Bitcoin’s (BTC) price is headed back towards the $26,000 level Thursday, giving up nearly all of yesterday’s advance alongside declines in traditional markets. BTC was changing hands at $26,042 at press time, down roughly 2.6% from its Wednesday high of $26,789. Ether (ETH), the second largest cryptocurrency by market capitalization, was trading at around $1,640 with a near 3% decline from yesterday’s high.
Both assets remain stuck in a significant downtrend, according to market indices’ trend indicators, following the sudden tumble in digital asset prices last week. Equity markets have also turned lower, led by the Nasdaq Composite’s 1.3% decline. The S&P 500 is down by 0.8%. Among individual names of note, chipmaker and AI favorite Nvidia (NVDA) has given up most of its post-earnings gains from last night, now higher by just 1% for the session.
Investors are awaiting Federal Reserve Chair Jerome Powell’s public remarks on Friday at the Kansas City Federal Reserve’s annual Jackson Hole Symposium. John Glover, chief investment officer of digital asset lender Ledn, said in an email, Anyone looking for an indication that the rate hiking cycle is nearing the end will likely be disappointed.
The U.S. initial jobless claims fell to 230,000 last week, according to a government report earlier Thursday. The Atlanta Fed’s GDPNow model is now forecasting very speedy 5.9% economic growth in the U.S. in Q3.