Bitcoin suddenly surged, once again surpassing the $60,000 threshold yesterday.
BTC Price Chart – 1 Day
US stocks
Stock futures were flat overnight on Tuesday as Wall Street bet the US Federal Reserve would cut interest rates after a years-long campaign of aggressive rate hikes to curb inflation.
Futures linked to the Dow Jones Industrial Average edged up 37 points, while S&P 500 futures were little changed. Futures linked to the Nasdaq-100 rose about 0.1%.
Wall Street exits mixed session as S&P 500
rose 0.03% after hitting another record high earlier in the day. The Dow Jones Industrial Average edged down 16 points, while the Nasdaq Composite rose 0.2%.
Investors remain on high alert ahead of the Fed’s first-ever rate cut at the conclusion of its two-day policy meeting on Wednesday. This month’s meeting is billed as one of the most important in years as the Fed prepares to reverse its rate-hike cycle, starting in March 2022.
Rate cuts are typically a boon to corporate earnings growth after a long period of high borrowing costs and persistent inflation. The cutting cycle can also be a boon to the market, with the S&P 500 up 18% this year. Since 1974, the index has gained an average of 6.4%, 9.8% and 15.6% in the three, six and 12 months after the first cut, according to Canaccord Genuity data.
While a rate cut appears imminent, traders are divided on the size of the move, with CME Group's FedWatch tool pricing in a 63% chance of a 50 basis point cut and a 37% chance of a 25 basis point cut.
Despite market expectations, some investors remain wary of cutting rates too much, too soon. Peter Cecchini, director of research at Axonic Capital, called the 50 basis point cut “unusual” given that it was the first move in the Fed’s cutting cycle.
Bitcoin and Altcoins
Bitcoin (BTC) bulls pushed the price up 4% during the day, ending a 3-day losing streak since last weekend.
The market hit a local top around $61,320, its September high, before a surge in selling pressure pulled the price back close to the $60,000 region at press time.
The bulls are currently trying to keep the price above this important psychological level to continue the recovery momentum.
BTC Price Chart – 4 Hours
Altcoin Markets Bounce Back as BTC Crosses $60,000 Again.
Many major Altcoins such as Nervos Network (CKB), Bittensor (TAO), Sui (SUI), Celestia (TIA), Fantom (FTM), Immutable (IMX) have simultaneously recorded profits of over 10% in the short term.
Các dự án khác trong top 100 như Beam (BEAM), Injective (INJ), BinaryX (BNX), Conflux (CFX), Artificial Superintelligence Alliance (FET), Gala (GALA), NEAR Protocol (NEAR), Uniswap (UNI), Cosmos (ATOM), Pyth Network (PYTH), THORChain (RUNE), Akash Network (AKT), Core (CORE), Worldcoin (WLD), The Sandbox (SAND)… tăng từ 4-9%.
Ethereum (ETH) closed yesterday's candle in the green, up more than 2%, officially ending a 3-day losing streak.
However, the second-largest asset by market capitalization still failed to surpass the $2,400 mark and is currently trading around $2,330.
ETH Price Chart – 1 Day
