The cryptocurrency market remains cautious following US Federal Reserve Chair Jerome Powell’s comments on high US inflation. Despite this, Bitcoin, Ether, and other top 10 non-stablecoin cryptocurrencies have held steady.
JPMorgan Chase & Co. analysts report that the downward price momentum in the market has slowed. The Forkast 500 NFT Index experienced a gain after former US President Donald Trump’s arrest triggered a surge in sales of his signature NFT collection.
Although Powell’s speech at the Jackson Hole summit suggested that interest rates may stay higher for longer, US equity futures still gained. Bitcoin saw a minimal gain of 0.08% over the last 24 hours, reaching US$26,050.62. Meanwhile, Ether gained 0.35% to US$1,653.79.
JPMorgan analysts forecast “limited downside” for the crypto market as losses slow down. Solana led the gains among the top 10 non-stablecoin cryptocurrencies, rising 1.99% to US$20.73. The total crypto market capitalization grew to US$1.05 trillion, with trading volume also increasing.
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