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Bitcoin Today 12/03/2024: BTC enters a dangerous profit-taking zone
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Once again, XRP and Cardano (ADA) clashed in the Top 10 and had significant increases of 15.2% and 17.1%respectively. According to CoinGecko, the two cryptocurrencies had the biggest rises in the Top 10.
Already the BTC remained stable in the US$95,000 region and Ether (ETH) rose slightly by 0.9%, while Dogecoin (DOGE) appreciated by 3%. Overall, all cryptocurrencies in the Top 10 opened the day on a high, and only three of the top 100 registered any decline in value in the last 24 hours.
Names like HBAR and VET, for example, had strong increases and reached more than 50% gains. On the other hand, the Bitget exchange token (BGB) fell 2.2% and had the biggest loss this Tuesday (3).
XRP continued its strong rise and established itself among the three largest cryptocurrencies on the market, while ADA
Keeping an eye on the Fed
For the last month of the year, cryptocurrency investors have their eyes on the US central bank, the Fedwhich will meet again on December 18th. As a result, the market expects the central bank to announce a new cut in interest rates, boosting the prices of so-called “risky assets”.
According to the FedWatch tracking tool, 72% of analysts expect the Fed to make a 25 basis point interest rate cut. As a result, the new rate from the 18th onwards would be in the region of between 4.25% and 4.5%. Currently, American interest rates are between 4.5% and 4.75% per year.
In 2024, the Fed made two interest rate cuts totaling 0.75%. Rates reached 5.5%, the highest value since 2004which put downward pressure on the market, causing the devaluation of many assets. However, BTC went against the trend and registered an increase of more than 100% in the year to date.
Fed rate cuts often bring price increases for Bitcoin and the cryptocurrency market in general as more money enters the market. This benefit occurred in 2020, when the Fed lowered interest rates to 0% and BTC quickly reached new highs that year.
However, the price of BTC has faced several rejections at US$100,000 and is currently stuck at around US$95,000. Therefore, interest rate cuts can contribute to renewing the flow of investments in the market.
“While we are seeing strong institutional buying pressure, particularly from entities like MicroStrategy’s Continuous Accumulation Strategy, the broader cryptocurrency ecosystem is experiencing a diversification of capital flows from institutional and non-institutional participants,” said Chris Newhouse, Director research team at Cumberland Labs.
Bitcoin Today 12/03/2024: BTC enters a dangerous profit-taking zone
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Bitcoin Today 12/03/2024: BTC enters a dangerous profit-taking zone
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Bitcoin Today 12/03/2024: BTC enters a dangerous profit-taking zone
