The crypto market is undergoing volatility ahead of the Fed’s decision on interest rate cuts slated for Wednesday, September 17. Bitcoin price grew by over one percent in the last 24 hours to trade at $117,115. This is the first time in over three weeks that the most expensive cryptocurrency has exceeded the mark of $117,000. On a weekly basis, BTC price has grown by 4.96 percent
Market analysts said that a sustained move for BTC above $118,000 would confirm bullish momentum and open the door for Bitcoin to test new highs in the coming weeks.
“According to Glassnode, over 44,000 BTC have been withdrawn from exchange reserves in September alone. With fewer coins available to trade, immediate liquidity is tighter, which could limit short-term selling pressure. On the other hand, Gold’s rally to all-time highs could further strengthen Bitcoin’s momentum,” Edul Patel, CEO of Mudrex told CoinHeadlines.
The price of Ether also dropped by under one percent in the last 24 hours. With this, the value of the asset has come to $4,525. Over the last seven days, the value of ETH registered a price hike of 5.17 percent, showed CoinMarketCap.
Analysts say that the Fed’s interest rate decision is bound to set the market tone for the second half of September.
At the time of writing, most altcoins were reflecting small profits. These include Ripple, Tether, Binance Coin, Cardano, Hyperliquid, and Stellar. Bitcoin Cash, Hedera, Litecoin, Cronos, Uniswap, Monero, and Mantle also registered small gains.
Meanwhile Solana, Dogecoin, Tron, Chainlink, Avalanche, Leo, Shiba Inu, and Polkadot clocked small losses. World Liberty Financial (WLFI) also fell by 2.09 percent in the last 24 hours to trade at $0.2189.
The overall crypto market cap rose by 0.56 percent in the last 24 hours. The present valuation of the sector has come to $4.04 trillion.
As of Wednesday, the Fear and Greed score stood at 51, reflecting a neutral investor sentiment.
Also Read: Christie’s pulls the plug on digital art department amid NFT winter