In the crypto market report covering the week of September 16 – 23, prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: September 16, 2024.
Weekly Crypto Market Report September 16 Overview
The most striking decision in the past week, which was full of central bank meetings, was the US Federal Reserve’s 50 basis point cut. While expectations before the meeting were for a 25 basis point cut, the FED’s decision to make such a decision also had a positive impact on cryptocurrencies. Powell’s speech and dot plot statements after the announcement of the cut decision also reduced the markets’ recession anxiety. Bitcoin, which had already advanced to the $61,000 region before the decision, first fell to the $59,500 level with the announcement of the decision and then rose to the $64,700 level, while a positive atmosphere was captured in altcoins with the delayed rise of Ethereum that started on Friday. Apart from the FED decision, none of the central banks of England, Japan and China, which announced other interest rate decisions, made any changes to their interest rate decisions.
Bitcoin rose to $64,700 after the incoming movement, completing the week with an increase of nearly 10%. While the total market value increased to $2.2 trillion, Bitcoin dominance fell to 57.50% with the altcoin rally that took place after the 58.6% peak it reached last week. Ethereum increased its dominance to 14.33% after the 16% increase it made, especially after the weak pricing seen in the last 2 months, making the entire Ethereum ecosystem quite happy.
The news that the SEC-Consensys case was canceled by the court on Friday enabled the long-awaited upward movement in both Ethereum and DeFi projects. It also caused Ethereum to rise to the 2700 resistance after Sunday’s close, but for now it has reacted from there and settled in the $ 2600 region. In the DeFi sector, which continues its positive divergences with the Ethereum rise, one of the most striking movements was especially AAVE’s rise to the $ 180 region.
Apart from these, we completed last week with positive performances of ALT, IMX, APT, DODO and FTM. We can say that these projects were followed by cryptocurrencies specific to artificial intelligence and these cryptocurrencies made a very good start to the week.
When we look at the general ETF performances, we see that we completed last week with an inflow of $370 million. Lastly, a total of $250 million inflow was seen on Thursday and Friday, and after the long outflow series that ended at the beginning of September, the process was completed with inflows for 2 consecutive weeks. Despite the inflows that occurred on Thursday and Friday in Ethereum ETFs, outflows exceeding $25 million in total were seen. The approval of options trading by the SEC for Bitcoin ETFs last week was also one of the positive developments regarding ETFs.
We are facing a busy macro calendar in the US region next week. PMI on Monday, Consumer Confidence Index on Tuesday, Growth and Durable Goods Orders on Thursday and PCE (Personal Consumption Expenditure Price Index) data on Friday will be important for the markets. After the 50 basis point reduction, disruptions in growth and employment for the US markets may trigger negative pricing. As for inflation data, markets being confident in the downward trend, i.e. the data being weak, may provide positive pricing.
Those who want to get more comprehensive information about the week covering September 16 – 23 can review the Weekly Crypto Market Reports: September 16, 2024.
