BTC Above $26.5K On Hopes Of Fed Holding Rates
By Laxmikant Khanvilkar
The leading virtual digital assets or VDAs prices rose in the last 24-hours as the recent spate of the U.S. macroeconomic indicators pointed to negligible chance of Federal Reserve raising key lending rates during the FOMC meet next week.
Bitcoin (BTC), the world’s most valuable cryptocurrency, extended its rally by topping above $26,500 mark. It recently changed hands at $26,535.01, up 0.31% over the past 24 hours. Ethereum (ETH), the second largest crypto in market value, was quoting 0.32% lower at $1,626.99.
Among smaller tokens, Hedera Hashgraph (HBAR) and Solana’s SOL led gains amongst major tokens, rising 6% and 3%. Hedera announced on Wednesday at Token 2049 in Singapore that Stablecoin Studio, its open-source stablecoin issuance and management toolkit, is live.
Meanwhile, the open interest in perpetual futures contracts tied to SOL has jumped 35% to a two-month high of 16.25 million SOL in one week, representing an influx of money in the market. The fund inflow is build on prospect of FTX creditor liquidations.
As such, the global crypto market cap jumped 2.37% to $1.05 tn, over the last 24-hours. Simultaneously, the total crypto market volume increased 9.17% to $35.51 bn. The total volume in DeFi is currently $2.05 bn and all stablecoins $33.43 bn, representing 5.78% and 94.13% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.25% to 48.93%.
IC15 index, the barometer of top fifteen tokens, gained 0.80% to 34,306.20.
The US Retail Sales data showed a strong consumer spending momentum, with Retail Sales rising by 0.6% in August while headline PPI grew by 0.7%. Initial jobless claims rose by 220,000. In view of the recent data, the markets experts believe that the Fed has completed its interest rate hikes. Traders see a 97% chance that interest rates will remain steady at 5.25-5.50% amid Fed maintaining its current monetary policy.
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