- Bitcoin started the week with a 3% decline, falling below $58,400. The drop came ahead of expectations of the U.S. Federal Reserve potentially cutting rates, influencing market sentiment.
- U.S.-listed Bitcoin ETFs saw significant inflows on Friday at over $263 million in the highest since July 22.
- Ether ETFs also saw inflows, though much smaller at $1.5 million, indicating continued investor interest in crypto assets.
On the weekend, Bitcoin frequently surpassed $60,000 due to positive U.S. data causing a surge on Friday. American-listed Bitcoin exchange-traded funds (ETFs) experienced approximately $263 million in net inflows – the highest since July 22. Meanwhile, Ether ETFs saw inflows for the second consecutive day since August 28, amounting to around $1.5 million.
Yet, cryptocurrency markets experienced a downturn on Monday, with trading platforms in Asia initiating operations before a significant week approaches. During this period, global investors anticipate that the Federal Reserve will implement its initial interest rate reductions in more than four years.
On Polymarket, traders predict that there’s approximately a 51% likelihood for a 0.5 percentage point reduction in interest rates, and a 48% probability for a 0.25 percentage point adjustment. Meanwhile, the odds of no change in interest rates are quite low, standing at around 2%.
Historically, a shift towards reduced lending rates has tended to boost optimism among traders, as this makes capital more affordable and stimulates expansion in higher-risk markets.
In simple terms, Nervos’ CKB experienced a significant surge of around 10.5% over the past day, largely due to ongoing optimism following its listing on Upbit, a Korean exchange known for its popularity with meme-coin traders.
Traders who wagered on rising futures prices suffered a loss of approximately $143 million when prices suddenly fell, according to data from CoinGlass.
In simpler terms, Sony’s Soneium could potentially challenge existing players as its development progresses. Today, Sony and Circle declared that USDC (a stablecoin) will be available on their platform, but the exact amount to be issued wasn’t specified in the announcement.
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2024-09-16 09:42