What happened: The U.S. dollar remained pinned in a narrow trading range during early Asian trading as markets braced for crucial U.S. inflation data and the upcoming Jackson Hole symposium. Meanwhile, crypto markets shrugged off the macro caution: Bitcoin gained 0.8% to hit $78,829.03, while ether ticked up 0.7% to $2,453.10. Both assets are seeing massive monthly rallies, up 25% and 31% respectively so far.
Why it matters: Cryptocurrencies are roaring back to life as investors lean heavily into dollar debasement trades. When traditional fiat currency markets freeze up ahead of major economic data, crypto continues to attract risk-on sentiment and capital from investors hedging against traditional monetary systems.
