CandleFocus Ether Leads Post-Fed Crypto Market Rally as Yen Weakness Sparks Risk-On Frenzy
2024-09-23
Author: Content Editor
The U.S. Dollar Index has climbed above 101 as the yen weakens, fueling risk-on momentum in the market. Ether has skyrocketed 14%, with meme coins leading a 40% surge, while bitcoin has gained but lost market dominance. Additionally, oil has jumped 2% due to tensions in the Middle East, gold has rallied, and Nvidia and the S&P 500 have seen increases amid the risk-on wave. The Federal Reserve's decision to cut interest rates by 50 basis points has sparked debate, with concerns that it may signal an impending recession, but others suggest a balanced economic environment. The crypto market has rebounded significantly, with ether and bitcoin ETFs seeing inflows. Small-cap cryptocurrencies have emerged as the biggest winners following the Fed's decision, reflecting an increase in risk-on sentiment. Looking ahead, there is an even split in the CME Fed Funds futures on the probability of a 25 or 50 basis point rate cut in November.
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