Key Takeaways
- Bitcoin and altcoins fell in a broad crypto market decline ahead of the Fed Chair’s Jackson Hole speech.
- Market volatility increased as investors anticipated possible Fed rate changes and reacted to ongoing inflation concerns.
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Bitcoin slipped under $113,000 on Tuesday, triggering a market-wide downturn that sent Ethereum, XRP, and Solana lower. The total crypto sector fell to $3.8 trillion, down 3.5% on the day.
The price of Bitcoin dropped nearly 3% in the last day to $112,696, marking a return to levels not seen since the beginning of the month, CoinGecko data shows.
Ether dropped more than 4% to $4,100 after flirting with record highs in the past few days. Losses are spread across major altcoins, with XRP down nearly 6%, Dogecoin and Chainlink off over 5%, and Sei and Cardano plunging 8%.
The pullback comes ahead of the Fed’s Jackson Hole symposium on Friday, where Chair Jerome Powell is scheduled to deliver his keynote address. Markets are bracing for whether he signals a September rate cut or doubles down on inflation concerns, especially after US inflation data offered mixed signals in July.
The headline CPI slowed to 2.7% but core inflation edged up to 3.1% and PPI climbed 3.3%. The combination of weakening job growth and persistent price pressures has raised stagflation fears, which could complicate the Fed’s decision-making.
“Higher‑than‑expected PPI numbers (producer prices jumped 0.9% month‑on‑month against a 0.2% forecast) have…
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