The crypto market experienced a weakening today, Thursday (5/9/2024) amid market players' concerns regarding the policies of the United States (US) central bank, The Fed, in the next few months.
Referring to CoinMarketCap on Wednesday (4/9/2024) at 06:11 WIB, the crypto market moved lower. Bitcoin fell 2.64% to US$57,725.83 and was in the red zone 2.59% weekly.
$ETH depreciated 3.87% in the last 24 hours and weakened 0.54% in the week.
$SOL slipped 4.45% on a daily basis and plunged 12.39% in a week.
Likewise, Tron was depressed by 2.07% in the last 24 hours and in the last seven days it fell by 4.54%.
PERFORMA CRYPTO 5 SEPTEMBER 2024
CoinDesk Market Index (CMI), an index to measure the market capitalization-weighted performance of the digital asset market, fell 2.7% to 2,137.2. Open interest depreciated 0.85% to US$53.28 billion.
Meanwhile, the fear & greed index reported by coinmarketcap.com shows a figure of 47, indicating that the market is in a neutral phase with the current economic and crypto industry conditions.
According to Coindesk.com, crypto investors are expecting the Fed to cut interest rates in September as a trigger for a bullish move. However, growing recession fears could lead to a deeper correction, according to analysts at Bitfinex.
Bitcoin (BTC) could fall as much as 15%-20% after the September rate cut if the easing cycle is accompanied by a recession, the team wrote. That would mean a bottom in the $40,000-$50,000 range.
