Bitcoin (BTC-USD) has surged past the $61,000 mark just as the financial world turns its attention to the upcoming Jackson Hole symposium. Federal Reserve Chair Jerome Powell is expected to offer insights that could influence market dynamics, particularly for risk assets like Bitcoin.
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Bitcoin Gains Momentum
Over the past two weeks, Bitcoin has been trading between $59,000 and $61,000, with traders closely monitoring its movements. Bitcoin finally broke through the $61,000 threshold during Asian trading hours, signaling growing confidence among investors. While most major cryptocurrencies like Ethereum, Solana (SOL-USD), and BNB (BNB-USD) saw only slight changes, Cardano (ADA-USD) and Avalanche (AVAX-USD) made more significant moves. AVAX jumped 10% after being added as a network option for Franklin Templeton’s OnChain U.S. Government Money Market Fund—a sign that traditional finance is increasingly embracing blockchain technology.
Ethereum ETFs Struggle While Bitcoin ETFs Shine
As Bitcoin continues to gain traction, Ethereum ETFs are facing a rough patch. Data shows that Ethereum ETFs have extended their record outflow streak to six days, losing over $458 million since their launch in late July. This is in stark contrast to Bitcoin ETFs, which have seen steady inflows—most notably, BlackRock’s IBIT, which attracted $75 million. The contrasting fortunes of these ETFs suggest a more bearish sentiment toward Ethereum.
Anticipation Builds for Jackson Hole
So, what’s behind this flurry of market activity? The upcoming Jackson Hole symposium is front and center. According to QCP Capital, “Attention now turns to Fed Chair Powell’s Jackson Hole speech tomorrow for more rate-cut signals.” Traders are hopeful that Powell will confirm a shift towards lower borrowing costs, which could further fuel Bitcoin’s rise. However, some experts caution that Powell might not fully commit to the expected rate cuts, leaving the markets in a state of uncertainty.
As Augustine Fan, head of insights at SOFA, told CoinDesk, “Risk markets might be more disappointed as Powell might want to do their best to give themselves some wiggle room.” Despite the uncertainty, Jackson Hole has historically been favorable for risk assets, so traders are likely to stay optimistic as they prepare for this key moment.
What Is the Price of Bitcoin?
At the time of writing, Bitcoin is sitting at $61,272.82.
