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XRP Bitcoin breaks through US$79,000, market focuses on Jackson Hole Conference
As a leading cryptocurrency, Bitcoin has risen sharply in recent days, and its price once exceeded US$79,000. Although the drivers of the rise and its sustainability are unclear, one analyst pointed out that Bitcoin may have entered a consolidation phase.
Hong Kong-based Bitfire Research said that Bitcoin has entered a high consolidation period after breaking through its current price. In the report, the agency analyzed how geopolitical risks, long-term U.S. Treasury yields and cryptocurrency regulatory developments have jointly contributed to the recent rise in Bitcoin.
Analysts at Bitfire Research pointed out that uncertainty in the Strait of Hormuz has exacerbated market concerns about energy prices and inflation, while the U.S. 30-year Treasury yield briefly rose to about 5.337%, which also put pressure on the market. In terms of regulation, the U.S. Securities and Exchange Commission (SEC)'s proposed rules on crypto assets, the implementation of relevant Commodity Futures Trading Commission (CFTC) policies, and the future advancement process of the Clarification Act are all considered key variables. Analysts expect that resolving regulatory uncertainty will help boost confidence among institutional investors and the tokenized financial product market.
Analysts concluded that the flow of funds is the most important variable and a key factor in determining future trends. Currently, approximately US$1.92 billion has flowed into the U.S. spot Bitcoin ETF, and large-scale short liquidations have also supported the rally. According to the analyst's opinion, whether capital inflows can be sustained will determine whether Bitcoin's rebound can be transformed into a sustained medium-term upward trend.
The Jackson Hole Conference attracted much attention!
The cryptocurrency market began to move sideways on the eve of the Jackson Hole seminar after experiencing a single-week gain of more than 20%. Bitcoin broke through US$79,000, a weekly increase of more than 24%.
XRP performed the strongest, with a weekly gain of 50%; Ethereum rose 32%, Dogcoin rose 32%, and Solana rose 27%. Markets are closely watching Federal Reserve Chairman Kevin Walsh's first speech in Jackson Hole. As his first appearance at the meeting after taking office as chairman of the Federal Reserve, the market is most concerned about whether he will disclose the direction of interest rate policy.
Investors will pay close attention to Walsh's statement on future interest rate policy. As inflationary pressures persist due to high oil prices and bond yields, and expectations of interest rate cuts are uncertain, his speech is expected to point a new direction for the crypto market.
* This article does not constitute investment advice.
