On the 16th anniversary of Hurricane Katrina, the category four storm arrived with winds above 150 mph, striking key energy hub Port Fourchon, whose docking site supports roughly 90% of the Gulf’s oil rigs.
Investors allocated capital towards more inflation-sensitive sectors of the market after Chair Powell reassured that inflation is transitory during the virtual meeting.
“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.”
At the $50,000 strike price, there is a huge open interest in bitcoin options expiry on Friday.
“Watching bitcoin over the past week has been something akin to penalty shootouts,” YIELD founder Tim Frost said. “Just when it seems it’s made it clean past the $50,000 mark, all of a sudden it’s behind again.”
Bitcoin continues to rise on a depreciating dollar ahead of the Fed’s Jackson Hole Economic Symposium.
Hitting an all-time high of $2.52, the altcoin dethroned BNB coin again as the third largest crypto by market cap Friday morning.
“There are risk-off money flows across asset classes as investors fear that central banks are poised to tighten policy into a global economic slowdown this fall,” said Tom Essaye, President of Sevens Report Research.
“It’s great to see some divergence among different assets as we saw Solana (SOL) and Terra (LUNA) continue to hit all-time highs, which I believe shows that this asset class [will] continue to mature,” said Founding Principal of BKCoin Capital Kevin Kang.