As the market awaits Powell’s speech at Jackson Hole, price action remains muted. Currently, $BTC is trading at $60,372 and $ETH at $2,623.
All eyes are on whether the Fed Chair will hint at a 25bps or 50bps rate cut in September. A prevailing view is that it may be challenging for Powell to make a firm commitment given there are lots of data expected before the September meeting. Currently, the market is pricing in a 24% chance of a 50bps cut.
In crypto news, Grayscale has introduced an Avalanche Trust, Magic Eden has announced the $ME token, and Babylon reported that the Bitcoin staking mainnet has officially launched.
Over the last 24 hours, the top three gainers have been $POPCAT, $WEMIX, and $LPT, while the top three losers have been $FTN, $AAVE, and $TURBO.
