Bitcoin and Co: options expiration and Jackson Hole ante portas
Bitcoin, Ether and Co continued to lose their recent positive momentum shortly before the weekend. On Friday, the overall market, which according to the industry service includes more than 11,000 different crypto assets, is just above the 2 trillion dollar mark. In the night from Thursday to Friday, the said psychological threshold was temporarily undershot. Overall, on the one hand, the expiry of options on a larger scale acts as a factor of uncertainty, on the other hand, crypto investors are looking at the annual central bankers’ meeting in Jackson Hole.
From the ranks, Solana (SOL), the tenth most important currency by market size, steals the show from all assets from the first rows.
Cryptocurrencies did not leave their recently adopted consolidation mode on Friday either. Bitcoin, the currency regarded as the key currency, was quoted just above the $ 47,000 mark on Friday morning. Last weekend, the price had reached its highest level of over $ 50,600 since mid-May. Since then, profit-taking has shaped the course of events.
Meanwhile, options worth $ 800 million expire today. This should reshuffle the cards, at least temporarily. In the past, the aforementioned constellation triggered downward pressure again in the run-up to the expiry date.
In addition, stockbrokers are increasingly looking to the Rocky Mountains after Jackson Hole. Investors are eagerly anticipating a speech by Fed chief Jerome Powell. If the US Federal Reserve chief sends the signal regarding “tapering”, this should not least be understood as a turnaround in interest rates. This can also put Bitcoin and Co under pressure, as cryptocurrencies are seen in many places as classic investment alternatives in interest-free times.
Do you already know the top 10 cryptocurrencies to trade in 2021?
Solana at record high – targeting the $ 100 mark?
On the other hand, the crypto currency Solana (SOL) is once again causing a stir. Compared to the previous day, the currency has risen by over 21 percent and thus to a new record high of around $ 84 per unit.
Solana acts as an Ethereum competitor in the currently booming industry in terms of NFT (Non-Fungible Token). Most recently, the currency attracted attention through a series on the subject of primates. Also compared to the Ethereum network, Solana is considered to be clearly superior. A total of 50,000 transactions per second can be waved through. With Ethereum it is only 20 or less.
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