The two largest coins traded higher on Wednesday evening as the global cryptocurrency market cap fell 0.4% to $1 trillion.
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Why It Matters: Bitcoin and Ethereum traded in the green at press time. Stocks traded flat with the S&P 500 and Nasdaq futures down nearly 0.1% each.
The rebound seen in stocks in the regular hours was “small and on light volume,” said Edward Moya, senior market analyst with OANDA.
“Most traders are playing the waiting game until Fed Chair [Jerome Powell’s] Jackson Hole Symposium speech,” wrote Moya, in a note seen by Benzinga.
“Jackson Hole will be massive for Bitcoin and if it paves the way for the Fed to remain aggressive with inflation, we will quickly see if the institutional money remains patient with their crypto bet. The correlation with Bitcoin and equities remains, but that may soon weaken if investors grow confident that the U.S. may avoid a deep and painful recession,” said the analyst.
The Federal Reserve’s annual Jackson Hole symposium is slated to commence on Thursday.
Michaël van de Poppe tweeted, “Markets are more eager to break upwards (crypto) than downwards.”
The cryptocurrency trader said “consolidation” was happening and some altcoins were already breaking upwards.
Justin Bennett does not expect a Federal Reserve pivot anytime soon amid the current macroeconomic environment.
The trader pointed out in a Twitter thread that the “solid employment numbers” are not a “not a reliable indicator of economic health. It's one of the most lagging indicators out there.”
Meanwhile, Cathie Wood-led Ark Investment Management analyst David Puell said the total value transacted in dollars on the Bitcoin network has passed the $100 trillion mark.
Puell said, “For true measurement of cumulative economic activity, 7.3 trillion USD (change-, entity-adjusted) is the mark.”
On the Ethereum side, the gap between Ethereum’s top 10 largest non-exchange addresses and exchange addresses is closing as the network nears the merge, said Santiment.
The market intelligence platform said on Twitter, “Since May 10th, these top non-exchange $ETH addresses hold 11% less coins, & top exchange addresses hold 78% more.”
The gap between #Ethereum's top 10 largest non-exchange addresses & exchange addresses is closing as we head toward the #merge in 3 weeks. Since May 10th, these top non-exchange $ETH addresses hold 11% less coins, & top exchange addresses hold 78% more. https://t.co/k5OlJ1hG3D pic.twitter.com/XOAVhXaKPG— Santiment (@santimentfeed) August 24, 2022
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