#Bitcoin crosses the $35,000 mark as bulls regain control of the market

_#Bitcoin (BTC) bulls were able to regain #control of the market and push the price of the world's highest digital currency by total market capitalization past the $35,000 barrier again, after a volatile trading session filled with events involving #macroeconomic risks, including the announcement The latest from the US Federal Reserve on the direction of its monetary policies. For its part, the Federal Reserve announced - unsurprisingly - its choice to keep the interest rate unchanged at its highest levels in decades, amounting to 5.25-5.5%, with its inclination towards further possible increases in interest rates amid concerns Continuing regarding the inflation rate, which is still high, above the Federal Reserve’s target of 2.0%, amid the US economy’s continued apparent strength.

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Protocol Cardinal, situated in #Solana (SOL), which invented "conditional ownership" in #NFTs, declared that company would cease operations on August 26. According to a June 28 Twitter thread, the team cited the "incredibly difficult macroeconomic environment" as its justification. Since we started construction 18 months ago, we have tried our best to manage this extraordinarily challenging #macroeconomic situation.

In May, #bitcoin saw a negative 6.98% monthly change for the first time since December 2022. However, it is not immediately clear what changed in the fundamentals or the larger #macroeconomic environment to cause this consolidation. Before the US Federal Reserve placed a halt to the rate hike cycle in June, the cryptocurrency market was in this stage of searching for direction and #liquidity.

Numerous signs, including the futures market and VC investment, suggest that there is a positive outlook underlying everything. But while the boom in traditional markets and tech stocks was able to continue in May, actual price activity in the #cryptocurrency market remained muted and required some time to emerge from hiding.

Bitcoin continues to rise after hitting multi-month lows.

#BTC/USD was close to $26,000 on #Bitstamp, according to data from Cointelegraph Markets Pro and TradingView.

The price of BTC increased following an overnight recovery from its lowest points since early March in the face of persistent #macroeconomic and regulatory challenges.

$26,000 constituted a crucial level for bulls to flip next, according to Michal van de Poppe, founder and CEO of trading business Eight.

He tweeted to his followers, "Long weekend is coming up with the bank holiday on Monday," alluding to the #UnitedStates' Martin Luther King Jr. holiday on June 16.

Macro events pause, earnings season begins👀
Looking ahead, macro events will take a breather next week as Tier 1 data releases slow down, and traders will have to wait until Thursday for Chairman Powell's scheduled speech to confirm the dovish policy pivot as signaled by the other FOMC members. Instead, earnings season will begin in full bloom with the hurdle for EPS beats much higher than the previous 2 quarters. On the rate side, with inflation at risk of re-rising out of their recent soft-patch, bond investors might turn their focus to the ongoing QT and supply estimates, which are expected to show another jump again in the November refunding announcement. As such, we won't be surprised to see a persistent rise in term-premium and steepening of the yield curve, with funding costs staying persistently high despite the market's hopes for otherwise.
#macroeconomic #earningsseason #inflation #yieldcurve #fundingcosts

Why is the #cryptocurrency market down today?

The cryptocurrency market woke up red on Monday, September 11, in what is expected to be a high volatility week, while crypto traders are trying to price further events amid $3 billion sell-off threats by the #FTX and #macroeconomic impacts within the CPI data, both happening on September 13.

Data from QuantifyCrypto shows all top 50 projects with a negative performance for the day as the total cryptocurrency market cap lost over $10 billion in today’s daily candle, for an accumulated loss of close to 2% in the last 24 hours.