Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The statements of the US Fed Chairman impacted the market. Bitcoin fell to more than one-month lows and ETH momentarily lost the support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. of USD $1,500.
- Cryptomarkets in the red after Fed Chairman’s statement.
- Powell painted a grim picture for the U.S. economy.
- Interest rate hikes continue, which could bring “some pain”.
- Bitcoin is around USD $20,000 and ETH is around $1,500.
The digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset market dawned Saturday in bearish territory losing more than 5% of its global value after U.S. Federal Reserve (Fed) Chairman Jerome Powell, to make a pronouncement on Friday to reiterate the central bank’s aggressive approach to curbing inflation.
Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. ( BTC ) fell to its lowest price in more than a month,alcanzando mínimos de USD $20.036 during the early morning hours (New York time) on Aug. 27. The major cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. was volatile on Friday ahead of Powell’s annual economic symposium in Jackson Hole, Wyoming. Moments before the president’s remarks, the currency currency is a medium of exchange that defines value. hit $21,791, but quickly reversed gains gains refer to an increase in value or profit. right during the remarks.
Powell reiterated tight monetary policy yesterday, stressing that the battle against inflation, which has reached a more than 40-year high, is far from over. During his speech, the chairman hinted that the Fed will continue to raise interest rates as inflation a general increase in prices and fall in the purchasing value of money. far exceeds the bank’s long-term target of 2%. U.S. Annual Inflation Rate Eased Slightly in July touching 8.5%. after peaking at 9.1% the previous month.
As reported by DiarioBitcoin Powell indicated that the central bank’s policy to control inflation could bring “algo de dolor a los hogares y las empresas “ The U.S. economy is looking a bit a bit is a basic unit of information in computing. bleak on the horizon.
Market an area or arena, online or offline, in which commercial dealings are conducted. in the red
The major digital currencies reacted adversely to the statements. Ethereum a decentralized open-source blockchain with smart contracts functionality. ( ETH ), the second-largest cryptocurrency, posted even steeper losses than Bitcoin sliding 11% in the last 24 hours. The cryptocurrency momentarily lost the key USD $1,500 mark in the early hours of Saturday morning.
Ether the form of payment used in the operation of the distribution application platform, Ethereum. traded as high as USD $1,720 on Thursday, following the confirmation in cryptocurrency, a confirmation is a measure of how many blocks have actually passed since a transaction was added to a blockchain. of official dates for the anticipated network a network refers to all nodes in the operation of a blockchain at any given moment in time. upgrade, “The Merge“. It is expected that the final transition of Ethereum he test of participation (PoS) will be conducted in two phases, the first beginning on September 6. The merger of the main grid will occur sometime between the 10th and 20th of that month.
Amidst a wide sea of red numbers, some of them altcoins recorded steep declines. Solana ( SOL ) has lost 9.3% of its value in the last 24 hours and is trading at USD $31. Avalanche ( AVAX ) y Uniswap ( UNI ) also recorded notable falls of 10% and 11% respectively. Others less affected are Cardano ( ADA ) y Polkadot ( DOT ), with declines of 5% and 7% this day.
Risk appetite is reduced
The cryptocurrency market slipped below $1 trillion and has fallen 6.9% in terms of global capitalization. However, it is not the only one affected by Powell’s words, as other risk assets also face difficulties due to concerns of further economic slowdown and a declared recession.
According to the coverage of Cointelegraph US stocks lost about USD $1.25 trillion in a single session on Friday, following the speech of the Fed representative. El S&P 500 cerró con una caída del 3,4% en el día, alcanzando sus niveles más bajos desde finales de julio, y ehe composite index Nasdaq copied the move and extended losses, falling 4%, according to the media.
As of press time, BTC is trading at $20,198 and ETH around $1,500, according to data from CryptoMarkets . The total global capitalization of cryptocurrencies is USD $973 billion.
- Bitcoin futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. on CME trade at record discount
- U.S. Senate candidate Bruce Fenton supports Bitcoin because he says, “The dollar is a melting ice cube.”
- Expectations point to BTC near USD $30,000 and ETH above USD $2,000 by end-September, survey reveals
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash published in Canva