Crypto Market Loses $120 Billion Ahead of Powell’s Jackson Hole Speech

Crypto markets have experienced a significant sell-off, shedding over $120 billion in value within the past 24 hours. This drop has brought the total market capitalization down to a two-week low of $3.86 trillion at the start of trading Wednesday in Asia. Bitcoin’s price fell below $113,000 for the first time since August 17th, while Ethereum dipped below $4,100, erasing last week’s gains. This market downturn is directly related to the upcoming Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on Friday. ]