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“A dovish outcome could propel BTC toward the 118,000 liquidation zone, while a hawkish tilt could trigger a sharp pullback,” Bitunix analysts say.
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Sead Fadilpašić
Journalist
Sead Fadilpašić
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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served…
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6 hours ago
The crypto market is up today, with the cryptocurrency market capitalization increasing 1.1% and back to $4.16 trillion. Most of the top 100 coins have appreciated over the past 24 hours. At the same time, the total crypto trading volume is at $146 billion.
TLDR:
The crypto market capitalization is up 1.1% on Wednesday morning (UTC);
84 of the top 100 coins are green, as are 9 of the top 10 coins;
BTC and ETH are up to $117,255 and $4,544, respectively;
All eyes are on today’s US FOMC meeting;
The outcome could propel BTC toward the 118,000 liquidation zone or trigger a sharp pullback;
Lower interest rates may lead to increased prices of the major blue-chip coins;
US BTC and ETH spot ETFs both recorded inflows of $260.02 million and $359.73 million, respectively;
Banco Santander has begun offering retail crypto trading through its online bank Openbank;
The Ether Machine has filed to go public in the US via a SPAC merger with Dynamix Corporation;
Sentiment is largely unchanged, as investors await today’s economic news from the US.
Crypto Winners & Losers.
At the time of writing, nine of the top 10 coins per market capitalization have decreased over the past 24 hours.
Bitcoin (BTC) rose 1.2% at the time of writing, currently trading at $117,255. This is among the highest increases in this category.
Bitcoin (BTC)$116,843.08+1.45%24h7d1y
Ethereum (ETH) is up 0.9%, now changing hands at $4,544.
The highest increase is 2.8% by Binance Coin (BNB). It currently trades at $954.
XRP recorded the second-highest rise of 1.5% to $3.02.
The only coin that stands in the red is Tron (TRX), having dropped by 1.1% to the price of $0.3419.
When it comes to the top 100 coins, 16 coins are red. The highest among these is 5.1% by Pump.fun (PUMP), trading at $0.007873.
It’s followed by Provenance Blockchain (HASH)’s 2.4% to $0.03672.
On the other side, the biggest gainer today is MYX Finance (MYX), having appreciated 43.2% to $15.65.
Sky (SKY) is the only other coin with a double-digit rise: 10.5% to $0.07635.
Meanwhile, the Ether Machine, an Ethereum-focused treasury management firm, has filed a draft registration statement with the US Securities and Exchange Commission (SEC), seeking to go public via a SPAC merger with Dynamix Corporation.
‘Lower Interest Rates May Lead to Increased Prices of the Major Blue-Chip Coins’.
On 17 September, the US Federal Reserve will announce the latest rate decision, with markets widely expecting a 25 basis point cut, Bitunix analysts say.
They argue that, “traders are advised to manage leverage carefully and watch BTC’s key technical levels: resistance at 117,000 and support at 115,000. A dovish outcome could propel BTC toward the 118,000 liquidation zone, while a hawkish tilt could trigger a sharp pullback.”
Karel Kubat, co-founder and CEO at Union Labs, explains that “if history is any guide, markets tend to show strength for up to a year after the Fed’s first rate cut, but…
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
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