Bitcoin, Cardano Face Losses Before Fed’s Jackson Hole Meeting: Markets Wrap

“Hawkish commentary from the Fed could bring some volatility to the stock as well as crypto markets,” BKCoin Capital’s Kevin Kang said. “After Bitcoin briefly hit above $50,000 for the first time in three months, which closed May’s CME futures gap, there has been a lot of bullish optimism in the market.”

article-image

Shutterstock

share

key takeaways

  • Solana’s native token hiked over 7% on-day amid a sea of losses in altcoins, trading at $75.45
  • Bitcoin has a return on investment of 308.48% in the past year, according to Messari

Major cryptos suffered losses on the eve of the Federal Reserve’s Jackson Hole Economic Policy Symposium as investors wait to assess Fed official’s comments on tapering and inflation. (The meeting, which is now virtual, will kick off on Friday.)

Bitcoin is trading at $46,986.51, down 3.52% on-day. This comes two days after the popular token touched a three-month high, inching above $50,000 on Monday. Ethereum shed 2.93% in the past 24 hours, trading at $3,115.52, respectively. Both BTC and ETH have a return on investment (ROI) of 308.48% and 703.41% in the past year, according to Messari.

Cardano’s ADA token slid 8%, trading at $2.52 after the altcoin made its trading debut on Japanese exchange Bitpoint on Wednesday morning. Polkadot (DOT), the ninth largest crypto by market capitalization, is trading at $23.98 as of press time. The token has fallen 7.5% in a 24-hour period.

Solana’s native token hiked over 7% on-day amid a sea of losses in altcoins, trading at $75.45. Solana’s recent surge has the non-fungible token (NFT) craze to thank. The Solana network is used to mint certain NFTs like the “Degenerate Ape Academy” collection. All 10,000 cartoon apes sold out in less than 10 minutes after its launch on Solanart in mid-August which raised $2.5 million.

DeFi

  • Uniswap (UNI) is trading at $25.75 with a total value locked of $4,646,798,913 declining -4.6% in 24 hours at 4:00 pm ET. 
  • Chainlink (LINK) is trading at $24.64, shedding -6.4% with trading volume at $1,216,410,551 in 24 hours at 4:00 pm ET.
  • DeFi:ETH is 32.6% at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $46,986.51, down -3.52% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,115.52, declining -2.93% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.066, up 0.82% at 4:00 pm ET.
  • VIX is up 11.61% to 11.55 at 4:00 pm ET.

Insight

“Any hawkish commentary from the Fed could bring some volatility to the stock as well as crypto markets. After bitcoin briefly hit above $50,000 for the first time in three months, which closed May’s CME futures gap, there has been a lot of bullish optimism in the market,” BKCoin Capital’s Kevin Kang said to Blockworks. “Bitcoin futures open interests as well as three-month basis have come up to levels we saw back in June, showing that investors are coming back to the market.”

Bitcoin (BTC), Cardano (ADA) and Polkadot (DOT) trading on Thursday. Source: TradingView

Equities

  • The Dow fell -0.54% to 35,213.
  • S&P 500 declined -0.58% to 4,470.
  • Nasdaq was down -0.64% to 15,041.

Currencies

  • The US dollar strengthened -0.07%, according to the Bloomberg Dollar Spot Index.

Commodities

  • Brent crude jumped to $71.57 per barrel, down -0.94%.
  • Gold advanced 0.16% to $1,793.9.

Fixed Income

  • US 10-year treasury yields 1.351% as of 4:00 pm ET.

We are looking out for

  • The now-virtual Jackson Hole Economic Policy Symposium begins on Friday.
  • US personal income and spending data will be released on Friday.

In other news…

Justin “3LAU” Blau’s music tokenization platform secured $16 million in seed funding, the company announced on Thursday. The funding was led by Peter Thiel’s Founders Fund and Paradigm.

Sales for NFTs are approaching $900 million in August alone, according to NonFungible.

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

🚀 Build What’s Next — Permissionless IV Hackathon Join us June 22–23 in Brooklyn for the Permissionless IV Hackathon — a 36-hour sprint hosted by Cracked Labs and Blockworks where top builders turn ideas into real products. Come to launch, not just […]

recent research

Research Report Templates (10).png

Research

Kamino has evolved into a full-stack asset scaling suite with V2: unlocking new markets, improving capital efficiency, and catering to various risk profiles. We believe it is best positioned to become the credit backbone of Solana as the ecosystem matures. Simply put, KMNO remains our highest-conviction bet in the Solana ecosystem. This report lays out our thesis.

article-image

Greenwood was a success story before it was a tragedy

article-image

All eight included staking in their most recent SEC filings

article-image

With an updated Summary of Economic Projections, the Fed sees growth slowing and inflation increasing

article-image

Where do crypto mobile games go from here?

article-image

Bybit’s Byreal, Binance Alpha and Coinbase’s DEX integrations

article-image

This isn’t the worst hack to ever hit Mt. Gox, but it could be the most entertaining