Bitcoin, Ethereum, Dogecoin Cheer Fed's Decision Erasing Early Losses: Close Above $61.5K Is A 'Resumption Of Bull Market,' Says Trader

Author: Khyathi Dalal | September 18, 2024 03:26pm

Cryptocurrency markets are trading relatively flat after the Federal Reserve announced a 50 basis points cut, making risk assets more attractive.

Cryptocurrency	Price	Gains +/-
Bitcoin (CRYPTO: BTC)	$60,376.37	-0.4%
Ethereum (CRYPTO: ETH)	$2,322.72	-1.3%
Solana (CRYPTO: SOL)	$130.3	-1.7%
Dogecoin (CRYPTO: DOGE)	$0.101	-0.3%
Shiba Inu (CRYPTO: SHIB)	$0.00001334	-0.04%

Notable Statistics:

• IntoTheBlock data shows an 8% decline in large transaction volume and a 4% increase in daily active addresses. Transactions greater than $100,000 increased from 7,579 to 8,280 in single day. Exchanges netflows narrowed by 238%.
• Coinglass data shows 56,823 traders were liquidated in the past 24 hours for $124 million.
• HODL15Capital noted that U.S. Bitcoin ETFs continue to buy more than 100% of newly mined BTC. The ETFs bought 2,921 Bitcoin yesterday vs. 450 mined.

Notable Developments:

• Revolut Plans To Launch Stablecoin: ‘Crypto Is Part Of Our Belief In Banking Without Borders’
• Jamie Dimon Says JPMorgan Is Likely ‘One Of The Bigger Users’ Of Blockchain Technology, But Calls Cryptocurrencies A ‘Pet Rock’
• Ethereum Co-Founder Says Donald Trump Is ‘Certainly The Favorite’ Over Kamala Harris For Crypto
• Hamster Kombat To Launch Game Development Ecosystem, Aiming To Onboard ‘Next Billion’ Into Web3
• MicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases
• Shiba Inu Team Says Launching K9 Finance Liquid Staking On Shibarium Tomorrow: Are SHIB Burns Set To Accelerate From Here On Now?

Top Gainers:

Cryptocurrency	Price	Gains +/-
Nervos Network (CRYPTO: CKB)	$0.01754	+10%
Fantom (CRYPTO: FTM)	$0.6171	+8.2%
BinaryX (CRYPTO: BNX)	$1.56	+7.8%

Trader Notes: Crypto chart analyst Ali Martinez predicts that today's close above $61,500 "could signal the resumption of the bull market! Uptober."

#Bitcoin attempts to break through an important trend line. Closing today above $61,500 could signal the resumption of the bull market! #Uptober 👀 pic.twitter.com/CU2a38Jsdh

— Ali (@ali_charts) September 18, 2024

$BTC Update: Both Long and short trade plans

– Powell says that 50bps rate cuts should not be seen as the norm going forward, also says labor market bears close watching

– BTC just following equities the entire day today. Open Interest up 4% since FOMC number release

– Both… pic.twitter.com/nchUhNYRWD

— Crypto Bully 🔥 (@BullyDCrypto) September 18, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Whale Games: Bitcoin Trader Takes $11.6M Profit But Guess How Much More They’re Sitting On

Posted In: $BNX $BTC $CKB $DOGE $ETH $FTM $SHIB $SOL