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In the cryptocurrency market, there was a decrease in trading volatility during the first half of the week. The total value of digital currencies grew by 3%, but Bitcoin and Ethereum showed insignificant dynamics, losing a percentage of dominance due to more active growth of altcoins.
Investors took a wait-and-see attitude before the most important annual event – the two-day symposium of central banks in Jackson Hole.
This place became a landmark after several fed heads chose this platform to announce turning points in monetary policy. Ben Bernharke at the end of 2012 announced the quantitative easing program QE3, the effect of which increased the rate of Bitcoin a hundredfold in 2013.
The current head of the Fed, Jerome Powell, last year announced a quantitative tightening program QT2 and announced a rise in rates. As a result, the Bitcoin rate has lost 70% of its value this year.
Powell’s speech will be held on Friday, investors are waiting for the Fed’s reaction to the slowdown in inflation, to combat which the rate was raised. If the financial regulator eases the pressure, Bitcoin has every chance to win back half of the losses in the fall, thanks to the conversion of Ethereum and grow even more on the Christmas rally.
There are no important speeches scheduled today on the sidelines of the Jackson Hole Symposium, but at the end of the day a reassessment of US GDP will be released. In the second quarter, the US economy fell into a technical recession. This negative may be another argument in favor of easing the Fed’s monetary policy.
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