Bitcoin
and other cryptocurrencies were dropping Monday. Crypto traders looked to still be cautious after Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium on Friday kept the door open to future interest-rate increases.
Bitcoin
was trading at $25,922 on Monday, having fallen 0.5% over the last 24 hours. The largest cryptocurrency was giving up gains made over the weekend that had kept the price largely above $26,000 after choppy trading in the immediate aftermath of Powell’s speech, which left markets unsure whether the Fed’s interest-rate hiking cycle was over or not.
Bitcoin has been hovering around $26,000 since a selloff earlier this month ended its lull and sent prices briefly below $25,500.
“The area to watch now is $25,000. If that level holds … the target is to recover $27,000 first and then $28,500 is a key zone. If that succeeds, then it’s straight to $31,000. On the contrary, breaking $25,000 opens the way to $23,800 first and then $21,500 later,” said Javier Molina, market analyst at eToro.
Beyond Bitcoin, other cryptocurrencies largely were falling.
Ether
—the second-largest crypto—was down 0.9% to $1,634. Smaller cryptos, or altcoins, also were in the red, with
Cardano
falling 1.7% and
Solana
dropping 1.8%.
Dogecoin
was down 1.7%.
Write to Adam Clark at [email protected]
Read the full article here
