Bitcoin & ethereum retreat from highs, Gemini files for IPO

00:00 Speaker A

Crypto continues to pull back from last week’s record highs. And for more on the latest action, let’s look it to Yahoo Finances, Inez Ferre. Inez

00:10 Inez Ferre

Yeah, Josh. Some profit taking taking place right now, as you saw Bitcoin is trading just above $116,000 per token. You’ve also seen ether that has come down also to about 43160. Uh, and this is after Bitcoin last Thursday touched an all-time high above 123,500. Uh, also ether has been on a massive rally, uh, this year as well. Look, you’ve had market expectations of a Fed rate cut. Now that’s ifs to whether it’s going to be 50 basis points, or more likely a 25 basis point cut. And some profit taking taking place. So the market will be taking a look at what Jerome Powell says in Jackson Hole. And one trader has said that if Powell gives a sort of wait and see approach, you could see a consolidation for Bitcoin around the 115,000 to 120,000 level. I do want to mention also that we also had a filing to go public, um, last Friday from crypto exchange Gemini. This is a company that was founded in 2014 by the billionaire twins, uh, Winklevoss, uh, Cameron and Tyler. Uh, so, uh, there the terms of the IPO have not been, uh, released. Um, but looking at their balance sheet, they reported a net loss of $280 million for the six months which ended on June 30th, and that was on revenue of $69 million. But this just sort of highlights the enthusiasm around crypto and anything that’s crypto related when it comes to companies that are going public in the IPO market.

03:25 Speaker A

Thank you, Inez. Appreciate it.