Cryptocurrencies react to Jackson Hole, Fed rate hike plans and a weakening bear market rally

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The European inventory markets and the USA equities markets are each deep within the purple on Aug. 22 as traders concern that aggressive price hikes is probably not off the desk. 

One other factor protecting traders nervous might be the upcoming  Jackson Gap financial symposium, which is scheduled to start on Aug. 25. Buyers are involved that Federal Reserve chairman Jerome Powell might additional elaborate on the Fed’s hawkish stance and plans for future rate of interest hikes.

This macro uncertainty has saved the institutional traders away from the crypto markets. CoinShares knowledge confirmed that crypto funding merchandise recorded weekly volumes of $1 billion, which is 55% lower than the yearly average.

Each day cryptocurrency market efficiency. Supply: Coin360

On-chain analytics useful resource Materials Indicators stated that Bitcoin (BTC) has not damaged beneath the July lows. This implies that the bear market rally is not yet over. Nevertheless, patrons must push the worth above the 200-week shifting common of close to $23,000 to achieve the higher hand.

Might Bitcoin and most main altcoins make a powerful comeback within the subsequent few days and what are the vital ranges to be careful for? Let’s research the charts of the top-10 cryptocurrencies to seek out out.