Bitcoin Drops 6% to $112K; OKB Soars 130% Ahead of Powell
Bitcoin lost 6% this week, sliding from its recent all-time high to $112,000. The broader cryptocurrency market saw a steep altcoin crash. Ethereum fell 9% to $4,220 and XRP dropped 10.4% to $2.79. Cardano and Sui also posted double-digit losses. In contrast, OKB led gainers with a 130% surge, reaching $225.
Traders are now eyeing the upcoming Federal Reserve Chair Jerome Powell speech at Jackson Hole. Market participants expect his comments on monetary policy to drive short-term volatility. Bitcoin’s drop below the $112K support level raises concerns of further declines. Conversely, BNB hit a new record high, while analysts note ongoing corporate accumulation, with Strategy buying additional BTC.
Other notable events included MetaMask launching the Stripe-backed mUSD stablecoin, Ripple partnering with SBI to issue RLUSD in Japan, and Kanye West’s YZY meme coin hitting a $3 billion cap before crashing. Solana briefly achieved over 100,000 TPS in a weekend test. SEC Chair Paul Atkins’s remarks that “very few” cryptocurrencies qualify as securities provided regulatory clarity.
Overall, the market faces mixed signals. The altcoin crash weighs on sentiment. OKB’s surge and BNB’s new high offer bullish catalysts. All eyes remain on the Powell speech for the next major price driver.
Neutral
This news delivers mixed signals for traders. Bitcoin’s 6% drop and broad altcoin crash signal bearish pressure, especially with key support at $112K under threat. However, OKB’s 130% surge and BNB’s record high provide bullish catalysts. Historically, Fed Chair Powell’s speeches trigger short-term volatility but rarely change long-term market trends. With the market awaiting fresh guidance on monetary policy, most traders are likely to adopt a wait-and-see stance, resulting in a neutral outlook until clearer direction emerges.