Even though $BTC (sitting around $63,408) and Ether $ETHFI are still holding strong above their 50-day moving averages, the rest of the crypto market is looking pretty sluggish. Only 29 of the top 100 cryptos are actually beating their 50-day SMAs right now, which means altcoins are looking way more bearish than the tech stocks over on the Nasdaq 100. Ether has actually been outperforming Bitcoin lately, which usually gets people hoping for a massive altcoin rally, but a bunch of macro roadblocks just hit the brakes on that hype.
The Senate just shelved the Clarity Act—which was a huge regulatory win everyone was banking on—to focus on a Russia sanctions bill instead. On top of that, traders are playing it safe ahead of a massive week packed with the next Fed rate decision, core PCE inflation data, and GDP numbers. The good news is that a September rate cut is already fully priced into the markets. This means it’s going to be pretty tough for the Fed to pull off a surprise hawkish twist that pumps the US Dollar and drags Bitcoin down with it.
The Senate just shelved the Clarity Act—which was a huge regulatory win everyone was banking on—to focus on a Russia sanctions bill instead. On top of that, traders are playing it safe ahead of a massive week packed with the next Fed rate decision, core PCE inflation data, and GDP numbers. The good news is that a September rate cut is already fully priced into the markets. This means it’s going to be pretty tough for the Fed to pull off a surprise hawkish twist that pumps the US Dollar and drags Bitcoin down with it.