In early September 2024, the crypto market, especially Bitcoin (BTC), experienced quite high volatility. After recording a high of around $64,400 in late August, the price of Bitcoin plummeted to $56,633. This decline not only affected Bitcoin but also other crypto assets such as Ethereum (ETH), which experienced a decline of around 9% on a monthly basis.

The decline was triggered by several factors, especially macroeconomic uncertainty. The United States' monetary policy, especially the Federal Reserve's interest rate decision, is the main focus for investors. Although many expect interest rates to be cut soon, the magnitude and timing of the cut are still debated. Market predictions suggest that a significant rate cut may occur by the end of 2024, which could potentially bring bullish sentiment to the crypto market.