Crypto’s emotions returned to “greed” on Saturday when the US Federal Reserve Chair of Jerome Paul was raising speculation of a possible cut in September.
After drowning in fear earlier in the week, after reading “neutral” on Friday, the crypto ferry and greed index, which measures the crypto market emotions as a whole, came on a “greed” score of 60.
On Friday, the Jackson Hole Economic Symposium’s annual Jackson Hole started to recover after Powell’s speech at the Economic Symposium, where he said that inflation and the current conditions in the labor market could guarantee the adjusting of the Monetary policy stance.
ETH “Crypto’s highest rate sensitive aspect”
Following Paul’s speech, BitCoin (BTC) increased by 5 % to $ 117,300, which eliminated $ 9379.88 million in shorts. Meanwhile, Ether (ETH) re -claimed his 2021 heights, at a height of 4,878, reached 4,851, representing an 11.51 percent increase over 24 hours.
In a X -post that day, Jeffrey, co -founder of Axi Infinity, “Jeho” Zalin called Ether “the most sensitive aspect of Crepto”.
“With the reduction of interest rates, your Establishment can be obtained by depositing your US dollar in a bank vs.,” he said.
According to the CME Fed Watch Tool, 75 % of the market participants expect a reduction in the rate at the Fed meeting on September 17. Trade Resources said in a Basee letter, “It seems that the Fed Chair Powell is setting a decline in September rate.”
Historically, the reduction in the feed rate increases the liquidity and makes dangerous assets more attractive.
Crypto market participants were expecting this increase
However, St. Louis Fed President Alberto Muslim told Reuters on Friday that he still needs more time to decide whether he will support the interest rate reduction.
“I will update my vision and risks balance all over the way and three days before the meeting, for two days,” he said.
Earlier in the week, several participants in the crypto market expected to rise in the crypto market if Powell indicated a cut in the rate.
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Author Jason Williams said on Wednesday, “If Paul is” soft and tilt that is likely to be deducted, we are turbo. ”
“Jackson Hole will take the direction of Crypto’s direction,” said Crypto Binner Trader Run Nuner, “Before,” Trump is pushing for a deduction with a good reason, but will Pool hear? “
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