Bitcoin Retreats to $113,600 Amid Choppy Trading Conditions
Major cryptocurrencies are experiencing volatility, with Bitcoin retreating to $113,600 after reaching $114,800. Ether and other tokens also lost overnight gains as traders prepared for Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium.
- Long-term sentiment for Bitcoin has turned bearish for the first time since June 2023.
- An OG wallet sold 660 BTC and opened long positions in Ether worth $295 million, indicating a shift in preference towards ETH.
- Concerns over Bitcoin's decentralization arose as two mining pools control over 50% of the network's hashrate.
- Market confidence was affected by Strategy's potential equity issuance to cover debt obligations.
- Kanye West’s memecoin YZY surged to a $3 billion market cap before dropping below $1 billion, reflecting declining interest in celebrity tokens.
- Yield on Japanese government bonds is rising, posing risks to global financial market stability.
What to Watch
- Aug. 21: Viction (VIC) finalizes Atlas hard fork upgrade.
- Aug. 22: Fed Chair Jerome Powell delivers keynote speech at Jackson Hole.
- Aug. 22: Mexico releases Q2 GDP growth data.
Token Events
- Aavegotchi DAO voting on sponsorship for Bitcoin Ben’s Crypto Club ends Aug. 23.
- Upcoming events for Flux, Bio Protocol, and Basic Attention Token on Aug. 21-22.
- Unlocks for Venom, Jupiter, and Sui scheduled from Aug. 25 to Sep. 1.
- New token listings on Binance Alpha and Coins.ph on Aug. 21.
Market Movements
- BTC down 0.84% to $113,434.22.
- ETH down 1.68% to $4,283.19.
- CoinDesk 20 down 1.44% at 4,019.84.
Bitcoin Stats
- BTC Dominance: 59.5%
- Hashrate: 946 EH/s
- CME Futures Open Interest: 143,050 BTC
Technical Analysis
- The Nasdaq mini futures show a negative shift in momentum.
- Indicators suggest potential losses ahead for tech stocks, which may impact cryptocurrencies.
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