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Major cryptocurrency exchange Coinbase has recently sent out a tweet that has caught interest in the crypto community.
The timing of the tweet coincides with a broader market drop, with Bitcoin trading below $114,000 after falling as low as $112,555 early Wednesday.
In a tweet, Coinbase wrote "1 BTC =1 BTC" with the crypto community reacting afterward. Whether Coinbase was joining in the ongoing conversation surrounding the latest market dip or hinting at upcoming or current announcements from the exchange, the tweet serves as a reminder that Bitcoin's value remains unchanged irrespective of short-term price swings.
The tweet also comes at a time when exchange inflows have increased as short-term Bitcoin holders take profits. As reported, 50,026 BTC worth nearly $5.69 billion were moved to exchanges at a loss by short-term Bitcoin holders in just two days, marking one of the heaviest loss-driven moves in weeks.
Fed signals awaited
The crypto market was trading down early Wednesday as investors awaited the Federal Reserve’s meeting minutes from July and further signals about the path of monetary policy. The Fed is scheduled to release minutes from its July 29-30 policy meeting on Wednesday.
Bitcoin was trading down 2.05% in the last 24 hours to $113,269, extending its drop from its record high of $124,533 reached on Aug. 14, 2023. The cryptocurrency is down nearly 7% weekly.
This week, investors are watching closely the Fed’s annual economic symposium in Jackson Hole, Wyoming, for hints about what may happen at the central bank's remaining policy sessions this year. Fed Chairman Jerome Powell is scheduled to speak at the symposium this Friday. If Powell indicates imminent dovish policy, cryptocurrencies may rebound. Crypto traders will also be following Thursday's jobless claims data.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team