Investors are eager for large rate cuts as the market hesitates for any sharp moves.
TL;DR
- The probability for 50 bps rate cuts increased to 67%, CME FedWatch reveals. This is a strong uptick compared to Monday’s 50% probability and August’s 25% one.
- Bitcoin, Ether, and a majority of the top 10 coins have been trading sideways.
- Sui (SUI) takes over as a top gainer, with over 23% weekly surge.
Bitcoin and the crypto market overall have been indicating a slight positive momentum for the last 24 hours as investors see a nearly 70% probability of a bigger 50 bps rate cut to the 4.7%-5% range. According to the CME FedWatch tool, traders express hopes for a 67% probability of a sharp rate cut. This is a spike from Monday’s 50% probability and the 25% probability rate in August.
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Target rate probabilities for the September 18 Fed meeting. Source: CME FedWatch
Meanwhile, the majority of the market remains flat as investors are looking forward to a Federal Open Market Committee (FOMC) meeting on Wednesday, reluctant to make any sharp moves before the rate cuts are introduced. Bitcoin (BTC) is trading for $58,760, up 2% since hitting local $57,500 bottom on Monday.
BTC/USDT 1h chart. Source: WhiteBIT TradingView
Neiro and Sui on Top
The broader market sentiment indicates a sideways movement. Ether (ETH), which has been demonstrating a strong bearish bias for quite a period, is trading for $2,307. The Bulls are trying to gain momentum after a Monday 6.5% downsurge.
ETH/USDT 1h chart. Source: WhiteBIT TradingView
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The top assets like Solana (SOL) and Ripple (XRP) did not change in price, while Dogecoin (DOGE) and Toncoin (TON) added 5% to their prices. Still, the market interest has been mostly led by new memecoin listings: Neiro Ethereum (NEIRO) and Baby Doge Coin (1MBABYDOGE). While NEIRO down surged over 11% in the last 24 hours, 1MBABYDOGE has skyrocketed over 23% after Binance listing.
1MBABYDOGE/USDT 1h chart. Source: TradingView
However, the investors’ eyes are cast on Sui (SUI). Trading downwards since March, the altcoin managed to recover 23.65% for the recent week, adding over 3% just in the recent 24 hours.
SUI/USDT 1D chart. Source: WhiteBIT TradingView
As SUI broke out from the descending channel, bulls are expecting a $2 rally.
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Paul Osadchuk
Paul Osadchuk is a digital journalist specializing in cryptocurrency and Web3 topics. He writes for GNCrypto, Cryptoslate, and Foresight News EN, and maintains analytical blogs on TradingView, Binance Square, and CoinMarketCap. With over five years of experience in marketing and PR for crypto and Web3 companies, he has gained deep industry insight and expertise in crypto trading.