Bitcoin Steadies Near $77,000 After 22% Weekly Surge; Altcoins Consolidate

·1 views

Bitcoin is holding its position close to $77,000 following a strong 22% gain over the past week. Altcoins XRP and Zcash, which led last week's rally, are pulling back after their significant price increases. Markets appear to be entering a consolidation phase as early momentum slows. Investor attention is now shifting toward Federal Reserve Chair Warsh's first appearance at the Jackson Hole economic symposium. His remarks are expected to influence broader market sentiment in the near term.

Read the full story at CoinDesk

This is an AI-generated summary. ShortSingh links to the original source for the complete article.

Discussion (0)

Bitcoin records second-best weekly gain since early 2021 amid market tailwinds

Bitcoin posted its second-strongest weekly performance since early 2021, marking a significant rebound for the cryptocurrency market. The rally was driven by a combination of factors including Treasury buybacks, strong ETF inflows, and a weakening US dollar. These macroeconomic and institutional forces collectively fueled a broader breakout across the crypto sector. The surge reflects growing investor confidence as both retail and institutional demand appears to be strengthening.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

Jackson Hole, U.S. PCE Data, and IREN Earnings Headline Crypto Week

The week beginning August 24 brings several key events with potential implications for crypto markets. The Federal Reserve's annual Jackson Hole Symposium is expected to draw attention as investors look for signals on future interest rate policy. U.S. Personal Consumption Expenditures (PCE) price data, a closely watched inflation metric, is also due for release during the week. Crypto mining firm IREN is scheduled to report its earnings, offering insight into the health of the mining sector. Together, these events are likely to influence market sentiment across both traditional finance and digital asset markets.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

Ether Outperforms Bitcoin as ETH/BTC Chart Forms Bullish Golden Cross

Ether has been significantly outperforming bitcoin in recent trading, with the ETH/BTC ratio showing notable strength. A technical chart pattern known as a 'golden cross' has formed on the ETH/BTC pair, which analysts consider a bullish signal. The golden cross occurs when a short-term moving average crosses above a long-term moving average, typically indicating upward momentum. According to technical analysis, this pattern suggests ether's outperformance relative to bitcoin may continue in the near term.

0 comments Read more at CoinDesk

Crypto & Web3CoinDesk ·

Term Finance loses $8.5M as attacker exploits cheap governance voting power

Ethereum-based lending protocol Term Finance suffered an $8.5 million loss following a targeted exploit. An attacker acquired voting tokens to gain control over the protocol's governance mechanism. The incident highlights a critical vulnerability where the cost of buying voting power was lower than the value of assets under the protocol's control. This type of governance attack underscores growing concerns about lightly held voting tokens in decentralized finance protocols.

0 comments Read more at CoinDesk