Best Crypto to Buy Now August 24 – Render, Immutable X, Internet Computer
Financial markets are watching closely as Federal Reserve Chairman Jerome Powell prepares to speak at the annual Jackson Hole meeting this Friday.
A vital calendar event for central bankers and market watchers, the meeting will offer a platform for discussing changes in monetary policies and economic directions, among other topics.
In the lead-up to Powell's address, what are the best cryptos to buy now?
Last year, when Powell addressed the Jackson Hole meeting, Bitcoin was valued at $21,500, U.S. inflation stood at 8.5%, and interest rates were at 2.5%.
This week, Bitcoin is trading around $26,000, U.S. inflation has dropped to 3.2%, and interest rates have risen to 5.5%. This backdrop adds an extra layer of complexity to Powell's forthcoming remarks.
Powell clarified in his previous Jackson Hole speech that persistently high inflation could become more stubborn over time.
He also emphasized that any decision regarding a rate hike in September would be data-dependent, suggesting that July's low inflation data was insufficient for the Federal Reserve to alter its stance.
The chairman mentioned that interest rate increases would eventually decelerate, without offering a specific time frame.
The financial sector will be tuning in at 10:05 a.m. EST on Friday to hear Powell's speech. The gathering in Jackson Hole, Wyoming, includes representatives from central banks of various nations and is a closely monitored event by the banking industry.
As such, Powell's comments are expected to have broad implications, not just for traditional financial markets, but also for the cryptocurrency market.
Against the backdrop of Powell's impending remarks at Jackson Hole, some of the best cryptos to buy now are Render, Sonik Coin, Immutable X,
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