Crypto Today: Bitcoin, Ethereum and XRP consolidate as SUI continues impressive run
Ethereum bounced off the $2,595 support, and XRP is moving horizontally around $0.589.
SUI has given investors a monthly gain of 65% after seeing key updates within its ecosystem.
Bitcoin traded around $63,600 on Tuesday, as prices appear to be consolidating within the $62,000 and $64,700 key levels. On-chain data shows that the consolidation may be due to profit-taking by holders and mild Bitcoin ETF net inflows of $4.5 million, per Farside Investors data.
Ethereum is trading within key rectangle channels and tested the $2,595 support before bouncing toward the $2,630 level. If the support level continues to hold, ETH could rally to test the resistance at $2,817. Additionally, Ethereum ETFs posted heavy net outflows of $79.3 million on Monday — their highest since July.
XRP is consolidating around the $0.589 level at press time, following a similar weak performance across the crypto market. XRP could see increased bullish momentum if it reclaims the $0.600 psychological level.
Market movers
Bitcoin and the general crypto market remained fairly muted following People's Bank of China (PBoC) Governor Pan Gongsheng's announcement that China will reduce its reserve requirements ratio (RRR) by 50 basis points (bps). RRR is a portion of deposits that a commercial bank must hold in its reserve instead of lending or investing all its assets. A reduction in the RRR is used to stimulate the economy, meaning investors have access to more loans, and banks could make more investments.
While Chinese stocks rallied after the announcement, the price of Bitcoin and altcoins showed no response, unlike the crypto market rally that followed the US Federal Reserve's (Fed) decision to cut interest rates by 50 bps. The reaction underscores Bitcoin and crypto's rising correlation to Fed rates and US stocks.
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