ETH, XRP and SOL Drop Ahead of Jackson Hole Speech

Bitcoin fell nearly 3% to $112,696 on Tuesday, triggering a market-wide downturn that sent Ethereum down over 4% to $4,100, XRP down nearly 6%, and Solana lower. The total cryptocurrency market cap dropped to $3.8 trillion, down 3.5% on the day. Losses coincided with anticipation of Federal Reserve Chair Jerome Powell’s keynote at Friday’s Jackson Hole symposium, where investors will watch for signals on September rate cuts. Mixed U.S. inflation data showed headline CPI at 2.7%, core inflation edging to 3.1%, and PPI jumping 3.3%, raising stagflation concerns. QCP Capital noted Trump’s tariffs and political pressure create a more contentious backdrop for policy than last year. Markets still price in a 25-basis-point cut at the September 17 FOMC, but odds have eased after hotter inflation. Analysts expect Powell to be cautious, balancing inflation and job risks while avoiding firm policy commitments. U.S. equities mirrored crypto weakness, with the S&P 500 down 0.6% and the Nasdaq Composite off 1.5%.