Crypto Markets Slump: Weekend Bitcoin Rally Above $60K Fizzles as Markets Await Federal Reserve Decision
The majority of the weekend saw BTC above $60,000 after strong U.S. data drove a surge late on Friday. While ether ETFs registered their second day of inflows since August 28, at $1.5 million, BTC ETFs listed in the U.S. saw net inflows of almost $263 million, the largest since July 22.
However, as Asian exchanges opened for business on Monday, cryptocurrency prices fell sharply ahead of a pivotal week in which traders everywhere hope to witness the Federal Reserve‘s first rate cut in more than four years. With only a 2% likelihood of no change, Polymarket bettors are giving it a 51% chance of a 50 basis point cut and a 48% chance of a 25 basis point decrease.
ETH and BTC Prices Plunge as Market Anticipates Fed’s Rate Cut
The decline was anticipated, which affected market sentiment, ahead of any potential rate cut by the US Federal Reserve. Lower than $58,907, Bitcoin saw a 2.15% weekly decrease to begin the week. According to CoinMarketCap data, Ether had the largest one-day decline since early August, contributing to its loss of 4.67% over the last day, making it the most vulnerable among cryptocurrencies.
In the past year, Solana has emerged as the preferred location for memecoin launches, and new chains like Base and Telegram-affiliated (TON) have gained traction. These developments have probably affected demand for ETH, giving Ethereum as a protocol some extremely fierce competition.
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