Crypto Market at a Nervous Crossroads
25 September 2024
Market Update
Stay informed in three steps:
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Volatile market finds stability at $58,000
Like the nightlife in Almelo, the crypto market has quickly fluctuated between red and green over the past week. Yet, Bitcoin seems to be stabilizing around $58,000, despite the volatile swings between peaks and dips. -
Correction to $49,000 was an outlier
The price is currently moving within a range, where the sharp drop to $49,000 was an anomaly. Trading volumes and technical indicators show that the market has not yet emerged from the longer correction. -
Traders uncertain about US interest rate decision
Although the market remains relatively calm, an external factor, such as an expected interest rate cut in the US, could quickly stir the crypto market.
News overview
Signal from the noise:
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Crypto world booming since 2023
According to the latest report from Chainalysis on global cryptocurrency adoption, the Central and South Asia and Oceania (CSAO) region has taken the lead in worldwide crypto adoption. -
MicroStrategy buys another 18,300 BTC
The purchase cost a total of $1.11 billion. The company paid an average of $60,408 per bitcoin. In total, the company now holds 244,800 BTC, worth nearly $14 billion. -
UK bill offers extra protections for Bitcoin holders
If the widely supported bill is signed into law, a third category of personal assets will be created. This will include digital assets like cryptocurrencies and NFTs. -
Memecoin mania is over, Solana volume at yearly low
Volume related to memecoin platform Pump.Fun has dropped 82% since June. In just six weeks, the number of active users fell by 55%, leaving just over 35,000.
Amdax's Take:
The market appears to be in a holding pattern, both in terms of news and price developments. However, behind the scenes, we see fundamental progress that will become more apparent in a bullish market. Chainalysis data on crypto adoption supports this, and the global increase in legal protections for companies active in this space is another important signal.
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