Bitcoin: Latest Price and Implications of Central Bank Meetings
BTC Price Back at Square One
Firstly, let’s take a look at the bitcoin price. While you were sleeping, bitcoin took a plunge back to the price range where it has been hovering for quite some time. Since last week’s major drop, bitcoin has been trading in a tight range around $26,000. Yesterday, the price fluctuated around $26,500 after a slight increase. However, around 2:00 AM last night, it started heading downwards again, revisiting the familiar $26,000 level.
At the time of writing, the BTC price on the Bybit crypto exchange stands at $26,018. On the Dutch cryptocurrency platform Bitvavo, the price is equivalent to €24,128.
Analyst Ali Martinez recently shared on X, formerly known as Twitter, that whales are heavily accumulating at the current BTC price. There is a clear spike in the number of addresses holding at least 1,000 BTC.
#Bitcoin | Whales seem to be buying the #BTC dip. We’re seeing a spike in addresses holding 1,000+ $BTC. pic.twitter.com/TXec7s8a2q
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— Ali (@ali_charts) August 24, 2023
In addition, blockchain analysis platform Santiment reports that currently only 5.8% of all bitcoins in circulation are on cryptocurrency exchanges. These positive data points may contribute to a possible recovery for BTC.
Bitcoin Today: Key Meeting of Central Bankers
Today, all eyes are on the Jackson Hole symposium, an annual event where central bankers, financial experts, academics, and policymakers from around the world come together to discuss important global economic issues.
One of the highlights of the event is the speech by Federal Reserve Chairman Jerome Powell, scheduled for 4:05 PM. European Central Bank President Christine Lagarde will also take the podium at 1:00 PM and 9:00 PM.
However, the focus will primarily be on Powell’s words. The head of the US central bank is likely to comment on the global economy and the potential future path of monetary policy in the United States.
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His remarks on short-term inflation targets, the central bank’s trajectory to achieve them, and the associated interest rate policy can have an impact on the bitcoin price. However, like all other speeches, Powell is expected to keep all options open regarding future policies.
Conclusion
The bitcoin price has returned to familiar levels after a recent decline. The accumulation of BTC by whales and the low percentage of bitcoins on exchanges could be positive indicators for a potential recovery. However, market participants will closely watch the speeches by central bank leaders at the Jackson Hole symposium for any potential implications on the economy and bitcoin’s future. Stay informed and prepared for possible volatility in the crypto market.