The minutes validated bets on a rate cut next month, saying the “vast majority” of policymakers felt that if the data came in as expected, a cut in September would likely be appropriate.
At 13:06 IST, Bitcoin (BTC) was up 2% over the past 24 hours and was trading at $60,798. Ethereum (ETH) gained 1.2% and was trading at $2,631.
Cryptocurrency Tracker
“While BTC bulls are showing strength above $60,000, the bears have started showing interest in the 21-week exponential moving average at $61,200 to push BTC back towards the initial $60,000 levels. If this doesn’t happen, there’s a good chance we’ll see a Bitcoin all-time high soon,” CoinSwitch Markets Desk said.“The rally was further supported by a downward revision in the US job growth data, indicating that the labor market from March 2023 to March 2024 was not as robust as initially reported. This has fueled market participants’ hopes for more substantial interest rate cuts by the Federal Reserve, which should be expected sooner,” CoinSwitch added. Meanwhile, Shivam Thakral, CEO of BuyUcoin, commented, “Bitcoin and other cryptocurrencies rose following the FOMC meeting minutes, which suggested a possible interest rate cut in September. Lower interest rates will improve market liquidity as borrowing costs decline.” Market participants are now awaiting the US initial jobless claims data, due out at 6:00 pm IST, and Fed Chair Jerome Powell’s remarks on Friday at the Jackson Hole Economic Symposium. “Bitcoin could potentially rally to $63,500 if today’s US jobless claims report shows a drop in applications,” said Vikram Subburaj, CEO of Giottus.
The widest cryptocurrency The market saw gains in major tokens including BNB, XRP, Dogecoin, Uniswap, Polkadot, Polygon, Chainlink, and Shiba Inu, which rose by up to 11%.
The volume of all stablecoins is now $65.33 billion, or 92.97% of the total. cryptocurrency market 24-hour volume as reported by CoinMarketCap.
In the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, increased to $1.2 trillion. Bitcoin dominance is currently 56.95%, according to CoinMarketCap. BTC volume in the past 24 hours increased by 30% to $34.9 billion.
ZebPay Trade Desk Technical View
Despite a 21% rally since retesting the sub-$50,000 level on August 5, Bitcoin has struggled to maintain a price above $62,000. In contrast, the S&P 500 index has fully recovered and is now trading just 1% below its all-time high from July 16. Bitcoin is facing mixed signals: derivatives metrics show tepid interest from buyers, while macroeconomic indicators suggest a move away from cash positions. Interestingly, these stock market gains have come alongside a notable drop in US Treasury bond yields, indicating strong demand for traditional assets. As the Federal Reserve’s September decision approaches, traders appear hesitant to increase their exposure to crypto assets, making it difficult for Bitcoin to reclaim the $62,000 level.
Over the past few months, Bitcoin continued to struggle to stay above the $70,000 mark as prices corrected by almost 25% and hit a low of $49,000. However, the asset failed to close below the key support of $52,500 and the lower longer shadow around $50,000 indicated buying and it surged as high as $62,745. Currently, BTC is trading sideways in a range of $57,500 to $62,000 with low volumes. Breakouts on either side of the range with good volumes will further decide the trend of the asset.
(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of the Economic Times)
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