Cardano, XRP, Dogecoin Lead Losers As Crypto Fear Index Slides And Bitcoin Nears $113K As Powell Speech At Jackson Hole Looms: Market Wrap
Cardano, XRP, and Dogecoin led a sell-off in the crypto market, which dropped more than 1% in the last 24 hours as the Crypto Fear Index slumped into ”Fear” territory. ADA fell 8.25% as of 4:11 a.m. EST, followed by POL (7%) Sei (5%), and XRP (4.4%). Dogecoin slipped over 2%, despite news that Trump family-backed crypto firm Thumzup Media plans to acquire mining company Dogehash. Meanwhile, the Bitcoin price tumbled over 1.5% to trade at $113,499 ahead of a potentially pivotal speech by Fed Chair Jerome Powell at the Jackson Hole Summit on Friday. Investors will watch closely for signals on whether the Fed is preparing to cut rates in September or remain focused on taming inflation. In 2022, a hawkish Fed speech that reaffirmed the tightening of monetary policy led to a 10% weekly drop in the Bitcoin price. 📌 This Week’s Key Market Events 🔹 FOMC Minutes + Fed Speakers (Wed, Aug 20) Insight into Fed’s discussions & policy shi...