As a seasoned analyst with over two decades of experience in the financial markets, I find myself increasingly intrigued by the dynamics unfolding in the cryptocurrency space. The recent surge in Bitcoin (BTC) and the overall market cap, coupled with the increased accumulation by whales, suggests that we are indeed in the midst of a bull cycle.
According to Ki Young Ju, the Chief Executive Officer (CEO) of the blockchain analysis platform CryptoQuant, it appears that the cryptocurrency market is currently experiencing a “bull phase” in its cycle.
Based on a recent post by Young Ju, it’s been observed that self-managed Bitcoin (BTC) wallets have been steadily amassing coins during the last seven days. Additionally, he noted a growing curiosity among long-term holder whale addresses.
For the past six days, there have been notifications indicating that whales are purchasing Bitcoin. This is primarily due to increased inflows into custody wallets. Rest assured, there hasn’t been any significant shift in Bitcoin’s status – we’re still squarely in a bull market phase.
— Ki Young Ju (@ki_young_ju) September 18, 2024
In the past day, Bitcoin has experienced a 3.35% rise and is currently valued at approximately $60,450. Notably, on September 17th, it peaked at $61,316, setting a local high. Moreover, its market capitalization surpassed the impressive figure of $1.2 trillion.
The global crypto market cap also surged by 0.7% over the past day, reaching $2.17 trillion, according to data from CoinGecko. Most of the leading altcoins recorded bullish momentum with Nervos Network (CKB) emerging as the top gainer with a 17% price surge.
Additionally, the optimistic atmosphere across the market precedes the anticipated U.S. Federal Reserve interest rate reduction, happening today. Last week, there was an increase in the likelihood of a 0.5 percentage point rate cut due to the United States’ Consumer Price Index report indicating falling inflation rates.
Per a crypto.news report, the CPI for August came at 2.5% while the expected rate was 2.6%.
In simple terms, this indicates that the Federal Reserve is set to make its first interest rate reduction since July 2019. Many experts predict that this move might spark a positive trend in various financial sectors, potentially boosting assets like stocks and even digital currencies such as cryptocurrencies.
According to data from the market forecasting platform Polymarket, it appears that there’s approximately a 53% likelihood of a 0.5 percentage point reduction in interest rates and roughly a 46% probability of a 0.25 percentage point decrease.
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2024-09-18 11:13