Dogecoin (DOGE) price jumps – is the crypto market now turning?
- Ahead of Fed Chairman Jerome Powell's highly anticipated speech, the crypto market is moving only slightly.
- Bitcoin (BTC) is trading at the previous day's level of $113,796. Ethereum (ETH), on the other hand, is gaining some ground and is trading at $4,297 – a daily gain of 3.3 percent.
- Only Dogecoin (DOGE) is rising significantly. The memecoin is trading 5.2 percent higher today, Thursday, August 21, than the previous day's level.
- Investors are now looking ahead to Powell's speech at the Jackson Hole Federal Reserve Symposium. They hope this will provide signals about the Fed's roadmap. So far, the world's most important central bank has refrained from cutting interest rates, continuing to keep its key monetary policy rate in the range of 4.25 to 4.5 percent.
- A cut in key interest rates in September would have a positive impact on risk assets like Bitcoin. On Polymarket, a growing number of investors are betting on at least one interest rate cut this year. Only 12 percent of market observers expect the Fed to keep interest rates unchanged this year.
- After the summer lull, Zondacrypto CEO Przemysław Kral anticipates an altcoin season. He told BTC-ECHO:
- “The current market slump is due to geopolitical uncertainties, but it's important to understand the dynamics of an 'altcoin fall' before a potential market shift occurs. The altcoin phase typically follows strong Bitcoin performance as capital flows into other promising assets.”
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