Fed Chair Jerome Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in US500 since June.
Bitcoin leaps to one-month maximum
On Tuesday, crypto assets rallied a bit, with Bitcoin getting to a one-month maximum.
On the Bitfinex exchange Bitcoin managed to ascend by up to 1.59% hitting $7,367.40 because on Monday American investors got back from the Labor Day holiday.
In general, crypto assets tacked on, with the digital coin market at $239 billion versus Monday’s outcome of $235 billion.
The number two alternative crypto asset by market cap, Ethereum managed to gain up to 0.73% trading at $290.77. Additionally, the number three crypto asset XRP inched up by 0.75% coming up with an outcome of $0.33945. As for Litecoin, this digital coin showed $68.611, adding 5.57%.
In August, crypto assets went down abruptly, with the market cap for all crypto assets diving to about $191 billion on August 14, which is its lowest outcome since early November of 2017. The crypto market was suppressed in August after the US Securities and Exchange Commission postponed its ruling on a proposed crypto exchange traded fund until September 30.
Meanwhile, the Chinese government still backs blockchain technology, notwithstanding its attempts to prevent citizens from trading and utilizing crypto assets. Since 2016 this Asian country has injected approximately $3.6 billion in the technology behind crypto assets.
Besides this, Frankfurt-based equities and securities trading firm Deutsche Börse has hired a dedicated crypto team. Well, the 24 members are going to oversee fresh initiatives in the field. Evidently, investing in crypto assets turns out to be one of the three areas of surge the company is putting much value on until 2020.
Looking at the tempo of technological progress as well as the transformational potential lying in blockchain, the company told that they currently stand at the dawn of a new era, which could be quite disruptive for the entire industry.
Last week several important economic updates influenced the Forex market. US preliminary GDP fell less than expected (0.6% actual vs. 0.7% forecast). Below you will find the key events to trade on during the week from August 29 to September 2.
The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.