Bitcoin Traders Position for Jackson Hole. What Powell’s Big Speech Could Mean for Crypto.
Key Takeaways
- Bitcoin traders were selling ahead of Jerome Powell’s highly anticipated speech Friday morning at the Jackson Hole Economic Policy Symposium, preparing for the possibility that the Fed chair fails to signal that an interest rate cut is likely in September.
- Bitcoin options pricing indicated bearishness across time horizons.
- The “secular bull” for bitcoin may not be over yet, analysts say.
Bitcoin traders have been in profit-taking mode ahead of Federal Reserve Chair Jerome Powell’s highly anticipated speech on Friday, betting on an upset.
That’s evident in the price of the world’s largest cryptocurrency, which has fallen about 10% from its all-time high price of $124,290 on Aug. 14 as of Thursday afternoon. While…
