Leading cryptocurrencies fell on Sunday, while stock futures rose, as investors awaited the Federal Reserve’s decision on rate cuts.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.55% | $115,192.80 |
|
Ethereum (CRYPTO: ETH) |
-1.13% | $4,604.27 |
| XRP (CRYPTO: XRP) | -2.20% | $3.02 |
| Solana (CRYPTO: SOL) | -1.21% | $240.26 |
| Dogecoin (CRYPTO: DOGE) | -2.18% | $0.2761 |
Bitcoin, Ethereum Record Steady September
Bitcoin plunged below $115,000 overnight, having topped $116,000 earlier in the day. Trading activity remained tepid throughout the day.
Ethereum wiggled in the range between $4,580 and $4,680, even as the coin's trading volume dived 16% in the 24-hour period.
The two blue-chip cryptocurrencies have had a steady September, with Bitcoin up 6.2% and Ether up 4.95%.
Over $277 million was liquidated from the cryptocurrency market in the last 24 hours, with $195 million in bullish long bets wiped out.
Meanwhile, Bitcoin’s open interest dropped 1.11% in the last 24 hours to $82.90 billion. Over 50% of Binance futures traders with open BTC positions were long as of this writing.
The market sentiment switched back to "Neutral," according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M)) | Gains +/- | Price (Recorded at 9:25 p.m. ET) |
|---|---|---|
| Qubic (QUBIC) | +2.12% | $0.000002166 |
|
OpenVPP (OVPP) |
-0.55% | $115,199.37 |
| Solana (SOL) | -0.99% | $240.83 |
The global cryptocurrency market capitalization stood at $4.02 trillion, contracting 1.08% in the last 24 hours.
Traders Await Fed Meet On Rate Cuts
Stock futures traded slightly lower overnight Sunday. The Dow Jones Industrial Average Futures fell 12 points, or 0.03%, as of 8:40 p.m. ET. Futures tied to the S&P 500 dipped 0.04%, while Nasdaq 100 Futures lost 0.07%.
These moves follow a solid week for stocks, with the S&P 500 and Nasdaq Composite rallying 1.39% and 1.32%, respectively.
The Federal Reserve is set to decide on the interest rates later this week, with traders pricing in a 96% chance that the central bank would slash rates by 0.5%, according to the CME FedWatch tool.
What To Expect For Bitcoin As FOMC Nears
Widely followed cryptocurrency analyst and trader Killa highlighted the upcoming Fed meeting as an important pivot point for Bitcoin.
"BTC often prices in FOMC ahead of time. Early downside into the week suggests a rebound up, while early upside points to a likely pullback," the analyst remarked.
Cryptocurrency commentator Cas Abbé projected Ethereum's short-term dip before a rise to $10,000 within 3-4 months, supported by increasing ETF inflows and treasury purchases.
Photo Courtesy: Travis Wolfe on Shutterstock.com
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