Jackson Hole is Getting Closer, What Will Happen to the Crypto Market?

<p>&nbsp;"Investors must be anxious to wait for tomorrow, I hope crypto doesn't fall too badly."</p><p><br /></p><p>Federal Reserve (Fed) Chairman Jerome Powell's speech at the Jackson Hole Symposium on August 25, 2023 can cause the entire cryptocurrency market including Bitcoin (BTC) to fluctuate rapidly.</p><p><br /></p><p>Since experiencing a drastic plunge on August 18, 2023, the price of BTC seems to remain above the $25,000 level as investors are cautious ahead of the main meeting that will be held between Thursday and Saturday.</p><p><br /></p><p>It is reported that the papers shared in the symposium will shed light on the rapidly changing stance of monetary policy, the Fed's response and its impact for a decade.</p><p><br /></p><p><br /></p><p>But the main focus will be on Powell's speech, where he would normally use the meeting to signal a policy shift.</p><p><br /></p><p>This is because BTC investors believe that the central bank of the United States (US) will raise rates higher if Powell gives a hawkish statement and this means that the price of the digital asset can experience significant selling pressure.</p><p><br /></p><p>However, demand for risky assets such as BTC and altcoins could rise sharply if Powell signals to reduce interest rate hikes plus there will be a BTC halving event in 2024.</p><p><br /></p><p>Through observation, BTC often reacts negatively when the Jackson Hole Symposium meeting takes place following a price drop of 3.5% or 10.5% between 2019 and 2022.</p><p><br /></p><p>As of this writing, the price of BTC has jumped by 1.44% to $26,404 in the last 24 hours with a market cap of $514 billion but is still down 7.56% over the last week.</p>