Buy Crypto
Markets
Contract
Spot
Earn
Web3 new
Learn
Blogs > Crypto in a Minute > Post-Friday Financial Breakdown >

Post-Friday Financial Breakdown

Author: Jeffrey Craig Date: 2022-08-29 03:32:54

  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Discord
  • Youtube
Subscribe Phemex

Get The Latest News And Updates From Phemex!

giftRegister to get $180 Welcome Bonus!
Email
Password
Invitation code (Optional)

august-29-daily-update

Main Takeaway: Brutal Friday & Weekend To Kick Off The Week

Last Friday everyone was anticipating Jay Powell’s remarks at Jackson Hole, Wyoming regarding US Fed policy moving forward with regards to tackling inflation. Despite his remarks being labeled as a ‘nothingburger’, they did rattle the markets. In particular, following his stance that the Fed must maintain a restrictive policy.

Below are the markets before and after Powell’s remarks. The markets went from green to pure red, subsequently causing crypto to have a bloody weekend with coins such as Bitcoin losing the key psychological $20,000 level, with no bottom in sight from the TA charts.

US Stocks Prior To Fed Speech
US Stocks After Fed's Speech

Lastly, as reported earlier, the US Dollar continues its ascent vis-a-vis other major fiat currencies. This means crypto is down.

US Dollar Continues Its Rise Against Other Fiat

The main takeaway is, as reported before, that crypto winter is not over until economic conditions improve and until the European Union energy crisis abates, which is likely to be a major headwind moving into winter.

Key Stories: Crypto Leaks Causing Massive FUD Among Layer 1s

An investigative story got published on a website called Crypto Leaks that discusses some shady accusations against Ava Labs. As a result, and without much due diligence and research, this has caused a significant amount of FUD against Avalanche and the AVAX token.

Unfortunately, this may lead to a back-and-forth investigative competition between different layer 1s such as Avalanche, Solana, and ICP. As a result, the markets will see increasingly volatile price action.

Today’s Top Gainers

The top five performing coins d-o-d on Phemex are Celsius (CEL/USDT), XYO Network (XYO/USDT), Tranchess (CHESS/USDT), Optimism (OP/USDT), and Synthetix (SNX/USDT).


For any inquiries contact us at support@phemex.zendesk.com
Follow our official Twitter | Join our community on Telegram
Trade crypto on the go: Download for iOS | Download for Android
Phemex | Break Through, Break Free
  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Discord
  • Youtube
Subscribe Phemex

Get The Latest News And Updates From Phemex!

giftRegister to get $180 Welcome Bonus!
Email
Password
Invitation code (Optional)
start trading start trading start trading

Register On Phemex Now To Begin Trading

Register On Phemex

More Articles

Subscribe Phemex

Get The Latest News And Updates From Phemex!

Get The Latest News & Updates!

Bonus

Become the First PT Holders with ZERO Risk

Celebrate the Launching of the Phemex Token on November 30th