Bitcoin, Cardano Face Losses Before Fed’s Jackson Hole Meeting: Markets Wrap

Major cryptos suffered losses on the eve of the Federal Reserve’s Jackson Hole Economic Policy Symposium as investors wait to assess Fed official’s comments on tapering and inflation. (The meeting, which is now virtual, will kick off on Friday.)

Bitcoin is trading at $46,986.51, down 3.52% on-day. This comes two days after the popular token touched a three-month high, inching above $50,000 on Monday. Ethereum shed 2.93% in the past 24 hours, trading at $3,115.52, respectively. Both BTC and ETH have a return on investment (ROI) of 308.48% and 703.41% in the past year, according to Messari.

Cardano’s ADA token slid 8%, trading at $2.52 after the altcoin made its trading debut on Japanese exchange Bitpoint on Wednesday morning. Polkadot (DOT), the ninth largest crypto by market capitalization, is trading at $23.98 as of press time. The token has fallen 7.5% in a 24-hour period.

Solana’s native token hiked over 7% on-day amid a sea of losses in altcoins, trading at $75.45. Solana’s recent surge has the non-fungible token (NFT) craze to thank. The Solana network is used to mint certain NFTs like the “Degenerate Ape Academy” collection. All 10,000 cartoon apes sold out in less than 10 minutes after its launch on Solanart in mid-August which raised $2.5 million.

DeFi

• Uniswap (UNI) is trading at $25.75 with a total value locked of $4,646,798,913 declining -4.6% in 24 hours at 4:00 pm ET. 
• Chainlink (LINK) is trading at $24.64, shedding -6.4% with trading volume at $1,216,410,551 in 24 hours at 4:00 pm ET.
• DeFi:ETH is 32.6% at 4:00 pm ET.

Crypto

• Bitcoin is trading around $46,986.51, down -3.52% in 24 hours at 4:00 pm ET.
• Ether is trading around $3,115.52, declining -2.93% in 24 hours at 4:00 pm ET.
• ETH:BTC is at 0.066, up 0.82% at 4:00 pm ET.
• VIX is up 11.61% to 11.55 at 4:00 pm ET.

Insight

“Any hawkish commentary from the Fed could bring some volatility to the stock as well as crypto markets. After bitcoin briefly hit above $50,000 for the first time in three months, which closed May’s CME futures gap, there has been a lot of bullish optimism in the market,” BKCoin Capital’s Kevin Kang said to Blockworks. “Bitcoin futures open interests as well as three-month basis have come up to levels we saw back in June, showing that investors are coming back to the market.”

Equities

• The Dow fell -0.54% to 35,213.
• S&P 500 declined -0.58% to 4,470.
• Nasdaq was down -0.64% to 15,041.

Currencies

• The US dollar strengthened -0.07%, according to the Bloomberg Dollar Spot Index.

Commodities

• Brent crude jumped to $71.57 per barrel, down -0.94%.
• Gold advanced 0.16% to $1,793.9.

Fixed Income

• US 10-year treasury yields 1.351% as of 4:00 pm ET.

We are looking out for

• The now-virtual Jackson Hole Economic Policy Symposium begins on Friday.
• US personal income and spending data will be released on Friday.

In other news…

Justin “3LAU” Blau’s music tokenization platform secured $16 million in seed funding, the company announced on Thursday. The funding was led by Peter Thiel’s Founders Fund and Paradigm.

Sales for NFTs are approaching $900 million in August alone, according to NonFungible.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

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