Crypto Market Rebounds on Bullish Sentiment

The crypto market's rebound has picked up momentum after the S&P 500 hit a new all-time high, influenced by the possibility of a 50 basis point interest rate cut by the Federal Reserve on Sept. 18. The total crypto market capitalization has risen by approximately 4% in the last 24 hours to reach $2.1 trillion, with gains in Bitcoin and Ether.

Risk-on Sentiment Drives Crypto Higher

Today's rally in the crypto market mirrors the strength witnessed in US equities, with the S&P 500 hitting a new all-time high. This performance highlights the impact of the surge in the valuation of the largest companies listed on stock exchanges in the United States.

Fed Rate Cut Expectations Boost Crypto

Market participants have shifted their focus to the US Federal Reserve's decision following a two-day Federal Open Market Committee (FOMC) meeting scheduled for Sept. 17 and Sept. 18. The US central bank is expected to initiate a series of rate cuts on Sept. 18 after raising borrowing costs to their highest level in nearly twenty years.

Source: https://cointelegraph.com/news/why-is-the-crypto-market-up-today

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