Jerome Powell

Bitcoin

Avalanche

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surpasses-61000-as-investors-await-powells-speech/" data-wpel-link="internal">Bitcoin Surpasses $61,000 as Investors Await Powell’s Speech</a> 
Bitcoin (BTC), after trading between $59,000 and $61,000 for the past two weeks, surpassed $61,000 early today. Investors are focused on the speech by US Federal Reserve (Fed) Chairman Jerome Powell at Jackson Hole today at 5:00 PM GMT, which could create significant market movements. 
<h2 style="text-align: justify" id="strong-cryptocurrency-market-shows-signs-of-recovery-strong">Cryptocurrency Market Shows Signs of Recovery</h2> 
While major cryptocurrencies remained relatively stable, Cardano (ADA) and Avalanche (AVAX) made notable gains. Cardano’s ADA rose by 3%, while Avalanche’s AVAX jumped by 10%. The rise in AVAX followed Franklin Templeton‘s addition of AVAX as a network option for its OnChain US Government Money Market Fund (FOBXX). FOBXX, launched in 2021, was introduced as the first money market fund to use a public blockchain for recording transactions and ownership. 
Meanwhile, US-listed spot Bitcoin exchange-traded funds (ETFs) continued a six-day streak of gains with $64 million in inflows. Among these funds, market leader BlackRock’s IBIT ETF attracted the highest inflow with $75 million. Some analysts view the slowdown in overall ETF inflows as a negative signal for the market. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-382585" src="https://coin-turk.com/wp-content/uploads/2024/08/WN65H2FRTBGZHAVZQ2DA5W4MWA.png.jpeg" alt="" width="811" height="429"> 
On the other hand, spot <a href="https://en.coin-turk.com/sec-chairman-discusses-spot-ethereum-etf-progress/" data-wpel-link="internal">Ethereum</a> (ETH) ETFs faced record outflows in their first month after a poor start. These ETFs saw $800,000 in outflows on Thursday alone, with a total of $458 million in outflows since their launch on July 23. 
<h2 style="text-align: justify" id="strong-all-eyes-on-powell-s-speech-strong">All Eyes on Powell’s Speech</h2> 
Currently, global markets, along with cryptocurrencies, are focused on the hints Fed Chairman Jerome Powell might give during his speech at Jackson Hole. Powell is expected to confirm a step towards lowering <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a> next month. Such steps generally create a positive sentiment among investors as low-cost borrowing encourages growth in risky markets. 
However, some analysts remain cautious. SOFA Insights President Augustine Fan told CoinDesk, “Powell may want to create some maneuvering <a href="https://newslinker.co/category/science/space/" target="_blank" rel="noopener" data-wpel-link="exclude">space</a> against the four rate cuts priced in by the end of the year. The Jackson Hole meeting tends to be a ‘risk-positive’ event, so we can expect investors to be more willing to buy on dips.” 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surpasses-61000-as-investors-await-powells-speech/" data-wpel-link="internal">Bitcoin Surpasses $61,000 as Investors Await Powell’s Speech</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-surpasses-61000-as-investors-await-powells-speech/" data-wpel-link="internal">Bitcoin Surpasses $61,000 as Investors Await Powell’s Speech</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Surpasses $61,000 as Investors Await Powell’s Speech

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