Bitcoin back down to US$26,000 as investors await US Fed chair speech


Bitcoin dropped to around the US$26,000 level Friday morning in Asia, giving up much of the previous day’s gains. Ahead of the U.S Federal Reserve Chair Jerome Powell’s Friday speech at Jackson Hole, investors are looking for signs of an end to the rate hike cycle, with repercussions for the crypto market. Ether moved lower to near the US$1,600 support level, while most other top 10 non-stablecoin cryptocurrencies logged losses. Solana led the losers after its own day of gains Thursday. The Forkast 500 NFT index gained slightly as the Solana blockchain’s new partnership with e-commerce platform Shopify points to better times ahead for NFTs. U.S. stock futures traded mixed after Wall Street closed lower on Thursday, with all three major U.S. indexes logging losses of over 1%.

Bitcoin gives up gains as cautionary mood prevails

Bitcoin dropped 1.40% in the last 24 hours to US$26,081.21 as of 07:20 a.m. in Hong Kong and traded 2.90% lower for the week, according to CoinMarketCap data. The world’s leading cryptocurrency reached a low of US$25,914.93 on early Friday, a 2.9%…

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