Latest Crypto Market Moves

Bitcoin sank below $59,000 having spent much of the weekend above the $60,000 mark. The broader digital asset market as measured by the CoinDesk 20 Index (CD20) is 3.6% lower. Crypto markets were buoyed by favorable U.S. economic data on Friday, which sparked a short-term rally.

Traders Anticipate Fed Rate Cut

The Federal Reserve is widely expected to announce an interest-rate cut on Sept. 18, kicking off the so-called easing cycle. Traders, however, are split on the size of the cut, setting the stage for a potential volatility explosion in financial markets after the decision.

Ethereum Faces Competition

Ethereum as a protocol has had some serious competition in the last year with Solana looking to be the destination of choice to launch memecoins and new chains like Coinbase's Base and Telegram-affiliated TON capturing more mindshare, which has probably hit demand for the Ethereum blockchain's native token.

Source: https://www.coindesk.com/markets/2024/09/16/first-mover-americas-bitcoin-pulls-back-before-probable-fed-rate-cut/

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