Bitcoin at $26.4K Set for Weekly Gain, but Rallies Might Continue to be Sold
The world’s largest crypto has bounced from a 3-month low below $25,000 hit on Monday.
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Market Wrap
The world’s largest crypto has bounced from a 3-month low below $25,000 hit on Monday.
Crypto exchange FTX got court approval to sell part of its $3.4 billion digital asset holdings.
Broader crypto markets were modestly lower late on Wednesday.
Some signs suggest potential market weakness despite Tuesday’s rally, market observers noted.
Federal Reserve chair Powell speaking at Jackson Hole doubled down on keeping financial conditions tight, including hiking interest rates further if needed.
The Kansas City Federal Reserve’s annual Jackson Hole Symposium is underway, and Powell will deliver his keynote address Friday morning.
Despite today’s market-wide advance, the outlook for risk assets is pointing to softer prices for the next few weeks, one observer noted.
BTC slipped below $26,000 amid the crypto market mayhem.
Altcoins are leading declines, with majors like DOGE, SOL and MATIC shedding 6-7% in the past 24 hours.