Ahead of Federal Reserve Chair Jerome Powell's pivotal Jackson Hole address on Friday, cryptocurrency bettors are pricing in more than an 80% chance that the central bank cuts interest rates this year.

Arthur Hayes discusses his Ethereum price prediction, suggesting a retest of $4,000 if Powell delivers hawkish remarks at Jackson Hole.

Eric Trump, the Securities and Exchange Commission’s new, crypto-friendly chair Paul Atkins and two Fed governors on Donald Trump’s shortlist to replace Powell are all set to attend the Wyoming Blockchain Symposium at the Four Seasons hotel in Jackson Hole.

There's a note of caution seeping into crypto markets, with bitcoin (BTC) sliding under $115,000 and ether (ETH) falling to $4,220 ahead of Fed Chairman Jerome Powell's speech at the Jackson Hole Symposium later this week.

Crypto traders had been preparing in recent days for a more-hawkish tone from Fed Chair Jerome Powell's highly anticipated speech in Jackson Hole.

Historically, Powell’s remarks at Jackson Hole have triggered sharp market moves: hawkish tones have lifted the dollar and weighed on equities, while dovish guidance has sparked rallies in stocks and crypto.

SignalPlus head of Insights Augustine Fan noted that markets have already ruled out any chance of an outsized 50-basis-point cut.