Crypto markets tread water ahead of Fed speech

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Cryptocurrency prices were little changed alongside other risky assets ahead of Federal Reserve Chairman Jerome Powell’s speech this afternoon at the Economic Club of Washington.

Bitcoin was trading at $22,962 as of 10:05 AM EST, up about 0.4% over the past day, according to data from TradingView.

BTCUSD Chart by TradingView

Ether was up 0.4%, hitting $1,638. Binance’s BNB gained 0.3%, Ripple’s XRP lost 0.5%, and Solana’s SOL traded flat.

Chairman Powell’s annual meeting with Carlyle Group’s David Rubenstein is “something the market is not fully valuing”, according to QCP Capital’s market update, which said it was impossible to say whether the vision Powell on the markets was hawkish or dovish at the FOMC press conference last week.

“Hopefully … [the] interview will clear things up for everyone,” QCP said. “Especially his view on financial conditions and whether he thinks the rally has gotten out of control.”

Crypto stocks and structured products

The Nasdaq traded lower, with the 30-stock index down 0.4% and the S&P 500 down 0.2%.

Coinbase shares were down 5.7% to trade around $70 as of 10:05 a.m. EST, according to Nasdaq data.

Silvergate was down about 8% to just under $18.

The block fell around 0.8% to trade below $82, while MicroStrategy fell more than 1.6% to $277.

2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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