Cryptocurrency investors are closely watching the Federal Reserve's annual meeting in Jackson Hole on Friday, where Chairman Jerome Powell's speech is expected to provide important guidance on interest rate policy ahead of the September Federal Open Market Committee meeting.
According to data from Cointelegraph, BTC briefly fell to $112,565 on Wednesday, marking a two-week low since August 3.
Ryan Lee, chief analyst at Bitget exchange, noted, "BTC falling below $113,000 reflects rising market tension, and the macroeconomic uncertainty surrounding Powell's speech is triggering panic among digital asset traders."
The analyst stated in an interview with Cointelegraph, "Currently, stabilizing the market narrative and waiting for liquidity to return may create conditions for a rebound." He added that if the support level of $112,000 holds until Powell's speech, it could "lay the foundation for the next phase of a bull market, rather than a market reset."
Investor concerns about a potential delay in interest rate cuts intensified on August 12, when the U.S. Consumer Price Index (CPI) showed a year-on-year increase of 2.7% in consumer prices, unchanged from June but still significantly above the Fed's target level of 2%.
According to the latest data from the CME's FedWatch tool, market expectations for interest rate cuts dropped more than 12% to 82% on Wednesday, down from over 94% a week earlier following the CPI release.
André Dragosch, head of European research at cryptocurrency asset management firm Bitwise, believes that the first interest rate cut in 2025 could become a significant market catalyst, triggering expectations for a total of two to three rate cuts by the end of the year.
Dragosch stated in an interview with Cointelegraph, "Once the Fed further cuts rates, the yield curve will steepen, which means that the growth of the U.S. money supply will accelerate further." He added that rate cuts could be the most important macro factor "supporting" the continuation of the BTC bull market, "ensuring it lasts at least until the end of this year."
Despite a noticeable shift in sentiment among retail investors, corporations continue to increase their holdings of the two leading cryptocurrencies globally.
According to data from BitcoinTreasuries.NET, the number of public entities holding BTC has reached at least 297, a significant increase from 124 in early June.
These entities include 169 publicly traded companies, 57 private companies, 44 investment and exchange-traded funds, and 12 government agencies, collectively holding 3.67 million bitcoins, accounting for over 17% of the total supply.
Related: All Roads Lead to Inflation: Whether or Not the Fed Cuts Rates, Bitcoin (BTC) May Benefit
Original article: “Bitcoin (BTC) Dips Near $112,000 as Investors Await Powell's Speech”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
