Cryptocurrencies continued their slide on Tuesday with bitcoin <\/p>\n
sinking below $114,000 as investors are turning cautious that Federal Reserve Chair Powell’s Friday Jackson Hold speech may come with a hawkish surprise.<\/p>\n
BTC dropped to $113,700 during the early hours of the U.S. session, its weakest price in almost two weeks and pulling back 9% from its Thursday record high above $124,000.<\/p>\n
Ether (ETH) slid 3.5% over the past 24 hours below $4,200. Major altcoins weren’t spared either: Chainlink <\/p>\n
, Avalanche , Toncoin , Ethena and Aptos declined 4%-6% in a day.<\/p>\n
The crypto pullback occurred alongside with traditional markets turning risk-off, with Nasdaq and S&P 500 indexes down 0.9% and 0.4%, respectively, in the morning.<\/p>\n
A check of crypto treasury companies shows that bubble continuing to deflate, with BTC accumulator KindlyMD (NAKA) lower by another 14% on Tuesday. ETH-focused names Bitmine Immersion (BNMR) and Sharplink Gaming (SBET) are down 10% and 8%, respectively.<\/p>\n
Since soaring as high as $124 in late May in wake of its transition to an ether treasury strategy company, SBET \u2014 to pick one \u2014 has now crumbled by about 85% to its current $18.60.<\/p>\n
The grandaddy of the group \u2014\u00a0Michael Saylor’s Strategy (MSTR) was down 5.7% on Tuesday, now lower by 20% over the past month and off 37% from a record high hit late last year. Shares, of course, remain up more than 20-fold since Saylor began purchasing BTC about five years ago. Being the first mover has its advantages.<\/p>\n
JPOW coming to JHOLE<\/p>\n
Investors, who previously saw a September interest rate cut by the Federal Reserve as a given, are now weighing the odds that Fed Chair Jerome Powell might argue for holding rates steady during his Friday keynote address at the Kansas City Fed’s Economic Symposium.<\/p>\n
Despite recent signs of a weakening job market<\/a> and slowing economy, last week’s far hotter-than-expected PPI report reignited concerns of inflation reaccelerating.<\/p>\n