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- Bitcoin Set to Skyrocket? Traders Brace for Fed’s Biggest Rate Cut in Years!
Bitcoin Set to Skyrocket? Traders Brace for Fed’s Biggest Rate Cut in Years!
As traders anticipate the Federal Reserve's first rate cut in four years, Bitcoin remains steady, but could the upcoming FOMC decision ignite a major crypto rally?
Steven Walgenbach
September 17, 2024
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Breaking Crypto Stories
Here are the top stories today:
Crypto Markets Steady Ahead of FOMC Meeting, Traders Eye Potential Rate Cut
USDC Stablecoin Set to Launch Natively on Sui Network via Cross-Chain Transfer Protocol
DBS Bank to Launch OTC Crypto Options Trading and Structured Notes for Institutional Clients
Question of the Day
Will an interest rate cut lead to a recession?
⚖️Crypto Markets Steady Ahead of FOMC Meeting, Traders Eye Potential Rate Cut
Bitcoin and broader crypto markets remain relatively unchanged as traders anticipate the Federal Reserve's decision on interest rate cuts, with expectations for a significant impact on risk assets like Bitcoin.
Bitcoin is trading at $58,480, remaining flat.
Traders are betting on a 67% chance of a 50 bps rate cut by the Fed, which could boost risk assets like Bitcoin and other cryptocurrencies.
Notable market movers include XRP (+3.5%), SUI (+2.5%), and Fantom (FTM), up 10.5% amid positive sentiment around its upcoming rebranding.
🚀USDC Stablecoin Set to Launch Natively on Sui Network via Cross-Chain Transfer Protocol
Circle CEO Jeremy Allaire announces the launch of USDC on the Sui network, bringing native stablecoin support to the Layer-1 blockchain, enhancing interoperability and usability through the Cross-Chain Transfer Protocol.
USDC will be natively integrated into the Sui network via the Cross-Chain Transfer Protocol (CCTP), facilitating seamless USDC transfers across multiple blockchain networks.
The integration of USDC on Sui is expected to improve the blockchain’s security, usability, and interoperability for users and developers.
Sui, an L1 blockchain launched in 2023, supports parallel transaction execution and uses the Move programming language to simplify Web3 application development.
💵DBS Bank to Launch OTC Crypto Options Trading and Structured Notes for Institutional Clients
DBS Bank will offer over-the-counter crypto options trading and structured notes for institutional clients in 2024, allowing them to hedge against Bitcoin and Ethereum volatility and gain digital asset exposure.
Starting Q4 2024, DBS will enable institutional clients to trade crypto options and structured notes tied to Bitcoin and Ethereum prices, offering a new avenue for managing crypto volatility.
Crypto options contracts will allow clients to hedge their BTC and ETH positions, with put options enabling protection against price drops by selling at a fixed price on a future date.
DBS continues its Web3 expansion, having recently launched blockchain-based pilots for liquidity management and government grant distribution, positioning Singapore as a global leader in crypto adoption.
Meme of the Day
Potential Trade Opportunities
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Dogs (DOGS)
Price Movements: DOGS has been trending downward, with closing prices dropping from $0.0009627 to $0.0009397 over the last several 4-hour sessions. This steady decline indicates bearish momentum in the market, as seen in both price action and key technical indicators. The exponential moving averages (EMAs) continue to slope downward, signaling ongoing selling pressure and limited upside movement in the near term. The MACD indicator also reinforces this bearish trend, with the MACD line remaining below the signal line.
Key Levels To Watch: Traders should monitor key support and resistance levels closely. The immediate support lies at $0.0009466, which, if breached, could trigger further downside movement. On the upside, resistance levels are seen at $0.000955, $0.0010667, $0.0010928, and $0.0011102. A breakout above $0.000955 could signal a potential reversal, allowing DOGS to rally toward the higher resistance levels. However, failing to hold the support level could extend the bearish trend.
Trade Strategies: For short traders, a possible entry point could be around $0.000955, with exits targeted near the support level of $0.0009466 or lower if bearish momentum intensifies. Long traders may want to enter positions only if DOGS breaks and holds above $0.0010667, with exits at resistance levels like $0.0010928 or $0.0011102. Traders should wait for confirmation signals, such as the MACD crossing above the signal line or an RSI rebound from oversold conditions, before making trades.
Toncoin (TON)
Price Movements: Toncoin (TON) has experienced fluctuating price action on the 4-hour chart, with recent closing prices ranging between $5.42 and $5.49. The price action reflects indecision in the market, as Toncoin struggles to gain momentum. With short-term trends showing weakness and prices failing to sustain any significant upward movement, technical indicators suggest a bearish outlook is forming, pointing toward potential downside movements in the near future.
Key Levels To Watch: Traders should pay close attention to the key resistance levels at $5.529 and $5.562. If the bulls manage to push prices above these levels, it could signal a bullish reversal with the next target around $5.608. On the downside, critical support levels include $5.373 and $5.279. A break below these support zones could accelerate Toncoin’s selloff, opening the possibility of further declines toward $5.265.
Trade Strategies: Given the bearish signals from the technical indicators, long traders should be cautious and consider entering only if Toncoin breaks above $5.562, with potential exit points at $5.608. Conversely, short traders may look to capitalize on a break below $5.373, targeting $5.279 or $5.265 as potential exit points. As always, traders should use appropriate stop-loss levels to manage risk in this volatile environment.
Notcoin (NOT)
Price Movements: Notcoin has seen a period of consolidation, with recent closing prices fluctuating between $0.00718 and $0.00729. The pair has struggled to gain momentum, with bearish sentiment prevailing in the short term. The 9 EMA remains below the 20 EMA, reinforcing the lack of buying pressure, while technical indicators like the MACD and RSI show bearish tendencies, though the RSI suggests selling pressure may be easing.
Key Levels To Watch: Notcoin is approaching critical resistance at $0.00762, with stronger resistance at $0.00789 and $0.00801. A move above these levels could signal a bullish reversal, while support sits near $0.00728. If the price drops below this support level, further downside could be expected, particularly if overall market sentiment weakens.
Trade Strategies: For long trades, a break above $0.00762 could be a potential entry point, with exit targets near $0.00789 or $0.00801. Traders considering short positions might look for price rejections around resistance levels or a breakdown below $0.00728, with potential downside targets around $0.0071 or lower. As always, traders should monitor broader market conditions before making any decisions.
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