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Ethereum drops as most cryptocurrencies face a selloff wave
AI Summary
- Ethereum prices declined amid a broader sell-off in cryptocurrencies as investors awaited Jerome Powell's speech at the Jackson Hole symposium
- Markets are expecting a 25-basis-point rate cut at the Fed's September meeting
- Fresh US data showed an increase in initial jobless claims and improvement in manufacturing activity, with Ethereum dropping 2.9% to $4,222.8
Ethereum prices declined on Thursday amid a broader sell-off in risk assets, particularly cryptocurrencies, as investors awaited Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium.
Markets are closely watching Powell’s remarks on Friday, with expectations pointing to a 25-basis-point rate cut at the Fed’s September meeting.
Fresh US data added to the cautious mood. Initial jobless claims rose by 11,000 to 235,000 in the week ending August 16, the highest in two months, versus expectations of 226,000. The prior week’s unadjusted reading stood at 224,000.
Meanwhile, S&P Global’s composite PMI for US output climbed to 55.4 in August from 55.1 in July, its highest in eight months. Manufacturing activity also improved sharply, with the PMI rising to 53.3 from 49.8, its strongest level in 39 months and signaling expansion. In contrast, the services PMI dipped slightly to 55.4 from 55.7, reflecting slower growth in the sector.
Ethereum
As of 20:59 GMT, Ethereum dropped 2.9% to $4,222.8 on CoinMarketCap.
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