Forbes - Jerome's Hole in one ⛳

CryptoCodex


	Happy Friday! Billy Bambrough here with what's driving the day in the world of bitcoin and crypto.

24-hour crypto market snapshot

$47,331

$3,122

$83.19

$29.44

Steady as she goes


	Cryptocurrency prices are broadly flat today, though some smaller tokens are making outsized moves. The bitcoin price is currently treading water at just over $47,000 per bitcoin and its failure to hold on to ground above $50,000 this week has somewhat taken the wind out of investors' sails. Likewise, ethereum has barely moved on this time yesterday but is tracking a few percent lower for the week, heading back towards $3,000 per ether token. Ripple's XRP and the meme-based dogecoin have held steady this past 24 hours, but both are down double-digit percentages on this time last week. Doge days are over: A ‘dogecoin millionaire’ is betting on cardano Most of the remaining crypto top ten by value is equally quiet, however, solana, an ethereum rival that's recently broken into the top ten has rocketed more than 20% since yesterday morning. Solana's huge rally comes after it was announced real-time market data provider Pyth Network is set to go live on the solana blockchain, allowing developers to integrate market data across decentralized finance platforms and applications. Bloomberg has a full write-up. Terra's luna has also surged back after a sell-off earlier in the week. The big news today, following two Federal Reserve officials yesterday urging bond purchases to be pared back, will be from Fed chair Jerome Powell who's speaking at 10am EDT at the Jackson Hole virtual conference—see below for a full primer. Now watch this: Is crypto coming to the stock exchange?

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Take a bow, Jay Pow



	Jay Pow casts a large shadow over markets Getty Images


	One big speech: Federal Reserve chair Jerome "Jay" Powell will address the Jackson Hole conference today at 10am EDT, speaking virtually after last week's abrupt decision to move the annual gathering of central bankers online for a second year running—underscoring the ongoing Covid pandemic threat to the U.S. and global economy. Whose Hole? Jackson Hole, normally taking place in Wyoming, is being held virtually for the second straight year due to the pandemic, and is often used by Fed policymakers to provide guidance on their future direction. Now read this: Despite his shortcomings, Jerome Powell should be reappointed Fed chairman Telegraphed: Rough consensus among market watchers is that Powell will likely announce the Fed will begin paring back its stimulus measures in the fourth quarter, giving a clear signal at one meeting before the actual announcement. Taper time? Yesterday, St. Louis Federal Reserve president James Bullard, Kansas City Fed president Esther George and Dallas Fed president Robert Kaplan all called for the central bank to begin tapering bond purchases they feel have become ineffective. Why it matters: Since March last year, the Fed has been pouring cash into the economy in an effort to offset the negative effects of the Covid-19 pandemic. As a result, inflation has ticked up and asset prices, including almost all cryptocurrencies, have soared. Any significant change in Fed policy could send shockwaves through already heavily inflated markets. Don't miss: Man robbed of 16 bitcoin sues young thieves’ parents

Bitcoin miner reboot


	Bounce back: The bitcoin network's hash rate, a measure of how many computers are currently directly power toward its blockchain, tanked after China's crackdown on so-called miners this year but has quickly roared back. By the numbers: Bitcoin’s network difficulty, a measure of how much power it takes to create bitcoins, increased 13% this week. Bitcoin’s hashrate has now recovered around 85% from its summer low. Here, there and everywhere: Bitcoin miners, who secure blockchains and validate transactions in return for freshly-minted coins, were kicked out of China and have relocated around the world. Colin Harper, the head of content at bitcoin mining pool Luxor Technologies and writing for Forbes, found "much of the mining capacity (typically in the form of server farms) has moved to North America, while some has gone to other countries such as Russia and Kazakhstan." Why it matters: Bitcoin mining costs are a closely-watched measure of bitcoin's price with large changes either way likely to move the market. "Any adjustment over 10% is considered substantial in the mining industry, and this one will surely cut into mining profits," wrote Harper. Now read this: Visa’s secret crypto strategy: Fun

	Billy Bambrough
	Forbes Contributor

I am a journalist with significant experience covering technology, finance, economics, and business around the world. I write about how bitcoin, crypto and blockchain can change the world.

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Forbes - Jerome's Hole in one ⛳

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