Volatility remains low in the crypto market, as investors are bracing for tomorrow’s critical Jackson Hole speech. This is an annual symposium, held in Jackson Hole, Wyoming, and attended by central bankers, finance ministers, academics, and financial market participants from around the world. Central bankers, including Federal Reserve Chairman Jerome Powell, will be making comments on economic policy.
Financial markets are expecting he will signal the continued need for aggressive interest rate hikes to combat inflation, despite the risks to economic growth.
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This expectation is exacerbated by yesterday’s news of Biden forgiving student loan debt of $10k for those making
This could force the Fed to be more aggressive in fighting inflation, but the sell pressure that has occurred leading up to the event may mean that the market has already priced this expectation in. This, and signs of inflation peaking, mean the Jackson Hole symposium could be a bullish catalyst for markets. The market is certainly primed for significant volatility either way.
The number of banks around the world offering Bitcoin (CRYPTO: BTC) trading continues to climb, as Sullivan Bank, which has been around since 1895, will now let its customers buy Bitcoin.
Also, Malaysia’s largest investment bank, Kenanga Investment Bank Berhad, has partnered with Ant Group to launch a bitcoin and crypto-friendly “super app”. This app will integrate all the bank’s financial services onto one platform, including a digital wallet. The bank has over 500,000 users and wants to distribute its product to other banks as well.
The increase in banks adopting digital assets shows how despite sentiment being bearish, fundamentals of the crypto industry continue to grow.