expecting any bold statements – it’s not the place where policymakers usually do such things. Nevertheless, investors have been nervous about the meeting the entire week. They surely want Powell to hint at the regulator’s rate decision to be made in September and, based upon their sentiment, market players aren’t expecting anything positive.

If Powell sounds calm and optimistic, risky assets will have a chance to grow and the crypto market will follow.

However, one should remember that investors can be extremely emotional, hence sharp fluctuations.

The capitalisation of the crypto market remains at $1,040 trillion, and the share of the BTC dropped to 39.7%.

India: the capital of Web3

Indian authorities supported the decision to develop a platform for blockchain and Web3 in the country. The decision was made within the framework of building a global blockchain technology centre.

Binance assists regulators

Crypto exchange Binance introduced a system to help regulators and legal authorities, Law Enforcement Request System (LERS). The system can process incoming requests to provide information about the platform users under investigation.

Deposits in the BTC are very unpopular

According to Glassnode, the volume of BTC deposits at crypto exchanges dropped to its two-year low in August and was 1,921 BTC. The key plunge happened when the BTC rate broke $20,000.

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.