Bitcoin and ether markets are under pressure today, as both cryptocurrencies tumble ahead of the much-anticipated Jackson Hole Symposium. Bitcoin slipped beneath $115,000, while ether fell to $4,220, further highlighting the jitters pervading digital assets just days before Federal Reserve Chairman Jerome Powell’s speech. The CoinDesk 20 Index, a barometer for the largest cryptocurrencies, reflected this apprehension, shedding over 4.5% in the last 24 hours.
Market Jitters: Liquidations and Moving Averages
The crypto market’s recent stumble is noteworthy for bitcoin, which has fallen below its 50-day simple moving average. This marks a significant retracement from its record high of $124,000 just last week, as detailed in Bitcoin Hits $124K Record as 4 Tailwinds Align. Ether, too, faces its own set of challenges, with on-chain data suggesting potential large-scale liquidations at the $4,170 level. “More than $400 million in long positions were liquidated overnight as BTC slid from 118k to 115k and ETH from 4,500 to 4,300,” according to QCP Capital. This comes on the heels of last week’s $1 billion in DeFi liquidations, underscoring a cautious market sentiment ahead of the symposium.
Ether’s decline is further compounded by a record validator exit queue, with over 855,158 tokens—valued at more than $3.5 billion—poised to exit the network. Meanwhile, BlackRock’s ether ETF has observed unprecedented trading volumes, with inflows of $2.32 billion, suggesting an evolving infrastructure around crypto assets. “Spot Bitcoin and Ethereum ETFs clocked a record-breaking US$40 billion in weekly trading volume,” noted Mena Theodorou, co-founder of Coinstash, highlighting the robust foundation being laid in real-time.
Altcoins and Speculative Frenzy
The bitcoin-to-altcoin liquidations ratio has hit its lowest since early 2024, indicating heightened speculative activity among altcoins. This dynamic is frequently observed at market tops, raising questions about the sustainability of recent trends. Meanwhile, Monero attacker Qubic’s community has set its sights on the Dogecoin network, causing DOGE to drop by more than 4%, much to the chagrin of bullish traders who had anticipated a rally.
Traditional Markets and Macro Events
Traditional markets also appear to be in a holding pattern, with gold prices inching higher and European stocks experiencing a decline as traders await developments from the Jackson Hole gathering and geopolitical discussions involving President Trump and European leaders over Ukraine. This macro backdrop adds another layer of complexity to an already volatile crypto environment.
Looking ahead, the crypto community is closely monitoring upcoming events such as the launch of Coinbase Derivatives’ nano SOL and nano XRP futures, alongside the inaugural halving event for Qubic (QUBIC), which will see significant token burns. These events could further influence market dynamics in the coming days.
Forward-Looking Implications
As the Jackson Hole Symposium approaches, market participants are bracing for potential shifts in monetary policy and their ripple effects across both traditional and digital asset markets. The question remains: Can crypto markets stabilize in the face of these macroeconomic uncertainties? With bitcoin and ether at critical junctures, the coming days could prove pivotal for the broader crypto landscape. For more insights into market sentiment, see Bitcoin $115K Bets in Demand as Downside Fear Grips Market Ahead of U.S. CPI Report.
Source
This article is based on: Jackson Hole Weighs on Digital Assets: Crypto Daybook Americas
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
