Last Updated on 25 August 2023 by Admin
Investors are keenly waiting for the upcoming key conference where Federal Reserve Chair Jerome Powell will deliver a speech. Popularly known as Jackson Hole Symposium, it a conference organized by the Federal Reserve Bank of Kansas every year.
The U.S economy is going through a tough phase as multiple macro-economic conditions have forced the Fed to take a hard stance on interest rate. All of this is to make sure the inflation rate stays under control. The Fed earlier made is clear that it aims to bring down the inflation rate down to 2%. For this, they have been increasing the interest rates to record highs, thus suppressing riskier investments.
High Volatility Expected
The crypto market on the other hand, is going through a similar phase. The recent bloodbath has made things worst. Bitcoin and Ethereum plunged to 2-month lows, with rest of the market suffering similar or even greater losses.
The bulls attempt to regain control yesterday failed, as after a brief recovery, prices yet again started declining. Now all eyes are on this key event, which has the potential to swing market in either direction. Investors are getting prepared for high volatility as Jerome Powell is all set to take the center stage.
Tabrez Alam
Sameer Ahmed