The Market Roundup: Week of August 22
- This week’s market snapshot
- Ethereum gets closer to The Merge, Bellatrix scheduled for September 6
- Avalanche Scandal
- Mastercard partners with Binance to allow crypto payments
The market reacted negatively to Jerome Powell’s press conference in Jackson Hole last Friday which sent prices sharply down. ETH is still being viewed as a risk asset and staying highly correlated with the SPY/Nasdaq while having more volatility. A lot of leveraged longs did get wiped out which has sent funding rates downward for ETH.
BTC has starting to lose correlation with the markets over the last 30 days. This has happened before and is likely a cyclical move, and not necessarily part of a broader narrative change…