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Crypto market edges sideways as Dogecoin jumps

Ahead of the highly anticipated speech by Fed Chair Jerome Powell, the crypto market is barely moving.

By Mike Hesp
• 2 min read
Crypto market edges sideways as Dogecoin jumps

Ahead of the highly anticipated speech by Fed Chair Jerome Powell, the crypto market is barely moving. Bitcoin (BTC) trades Thursday around $113,796, virtually unchanged, while Ethereum (ETH) climbs 3.3 percent to $4,297.

The standout mover is Dogecoin (DOGE): the memecoin is up more than 5.2 percent from a day earlier as of August 21.

All eyes are now on Powell's remarks at the annual central bankers symposium in Jackson Hole. Investors hope for more clarity on the Fed's stance on rates. So far, the world's strongest central bank has held its policy rate at 4.25% to 4.50% without moving toward a cut.

A rate cut in September would give a clear boost to risk assets like Bitcoin. On the Polymarket prediction market, more traders are betting on at least one rate cut this year. Only 12% of participants still expect that the Fed will not back off at all in 2025.

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