#BNBATH880 Bitcoin and Ethereum under pressure
Alongside these losses, the price of "Bitcoin" dropped by nearly 3% to around 113 thousand dollars, while "Ethereum" fell by more than 5% to settle at 4100 dollars, according to data from "Coin Metrics".
This decline comes after a week of strong gains, as "Bitcoin" reached its all-time high of 125 thousand dollars, driven by expectations of interest rate cuts.
However, with the start of the week, investors began to reassess their positions, especially with the approaching speech of Federal Reserve Chairman Jerome Powell at the Jackson Hole Economic Symposium, which could carry crucial signals regarding monetary policy directions.
Anticipation for Powell's speech
The CEO of the "Rails" platform, Satraj Bambrar, stated that markets typically see profit-taking before Powell's remarks, adding: "Any ambiguity in communication from the Fed prompts traders to reduce risks".
Despite the strong performance of digital currency stocks in recent months, supported by "Coinbase"'s inclusion in the S&P 500 and the successful public offering of "Circle", investors expect a correction in August and September, hoping that the Fed will lean towards interest rate cuts.
