A new day is at the door. For the early risers among us, here’s a quick rundown of Bitcoin (BTC) price, last night’s crypto news, and the current state of affairs. Today you can expect the necessary volatility, but after reading this article you will start the day well prepared!
BTC price is back to the first level
First, let’s take a look at the Bitcoin price. While you were sleeping, bitcoin has crashed into the price range that we have been stuck in for quite some time. Bitcoin has been range bound around $26,000 since last week’s sharp drop. Yesterday the price fluctuated around the $26,500 level after a slight rise, but around 02:00 last night the price started falling and returned to the familiar $26,000 level.
At the time of writing, BTC is priced at $26,018 on crypto exchange Bybit. On the Dutch crypto exchange Bitvavo, the price is €24,128.
That’s what analyst Ali Martinez said in a message on X, formerly known as Twitter, yesterday whales are suffering a major dip in the current BTC price. There is a clear peak in the number of addresses with at least 1,000 BTC.
— Ali (@ali_charts) August 24, 2023
Over and beyond reports According to blockchain analysis platform Santiment, only 5.8 percent of all bitcoins in circulation are currently on crypto exchanges. Perhaps this positive data can contribute to a possible BTC recovery.
Bitcoin today: important meeting of central bankers
Today, all eyes are on the Jackson Hole Symposium: an annual event that brings together central bankers, financial experts, academics and policymakers from around the world to discuss key global economic issues.
One of the highlights of the event will be Federal Reserve Chairman Jerome Powell’s speech, scheduled for 4:05 p.m. At 1:00 p.m. and 9:00 p.m., the President of the European Central Bank, Christine Lagarde, will also be on the podium.
However, the focus will mostly be on Powell’s words. The head of the US Federal Reserve will most likely comment on the global economy and the possible future course of interest rate policy in the US.
His comments on short-term inflation targets, the central bank’s path to achieving them, and associated interest rate policies could impact bitcoin price. Most likely, however, as with all speeches, Powell will leave all options open for future policy.