The crypto market is closing a week as traders bet on impending Fed rate cuts.
Crypto Markets will close for the week on Friday, September 12th, with traders leaning towards bets that the Federal Reserve will cut prices next week. The total market capitalization of all cryptocurrencies has been lifted by an influx of stable crypto exchange sales funds (ETFs) and a massive increase in cryptocurrency, with about 1% added to $4.1 trillion over the past 24 hours.
Bitcoin (BTC) is just above $115,000, an increase of 0.7% in a day, after surpassing $116,000 last night. Ethereum (ETH) is trading above $4,500 and today it has earned 2.3%, returning to its last seen level in late August.
DogeCoin (Doge) is the top performer of the week among the top 10 crypto assets, winning 21% and 6.2% in the past days.
Among the top 20 assets, Hyperliquid hype has risen 20% this week as well as well as prominent Stablecoin publishers, including Defi native projects, compete to compete as publishers and managers of the platform’s recently announced Stablecoin, USDH.
Among other large caps, Solana (SOL) continues to increase its week by 14.5% to $239. BNB is 6.3% a week and 1% a day at $909, while XRP is also just $3.04 today, showing a profit of 5.9% a week.
BTC at the intersection
GlassNode analysts today state that Bitcoin’s cost-based distribution “emphasizes dense support around $110-114K, resulting in a supply of high supply.” They should note that the next “major supply zone” is located near $117,000.
Currently, GlassNode says the ability to exceed $114,000 is important for Bitcoin by “recovering confidence and drawing a fresh influx.”
GlassNode was added to a report published yesterday, September 11th.
“In short, Bitcoin sits at the intersection and derivatives help put together the structure, but wider demand needs to be strengthened to fuel the next sustained gathering.”
Liquidation, ETF, macros
The US spot Bitcoin ETF attracted more than $550 million in fresh net inflows on Thursday, September 11th, but Ethereum ETFS added another $113 million for each SOSOVALUE, continuing to reverse the trend of outflows over several days.
Over the past 24 hours, approximately $278 million in leveraged positions have been settled, with most of them in short positions at $210 million. BTC led the liquidation of over $73 million followed by an ETH of $61.2 million, but Sol and other Altcoins saw liquidation of $39 million and $21 million, respectively, Coinglas data shows.
Macro Front released new Agricultural Price Index (PPI) and Consumer Price Index (CPI) data this week. CPI met economists’ expectations with a 2.9% increase from the previous year. Meanwhile, the unemployed claims saw the steepest weekly jump in four years, so investors focused on a 0.25% Fed rate cut on September 17th, Reuters reported. The CME FedWatch tool shows that traders see the probability of over 92% of current cuts, thus easing expectations for a massive cut of 0.5%.