On September 21, 2024, the US Federal Reserve signaled potential interest rate cuts at the annual Jackson Hole Symposium.
Historically, such cuts have been bullish for the crypto market, driving significant price increases in Bitcoin and other digital assets.
Investors expect cheaper access to credit, which tends to boost speculative investments like cryptocurrencies. In 2020, a similar cut led to a 450% rise in the total crypto market cap.
Bitcoin's price rallied past $63,000 in response to the Fed's signal, continuing its upward trend that started earlier in the month.
Ethereum, however, is struggling to break the $2,500 resistance level, which remains a critical threshold for the broader altcoin market.
Another factor influencing the market is the ongoing U.S. presidential election campaign, which has driven high volumes in decentralized prediction markets, particularly on the Solana-based DRIFT protocol.
This surge in prediction market activity, fueled by speculation, could continue to drive demand for decentralized finance (DeFi) assets.
The crypto market is likely to remain bullish if the Federal Reserve proceeds with the anticipated interest rate cuts.
However, Ethereum's struggle to break through key resistance could slow down the altcoin market rally.
Additionally, the outcome of the U.S. election and the BOJ’s monetary policy decisions could create short-term volatility.
If macroeconomic indicators remain favorable, the overall trend points toward a potential surge in the crypto market in the coming weeks.
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