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- 1 The Federal Reserve-led Economic Symposium is taking place on August 24, 2023, at Jackson Hole.
- 2 The crypto market saw movements prior to the summit as Bitcoin and Ethereum-like assets saw an uptick in trading price.
The “one of the hottest market events for the year” as Forbes put it, the Jackson Hole Economic Symposium, is going to commence on Thursday, August 24, 2023. The conference is organized by the Federal Reserves and treated as a prominent and important gathering of influential people in the financial space. Bitcoin (BTC), Ethereum (ETH), and other major cryptocurrencies seem to be buckling up anticipating any major update following the meetup.
For the symposium, the Federal Reserve invites officials from other central banks and economic policymakers for a discussion over the global economy and markets. The meet started in 1972 and has taken place every year at Jackson Lake Lodge in Jackson Hole, Wyoming since 1982.
Jackson Hole Economic Symposium has its 46th edition this year whose theme is “Structural Shifts in Global Economy.” The summit is scheduled to take place from August 24 to August 26, 2023.
Since the meeting is of grave importance and capable of impacting the global economy, the broader crypto community and investors are also eyeing it. One of the reasons crypto investors keep an overwatch is that they seek announcements about the interest rates from the Federal Reserve.
Fed Chair, Jerome Powell will be speaking at the event and the investors are keen to know if the July interest rate hike of 25 basis points was the last in the series or when the central bank would move ahead with rate cuts. However, there is no official confirmation for any such thing to take place.
Bitcoin and Ethereum Price Rise Ahead of Meeting
The preparation from investors started even before the Fed’s program as the major crypto assets saw movements.
Bitcoin (BTC) price rose to $26,440 following a 2% increase in the last 24 hours while Ethereum (ETH) traded at $1,657 with the same hike during a similar timeframe, at the time of writing.
Both the top cryptocurrencies dropped to their recent lows since the start of the year given several grave macroeconomic factors. Now, they are sustaining at better levels and are anticipating regaining the previous levels.
People are worried that the Fed boss might say he will make the interest rates go up more this week at a big meeting. Some think this is why the market is going down now because they are selling before he speaks. They hope the market will go up after he speaks.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
