CandleFocus Bitcoin, Ether Plunge 5% Ahead of Widely-Anticipated Fed Rate Cuts
2024-09-16
Author: Content Editor
Bitcoin started the week with a 3% decline, dropping below $58,400, due to expectations of the U.S. Federal Reserve potentially cutting rates. U.S.-listed Bitcoin ETFs saw significant inflows of over $263 million, while Ether ETFs had smaller inflows of $1.5 million, indicating continued investor interest in crypto assets. Ether experienced a 5.5% drop, marking its worst one-day slide since early August. Futures traders betting on higher prices lost over $143 million during the drop. The BTC/ETH ratio fell to four-year lows, indicating increased competition for Ethereum from other protocols like Solana. Sony's Soneium and the addition of USDC on the chain may also pose competition for Ethereum.
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