Bitcoin, Ethereum, Dogecoin Trade Mixed As Investors Await Jerome Powell's Jackson Hole Speech: Analyst Predicts Dark Times Ahead For BTC, ETH

Benzinga - by Mehab Qureshi, Benzinga Staff Writer. Major cryptocurrencies recorded a mixed trading session on Tuesday evening after Balancer, one of Ethereum’s prominent decentralized crypto trading projects uncovered a vulnerability that poses a potential risk of millions of dollars in crypto assets. As a precautionary measure, Balancer is advising affected customers to withdraw their tokens immediately.

What Happened: The Securities and Exchange Commission (SEC) currently has several bitcoin ETF applications to review. However, it is uncertain whether a decision will be made this year. Traders are eagerly anticipating a court ruling in the lawsuit between Grayscale and the SEC. This lawsuit addresses the denial of Grayscale’s request to convert its Bitcoin Trust (GBTC) into an ETF.

Investors are eagerly awaiting Federal Reserve Chair Jerome Powell’s highly anticipated speech at the annual economic symposium in Jackson Hole, Wyoming, organized by the Kansas City Fed. The speech is set to take place this Friday.

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Currently, the global crypto market capitalization stands at $1.05 trillion, a 0.32% decrease in the last day.

U.S. stocks were mixed on Tuesday, primarily driven by concerns regarding the increasing Treasury yields. The banking and retail sectors also contributed to the overall negative sentiment. The S&P 500 saw a slight 0.3% decrease, while the Nasdaq Composite managed to achieve a 0.061% gain.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Crypto analyst Michael Van De Poppe noted that the total market capitalization of the crypto industry is currently in a consolidation phase, moving between the range of $425-675 billion.

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Crypto analyst Nicholas Mertens delivers a sobering prediction: Bitcoin and Ethereum bulls have yet to make their mark, indicating an impending slump in the markets.

"The bulls did not show up as expected, and now we must brace ourselves for significant upcoming challenges. This pain won't only affect Bitcoin but also the entire altcoin space, including Ethereum. There are warning signs indicating Ethereum's potential collapse in the next few weeks, with its ascending support line at risk.

Crypto Tony’s prediction for Bitcoin’s price this year has been revised from $25,000 to $27,500 and then adjusted to $20,000.

$25,000 —> $27,500 —> $20,000

This is my primary outcome on Bitcoin / $BTC this year