Synopsis
Bitcoin traded at $58,638.79, down 0.5% ahead of the Federal Reserve’s FOMC meeting outcome. Major altcoins showed mixed performance with Ethereum, Tether, Solana, XRP, and Tron gaining up to 1%, while Avalanche, Shiba Inu, Cardano, and BNB fell by up to 5%. Market volatility is expected with the anticipated interest rate cut.
Bitcoin (BTC) was trading lackluster at $$58,638.79 on Tuesday, down by 0.5% ahead of the Federal Reserve’s FOMC meeting outcome on Wednesday. Major altcoins were trading mixed as cryptocurrencies including Ethereum (ETH), Tether, Solana, XRP and Tron gained by up to 1% around 1:15 pm while Avalanche and Shiba Inu, Cardano and BNB fell by up to 5%.
“In the last 24 hours, Bitcoin has dipped slightly as traders await the Federal Reserve’s anticipated interest rate cut. Expectations are high for a potential rate cut with a 59% chance of a 50 basis point reduction, ” Shivam Thakral, CEO of BuyUcoin said.
Historically, lower interest rates have been favorable for cryptocurrencies, suggesting a promising outlook for Bitcoin and Ethereum.
Crypto Tracker
TOP COIN SETSWeb3 Tracker0.00% BuyBTC 50 :: ETH 50-0.61% BuyDeFi Tracker-0.62% BuyNFT & Metaverse Tracker-1.24% BuySmart Contract Tracker-1.56% BuyTOP COINS (₹) Solana11,101 (0.58%)BuyTether84 (-0.15%)BuyEthereum193,413 (-0.48%)BuyBitcoin4,921,027 (-0.49%)BuyBNB45,137 (-2.11%)Buy
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Bitcoin has conceded some of its weekly gains in the last 24 hours narrowing it to nearly 3% from 7% till Monday.
“Bitcoin’s drop below $60k has stirred speculation. It is perceived that short-term holders booked profits after a series of green candles, pushing the STH-SOPR index above 1, while long-term holders remained steady, eyeing key support at $58,100,” Avinash Shekhar, Co-Founder & CEO, Pi42 said. He is of the view that if the support is broken, Bitcoin could test the $55k range.
Thakral remains positive about the prospects of Bitcoin ETFs, arguing that this instrument saw impressive inflows of over $263 million, which is the highest since July, signaling strong institutional interest and confidence in the market. On XRP’s intraday gains, he said that there is a renewed optimism amid speculation about the SEC’s potential appeal in the Ripple case.
Explaining why Ethereum’s struggle has continued, Shekhar said that its BTC ratio has hit a 3-year low, raising concerns about its short-term outlook. “The market’s direction largely depends on trends, such as a potential Fed rate cut or the start of a new bull rally,” he added.
In a note, CoinDCX Market said that the crypto market’s small dip seems more like a pullback in its broader uptrend. It sees support in BTC at $57,700 with resistance at $61,600.
Altcoins are displaying mixed performance, he said as he echoed Thakral’s views that the US Federal Funds rate announcement remains a significant event that could bring increased volatility to the market.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
