Crypto markets react negatively to Powell’s speech at Jackson Hole, as he reiterates his stance on tackling inflation and is overall ‘moderately hawkish’ in tone. TL;DR — he is prepared for households to endure more “pain” in order to lower inflation. Bitcoin is down 4% to $20.6k on higher $32B of volumes. Ethereum is down harder, -7.1% to $1575 on $19B as leverage clears out. Overall crypto market capitalization still manages to hover just above $1T at $1.05T.
NFT volumes are $21M on the day, with EVM-based NFTs at $17M and Solana-based NFTs at $2M. BAYC+MAYC+Otherdeed dominate the top spots with $6.5M in total turnover, although floor prices and best bids didn’t change overall — Eminem and Snoop continue to pump BAYC bags as they’ll bring their apes to the VMAs this year. Azuki had a strong day with $1.1M in turnover, though the floor didn’t budge and average prices were off 15% to 9.69 ETH.
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