For the first time in 4 years, Fed cut the rates for the first time in 4 years, which lead to a notable surge in cryptocurrency prices.
At the time of writing, Bitcoin surged to $63,000 after a 5.4% surge in the past 24 hours, and has a trading volume of around $48 billion. The market cap reached $1.47 trillion.
The 1-day technical analysis from TradingView shows a rather bullish sentiment – the summary shows “buy” at 14, the moving averages point to “strong buy” at 13, and oscillators are “neutral” at 8.
The biggest gainer in the past 24 hours is the memecoin Popcat after a 35% surge.
The total crypto market cap soared 4.83%, reaching $2.16 trillion and the 24-hour trading volume surged by 23.5%.
According to data from CoinGlass, during the past day $200.97 million were liquidated from the market – $54.37 million in longs and $146.6 shorts.
CryptoQuant CEO Ki Young Ju has warned that Bitcoin’s current market cycle may have already peaked, suggesting that traders shouldn’t anticipate a major rally in the next six to twelve months.
U.S. spot bitcoin ETFs experienced a surge in demand on Monday, recording $274.6 million in net inflows—their highest since early February.
A widely followed crypto analyst suggests that Bitcoin and altcoins are on the verge of a major breakout, leaving hesitant investors behind.
Bitcoin’s recent price swings indicate a lack of strong institutional participation, keeping the market in a consolidation phase.