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Crypto Market Tumbles After Fed Chair Powell’s Jackson Hole Speech

Daily Market Wrap

  • Crypto market cap: 0.94 trillion, down 2.07%

  • BTC price stands at USD 19,697, down 1.69%

  • ETH price stands at USD 1,439, down 3.76%

  • Top gainer: eCash (XEC), up 51.37%

  • Top loser: Avalanche (AVAX), down 9.73%

News of the Day

Why it matters:

  • Bitcoin dipped 6.11% closing at $20,107 on Friday after U.S. Federal Reserve Chair Jerome Powell affirmed a hawkish monetary policy at the central bank’s Economic Symposium

  • Powell said that more rate hikes will be needed, with “another unusually large” increase still on the table for the Fed’s next meeting in September

  • Most altcoins also fell following Powell’s speech, with the entire crypto market cap dropping 2.07% to $949.32B at the time of writing

Crypto Daily Spotlight

Brief introduction: Ethereum is a smart-contract-enabled Layer 1 blockchain. Its execution layer, previously known as ETH 1.0, uses Proof-of-Work (PoW) to validate transactions, which contributes to its scalability issues. Recently, the Merge is set to transition Ethereum to its next phase (formerly known as Ethereum 2.0) as the network’s entire blockchain moves to a new system called proof-of-Stake (PoS), which proponents say will make it more efficient, sustainable and scalable.

Why it matters:

  • Hetzner announced in a Reddit post that its terms of services prohibit customers from using the services for crypto activities

  • The Ethereum community perceived the move as a threat to the ecosystem, as Hetzner’s cloud services currently host 15.8% of the Ethereum nodes

  • With the Ethereum ecosystem reaching its final stages preceding The Merge in September, Hetzner repeated its stance against using its services for mining operations for both Proof-of-Stake (PoS) and Proof-of-Work (PoW) applications

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