US stocks opened higher but fell later, Jump Trading continues to liquidate, ETH drops to $2,300.

While the dovish stance from the Bank of Japan yesterday boosted Asian and European stocks, US stocks opened higher but turned lower, indicating investor confidence is lacking, and Nvidia once again fell below the $100 mark. Cryptocurrencies followed suit in the decline, especially Ethereum, which dropped to $2,300 under pressure from prominent crypto market maker Jump Trading's continuous selling of Ethereum.

Bank of Japan reassures market: We will not raise interest rates if the market is unstable.

JPMorgan CEO Continues to Express Concerns About the Economy

JPMorgan CEO Jamie Dimon continues to express worries about the economy, stating in an interview with CNBC yesterday that he still sees a 35% to 40% chance of an "economic slowdown" and believes an economic recession is the most likely scenario in his mind.

Since 2022, Dimon has been consistently warning that the U.S. economy is heading for a "storm." Despite a rise in credit card delinquencies, the U.S. has not yet entered a recession. However, due to future expenditures in green economy and military aspects, he has some doubts about the Federal Reserve's ability to lower the inflation rate to the target of 2%.

Jump Trading Continues to Liquidate Ether

According to on-chain analyst Yu Yan, well-known crypto market maker Jump Trading continues to sell Ether. Yesterday evening, on 8/7, Jump Trading transferred another 11,500 ETH to a selling address and continued to redeem 19,049 stETH into ETH.

From 7/25 to early morning of 8/4, Jump Trading has redeemed 83,000 wstETH into 97,500 ETH, with 66,000 ETH worth approximately $191.4 million already transferred to exchanges.

Jump Trading still holds 21,394 wstETH in its address.

ETH Drops to $2,300

ETH continues to show weakness, dropping to $2,300 last night.