The cryptocurrency market experienced notable volatility over the past week, as prices were affected by several economic and technical factors. In this article, I will discuss the most important events, so stay with me.

Bitcoin (BTC)

Price Volatility: Bitcoin's price dropped to around $111,000 over the past week, affected by declining expectations regarding interest rate cuts by the U.S. Federal Reserve. However, the currency saw a recovery after Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium, where the price rose to nearly $116,000.

Institutional Demand: Bitcoin spot funds recorded outflows of about $1.17 billion over the past five trading days, indicating a decline in institutional demand.

Future Predictions: Despite the declines, Bitcoin may be in an (oversold) condition, which could indicate a buying opportunity in the long term. Ultimately, Bitcoin prevails in the long run.

Ethereum (ETH)

Historic Rise: Ethereum recorded a significant increase, surpassing the $4,700 mark, achieving its highest level ever.

Institutional Flows: Despite the increase, Ethereum exchange-traded funds experienced outflows for the first time in three months, indicating some concern among investors.

Notable Altcoins:

BNB: The BNB Chain network saw a 10.63% increase in trading volume, reflecting growing interest from investors.

Solana (SOL): Solana has made a comeback as its price increased by more than 11% over the last 24 hours, indicating a recovery in its performance.

XRP: The Ripple coin traded at around $3.02, recording a slight increase of 0.33%.

Significant Events:

Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole symposium affected market sentiment, as he indicated the possibility of interest rate cuts, boosting demand for alternative assets such as cryptocurrencies.

Future Predictions:

The impact of the Federal Reserve's statements on the cryptocurrency market is expected to continue, as any signals for interest rate cuts could enhance demand for digital assets.

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