Bitcoin (BTC-USD) held firm above $113,600 (£84,424) as traders looked ahead to Federal Reserve chair Jerome Powell’s address at the Jackson Hole Economic Symposium on Friday, an event that could set the tone for markets heading into the autumn.
The world’s largest cryptocurrency by market capitalisation rose around 1% on Thursday, rebounding from a two-day slump earlier in the week.
Still, bitcoin remains well below its recent record high of more than $124,000, reached on 14 August.
Ethereum (ETH-USD), the second-largest cryptocurrency, also posted gains of almost 3%.
Solana (SOL-USD) and dogecoin (DOGE-GBP) led advances among major tokens, jumping 4%. XRP (XRP-USD) and Tron (TRX-USD) traded more cautiously, edging higher by 1.1% and 1.5% respectively.
Investors will assess Powell’s speech at Jackson Hole as a potential market mover. The annual symposium, hosted by the Federal Reserve Bank of Kansas City in Wyoming, brings together central bankers, policymakers, and economists to discuss long-term challenges facing the global economy.
Markets often hang on every word from the Fed chair at this event as signals of a more hawkish or dovish stance can ripple across currencies, bonds, equities, and cryptocurrencies.