Market Set For Rate Cuts and DOGS Leads Memecoins
Investors don’t yet venture into sharp moves as September promises to launch a rate cuts-initiated rally.
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TL;DR
- Cryptocurrency market players are anticipating September US rate cuts, hold off sharp moves.
- Ethereum (ETH) sees 3.30% increase amidst positive ETF inflows.
- DOGS memecoin is the top performer in the market, with 15% increase 24 hours after its WhiteBIT listing.
Market Prepares for Rate Cuts
The cryptocurrency market is showing a natural reluctance amidst hopes for U.S. interest rate cuts, analysts say.
On Tuesday, QCP Capital stressed out that any dip in equities and crypto will likely be “short-lived” as the U.S. Federal Reserve is inclined to cut interest rates.
“Increased liquidity will eventually push risk assets higher,” QCP Capital wrote in an investor note. “We are finally on the cusp of a rate-cutting cycle.”
Last week, at the Jackson Hole economic symposium, Fed chair Jerome Powell hinted that the central bank could begin cutting interest rates as soon as next month.
“The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell stated.
As emphasized by QCP, the market has entered a high volatility zone, with a majority of assets trading sideways. Bitcoin (BTC) keeps exchanging hands in the $59,000 range after yesterday’s decline.
BTC/USDT 4h chart. Source: WhiteBIT TradingView
The QCP report suggests that the current economic conditions still favour a measured approach for investors, advising them to “trim the allocation to crypto on rallies and focus on majors”, which include Bitcoin and Ethereum.
The latter has seen a slight increase in buying pressure, as evidenced by 3.30% growth in the last 24 hours. ETH ETF has also shown positive netflow, contrary to BTC ETF negative $105.19 million netflow.
Ether ETF market data. Source: SoSoValue
DOGS Enters Top-10 Memecoins
The TON Ecosystem has definitely seen better days. Aside from Durov’s arrest, Toncoin’s performance was also disrupted by outages in The Open Network. In the meantime, Telegram’s CEO bailout has revived TON’s projects – Toncoin and the newly-launched DOGS.
Toncoin has added 4% to its price in the last 24 hours. This performance was perceived as a silver lining for TON investors, especially after a 20% decline following the detention of Pavel Durov in France.
DOGS/USDT 1h chart. Source: WhiteBIT TradingView
Apart from TON ecosystem tokens, a majority of altcoins did not change. Solana (SOL), TRON (TRX), and Cardano’s ADA added less than 1% in price.
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