Bitcoin continues to struggle to hold its price around $63,000 as the overall market sentiment remains positive following the Fed’s rate cut.
US Stocks
The Dow Jones Industrial Average rose to a record close on Friday, capping a big rally in the week after the US Federal Reserve cut interest rates for the first time in four years.
The 30-stock Dow rose 38.17 points, or 0.09%, to a new high of 42,063.36. The S&P 500 fell 0.19% to close at 5,702.55 and the Nasdaq Composite lost 0.36% to close at 17,948.32. On Thursday, the Dow hit a record high above 42,000 and the S&P 500 rose above 5,700 for the first time.
All three major indexes posted weekly gains. The S&P 500 rose 1.36%, its fifth weekly gain in six weeks. The index has gained more than 19% in 2024. The Dow ended the week up 1.62%, while the tech-heavy Nasdaq climbed 1.49%.
The Federal Reserve cut interest rates by half a percentage point on Wednesday afternoon, the first cut since 2020. Markets were higher on Thursday as investors piled into tech names like Nvidia and stocks that benefit from lower interest rates like Home Depot.
On Friday, Fed Governor Christopher Waller told CNBC that inflation is falling faster than expected, leading him to support a 0.5-point cut.
“Investors see the aggressive rate cuts as a positive catalyst,” said Mark Hackett, director of investment research at Nationwide.
FedEx shares plunged 15% on Friday after the shipping giant cut its earnings outlook. Shares of rival UPS also fell 2.7%.
Bitcoin and Altcoins
Bitcoin continued to gain for the fourth consecutive day, setting a new local high for September at $64,133.
After bouncing off the $63,000 mark on Thursday, BTC has struggled to hold its price around this mark.
The top asset is on track to close two consecutive weeks in the green as it is posting gains of nearly 7% since the start of the week.
Altcoin market maintained its upward momentum yesterday.
Sei (SEI), Aptos (APT) and Sui (SUI) were the top three performers in the short term as their coins surged more than 10%.
Many other major altcoins in the top 100 such as The Graph (GRT), Bittensor (TAO), Artificial Superintelligence Alliance (FET), Lido DAO (LDO), Ondo (ONDO), Internet Computer (ICP), VeChain (VET), Pepe (PEPE), Optimism (OP), Jupiter (JUP), Stacks (STX), Quant (QNT), Mantra (OM), Immutable (IMX),…. jumped from 5-9%.
Ethereum (ETH) surged nearly 5% yesterday as bulls successfully pushed the price above the $2,500 mark and closed the day above the psychological level.
This is the highest daily closing level since the sharp correction on August 27.
The market also picked up with a streak of 4 consecutive days in the green. On the 7-day time frame, ETH also jumped more than 10%.
