Crypto Market Pulse - September 23, 2024
LAST WEEK RECAP:
- Fed cuts rates by 50 bps at September 2024 meeting.
- Bank of Japan keeps the rate on hold.
- SEC approves BlackRock's spot Bitcoin ETF options.
- Binance Founder CZ is to be released on September 29.
- MicroStrategy bought another $458M BTC last week. Currently, it holds 252,220 BTC, which is averaging $39,266.
- Trump buys burgers with Bitcoin at New York City crypto bar.
- Harris vows to support AI and crypto industries in a NYC fundraising pitch.
LEGACY MARKETS – DXY
DXY is still consolidating on a range low. With the first rate cut expected this week, volatility will likely pick up.
LEGACY MARKETS – VIX
VIX is lingering at lower levels but still not breaking down fully to 12-14 levels.
BTC WEEKLY VIEW
BTC is about to break market structure for the first time since March. Above 65k, it would be a technical trend reversal.
ETH WEEKLY VIEW
ETH has finally found relative strength, with ETH/BTC even going up when BTC was also going up. However, the ETF inflows are still very low relative to the BTC inflows.
ETH/BTC
ETH/BTC has reclaimed the August lows and is seemingly finally reversing, which should be a positive for the entire alt market.
TOTAL3 USD MARKET STRENGTH
Alts are still building a big base, and some select ones are already rallying. For now, liquidity still centers around select alts.
TOTAL3 BTC MARKET STRENGTH
TOTAL3/BTC is still stable but failing to pick up momentum. However, some select outliers have been rallying. With ETH/BTC starting to reverse TOTAL3/BTC, it will likely also pick up soon.
SUMMARY
- ALT/BTC pairs are showing a lot of relative strength. With Q4 seasonality-wise being strong months for altcoins, it seems they’re setting up to repeat that.
- If BTC can break over 65k, it will finally reverse the market structure and accelerate the market even more.
DISCLAIMER:
The information in this report is for information purposes only and is not to be construed as investment or financial advice. All information contained herein is not a solicitation or recommendation to buy or sell digital assets or other financial products.
This post was prepared by Kairon Labs Trader Patrick Li and Joshua Van de Kerckhove.
Edited by: Marianne Dasal
Kairon Labs provides upscale market-making services for digital asset issuers and token projects, leveraging cutting-edge algorithmic trading software that is integrated into over 100+ exchanges with 24/7 global market coverage. Get a free first consult with us now at kaironlabs.com/contact