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Bitcoin Today 09/17/2024: BTC Holds Above $59,000 as Fed Decision Looms
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The cryptocurrency market is on hold ahead of the US Federal Open Market Committee (FOMC) decision, scheduled for next Wednesday (18). The Fed is expected to announce the first interest rate cut in four years, which could start a cycle of monetary easing that historically benefits risk assets, including Bitcoin.
Bitcoin’s price has barely changed over the past 24 hours, rising 0.7%, according to data from CoinGecko. At the time of writing, the world’s largest cryptocurrency is trading at $59,134, below a key resistance. Meanwhile, Ethereum (ETH) has risen 0.3% over the past 24 hours to a current price of $2,311.
The other cryptocurrencies in the Top 10 are experiencing variable fluctuations. The BNB token, for example, has fallen almost 1% in the last 24 hours and is now priced at US$254. Solana has risen 0.4% to US$132. Dogecoin and Toncoin have also fallen: 1.0% and 1.4%, respectively. The biggest daily increase, considering the Top 10, is XRP, which jumped 2.8% to US$0.58.
The global cryptocurrency market value is at $2.14 trillion, with a daily decline of 0.8%. Bitcoin’s dominance over other crypto assets is at 54.5% and Ethereum’s at 13.0%.
Bitcoin and Cryptocurrency Market Today
The market is divided on how big a rate cut by the Fed could impact Bitcoin and cryptocurrencies overall. About 67% of traders are betting on a 50 basis point cut. Meanwhile, 41% expect a 25 basis point cut.
The uncertainty surrounding the Fed’s decision is leaving the market on edge. Analysts at Bitfinex have warned that Bitcoin is approaching a critical resistance zone between $60,500 and $61,000, a region that has played a key role in price movements since March. Should the Fed’s decision come as a surprise, investors may adopt a risk-off stance, which could trigger a price correction.
Additionally, metrics such as Cumulative Volume Delta (CVD), which measures buying and selling pressure based on trading volume, indicate a potential stagnation. According to analysts, the lack of movement could be a sign that investors are cautious ahead of the FOMC meeting.
Meanwhile, Bitcoin investment funds have shown mixed results. Bitcoin ETFs saw a net inflow of $12.9 million, with BlackRock’s ETF taking in $15.8 million. On the other hand, Grayscale Bitcoin Trust (GBTC) saw an outflow of $20.7 million.
In the case of Ethereum, the scenario was negative, with a net outflow of US$9.5 million, led by a redemption of US$13.8 million in the Grayscale ETF (ETHE), although the BlackRock ETF (ETHA) saw an inflow of US$4.1 million.
Bitcoin Today 09/17/2024: BTC Holds Above $59,000 as Fed Decision Looms
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Bitcoin Today 09/17/2024: BTC Holds Above $59,000 as Fed Decision Looms
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Bitcoin Today 09/17/2024: BTC Holds Above $59,000 as Fed Decision Looms
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Bitcoin Today 09/17/2024: BTC Holds Above $59,000 as Fed Decision Looms
