Bitcoin falls under USD $ 114,000 while Crypto Market extends losses

By Hannah Pérez

Investors have less hopes of a feat of fees for September and are attentive to the Fed event in Jackson Hole on Friday. Ethereum retreated under USD $ 4,200 amid the generalized loss.

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• Boldist action in the cryptocurrency market pushes BTC under USD $ 114K.
• Ethereum goes back to less than USD $ 4,200 and the ETF see great daily exits.
• Investors have less hopes for a feat of fees for September.
• The market focuses its attention on the Fed event in Jackson Hole on Friday.

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The cryptocurrency market continued to expand the weekend losses on Tuesday, with Bitcoin (BTC) sinking below the USD level $ 114,000.

The oldest and oldest cryptocurrency backed towards a local minimum of $ 113,710 on Tuesday at noon, a decrease of just over 8% from its historical maximum of USD $ 124,000 recently conquered last Thursday. The data of Coingcko show that Bitcoin has lost 2% in the last 24 hours and 5% in the week, when negotiated slightly below USD $ 113,800.

The action in the cryptocurrency market is generally bassist as investors focus their attention on the Next event of the Federal Reserve of the USA (FED) in Jackson Hole that could bring surprises to monetary policy.

Ethereum (ETH), the second largest cryptocurrency, was reversed below USD $ 4,200 in a 3.5% drop in the day, according to the data, while main Altcoins as Cardano (ADA) faced greater losses of about 5%. Capitalization of the global cryptocurrency market is 3.9 billion dollars, 2% lower in 24 hours.

The renewed institutional interest had promoted ETH towards its 2021 maximums earlier last week, which motivated long data investors to take profits. Purchases of corporations with treasury Ethereum They fed the Cryptomoned Cryptocurrency narrative, added to the record streak of entries in the bags quoted in the stock market (ETF).

The week began with the Cryptocurrencies ETF becoming negative after one of its best historical weeks. The ETF Ethereum They saw USD $ 196.6 million on Monday After breaking a weekly ticket record for USD $ 2.8 billion. The equally negative result of the ETFs Bitcoin He aligned with the broader bassist and bassist feeling of the market.

Investors attentive to Jackson Hole

It is expected that the president of the FED, Jerome Powell, speaks on Friday during the annual United States central bankers in Jackson Hole, Wyoming, with an opening speech that might not like market participants.

Investors, who previously anticipated that the Fed would cut interest rates in September, now weigh the chances of Powell advocating stable rates during his inaugural speech on Friday in the symposium in Jackson Hole.

Despite the recent signs of a weakening of the labor market and the slowdown of the economy, the IPP report last week, much higher than expected, revived the concerns that inflation would react, as noted COINDESK.

“With virtually stagnant inflation during the last year, the tariff transfer that we still expect and the situation of the labor offer that maintains the historically low unemployment rate, we still believe that there are solid arguments so that the Fed remains in suspense“, Said the analysts of Bank of Americaanticipating that the rates will remain without change.

According to the CME Fedwatch tool, market participants estimate 85% of a 25 basic points cut next month, below the maximum of 98% reached at a time last week.

Liquidations are an immediate volatility signal

While various analysts agree that the fundamentals in the medium term and long term remain bullish, with Bitcoin Even on the way to reach an objective price of USD $ 200,000 for the end of the year, the immediate reality is uncertain for macro events.

The activity in cryptocurrency graphics denotes volatility, with long liquidations (bullish bets) playing USD $ 300 million in the last 24 hours, according to data from Coinglass. ETH is the one that faces the largest pressure of long liquidations for almost 100 million in the period. In total, 116,666 individual operators have been liquidated since yesterday at this time.

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Hannah Estefanía Pérez / Diariobitcoin

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