The Jackson Stole symposium
3 min read

The Jackson Stole symposium

Cryptic ball: just listen to it.

It was a weak weekend, indeed. Things look grim, but not all is lost. As explained Friday, bitcoin and ether had to keep their structure of higher highs and higher lows intact. While ETH is still on track, bitcoin looks less enticing. What about?

  • Last Friday, stocks started a minor dump after four weeks of straight gains. This was expected, and equities are still showing remarkable strength in this bounce. However, it seems bitcoin threw in the towel as it fell 10% that day!
  • Ether followed, falling nearly 15%. The rest of the weekend was smooth across the board but this kind of dump doesn't bode well for a generalised recovery. Yes, ETH will continue to benefit from the narrative around the Merge.
  • But even that upgrade can be suffer from a "buy the rumour, sell the news" kind of effect, once it is activated in mid-September. For now, the current dump was caused by the Jackson Hole symposium I've been talking about.
  • This week, from Thursday to Saturday, central bankers and finance ministers from around the world will be gathered in Wyoming to "reassess the constraints on the economy and policy". And the markets are listening.
  • Jerome Powell, the US Fed's chair, will also give an important speech, but I'm expecting the whole shebang to be a nothing burger. Why? I believe we're just experiencing generalised fear so that more big players can buy the dip.
  • Macro data is looking good and while the risk of a severe winter in Europe can potentially impact global markets, I'm not sure it would be more impactful fork risk assets than the Fed tightening up. But let's keep an eye out for that!

Meanwhile, I'm expecting crypto and tech stocks will be sluggish until we overcome the Jackson Hole spectacle and until potentially positive inflation data is released this Friday. Just remember ETH can still easily fall until $1.4k!

Chart art: just stay away from it.

Bitcoin's correlation to stocks is near its yearly low, even if it's still high.

Three things: just web2 it.

Tweet tip: just wait for it.

Let's hope the data fuels some animal spirits!

Meme moment: just ignore it.

"Why historical price mirrors are mostly bullshit.", by Andreas Steno Larsen

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Our newsletter offers opinions and insights from analysts in the cryptoasset space. It is not intended to be investment advice, and should not be treated as such. You must not rely on its information as an alternative to financial advice from a qualified professional. Without prejudice, we do not undertake or guarantee that its information is correct, complete or non-misleading; or that the use of the guidance in the report will lead to any particular outcome or result.