It was a lumpy bumpy day for Bitcoin.
Nudging above $114,000 earlier in the session, with traders bullish ahead of Jerome Powell’s speech at Jackson Hole that could set the tone for markets into autumn, the momentum was quickly lost.
At just a smidge over $113,000, it is now around $10,000 off its high, recorded exactly a week ago.
It was a similar story for Ethereum, up 3% early doors, and now off 1%.
All eyes now turn to Powell’s remarks at the Federal Reserve’s annual gathering in Wyoming.
The Jackson Hole event is a bellwether for policy direction, where even small shifts in tone can reverberate through equities, bonds, currencies, and increasingly, crypto.
With sentiment delicately poised after bitcoin’s recent rally, investors will be parsing every word for clues on whether the Fed leans hawkish or dovish heading into the latter part of the year.