"Investors must be anxious to wait for tomorrow, I hope crypto doesn't fall too badly."
Federal Reserve (Fed) Chairman Jerome Powell's speech at the Jackson Hole Symposium on August 25, 2023 can cause the entire cryptocurrency market including Bitcoin (BTC) to fluctuate rapidly.
Since experiencing a drastic plunge on August 18, 2023, the price of BTC seems to remain above the $25,000 level as investors are cautious ahead of the main meeting that will be held between Thursday and Saturday.
It is reported that the papers shared in the symposium will shed light on the rapidly changing stance of monetary policy, the Fed's response and its impact for a decade.
But the main focus will be on Powell's speech, where he would normally use the meeting to signal a policy shift.
This is because BTC investors believe that the central bank of the United States (US) will raise rates higher if Powell gives a hawkish statement and this means that the price of the digital asset can experience significant selling pressure.
However, demand for risky assets such as BTC and altcoins could rise sharply if Powell signals to reduce interest rate hikes plus there will be a BTC halving event in 2024.
Through observation, BTC often reacts negatively when the Jackson Hole Symposium meeting takes place following a price drop of 3.5% or 10.5% between 2019 and 2022.
As of this writing, the price of BTC has jumped by 1.44% to $26,404 in the last 24 hours with a market cap of $514 billion but is still down 7.56% over the last week.
