Bitcoin decreased before the Federal Reserve Chair, Jerome Powell in Jackson Hall

The decline of the two largest cryptocurrencies follows with a wider decrease in the market, with the total market value of all encrypted currencies for 1 % during the day to $ 3.9 trillion. Meanwhile, the S&P 500 decreased by 0.3 % since the market opened on Thursday.

“It seems that investors are increasingly skeptical that Powell Seen indicates a axis in Jackson Hall,” said James Bouteville, head of research at Crypto Asset Manager Coinshares. luck.

The week -long decline in the digital asset market comes at a time when traders are trying to predict whether the Federal Reserve will reduce interest rates in September, which will likely lead to the flow of funds from US Treasury bills to more dangerous assets with higher possible returns, such as encryption.

Since 1982, the Federal Reserve in Kansas City has hosted a conference in Jackson Hall. The Federal Reserve Chairman usually speaks of this event, and as is the case with any public speech from Powell, investors will wander through his statements to collect whether the Federal Reserve will reduce prices.

Last week, analysts were almost sure that the price cuts were imminent after the work statistics office reported a moderate increase in the total inflation in July by 2.7 %. It was less than much. The markets rose, and Bitcoin got the highest level ever.

But two days later, BLS reported that the prices of goods carried out by American producers increased by 0.9 % in July, the largest increase in the so -called product price index since June 2022. The news led to a decline in the encryption markets, which were traded less during the past week.

However, some market monitors are optimistic. “This decline seems to be a small correction for me, not the direction break,” said Era Oirbach, the chief of the arm, said, “This decline seems to be a small correction for me, not the direction break,” said Auerbach, the adventure head related to the Offichain Labs, and the head of the Auerbach digital assets. Nasdak a company.

He said that the policy of crying in the United States, such as the last executive order of Donald Trump that allows encryption and other special assets in 401 (K), is still intact. Auerbach also pointed out the increase in the dependence of Stablecoins, or cryptocurrencies associated with basic assets such as the US dollar.

He added: “I expect this withdrawal to be absorbed, and because the highest direction to continue as soon as the total fog is wiped.”