The crypto market has been full of movement and anticipation over the past two days, with several key developments shaping its current trajectory.

Here’s a deep dive into the events of September 24-25, 2024, and what traders and investors can expect moving forward.

Major Events on September 24, 2024

Bitcoin's Battle with $65,000 Resistance

On September 24, Bitcoin struggled to break through a key resistance level at $65,000.

The $62,500 support level held strong, but volatility is expected as we approach the September 27 options contract expiration.

This upcoming expiration is likely to cause price fluctuations, with significant open interest driving sharp movements.

For now, Bitcoin remains in a delicate position as traders await a decisive move, either upwards or downwards

Ethereum Whale Activity and ETF Outflows

Ethereum saw a significant spike in whale activity, with over 70,000 ETH purchased, propelling the price up to $2,700.

Despite this, Ethereum ETFs faced outflows amounting to $79.21 million, raising concerns over the strength of institutional support.

These mixed signals—whale accumulation paired with ETF outflows—are keeping the market cautious.

However, Ethereum's growing transaction fees, reaching as high as $37.69 per swap, remain a point of contention

Bybit's Shariah-Compliant Crypto Account Launch

On the same day, Bybit introduced its first Shariah-compliant crypto account, featuring tokens that align with Islamic finance principles.

This move is expected to attract more users from Muslim-majority regions, which could improve liquidity in certain markets and potentially drive broader adoption of compliant crypto products.

Regulatory Developments and Stablecoin Discussions

Regulatory concerns continued to loom large as U.S. lawmakers pushed for a clearer stablecoin regulatory framework.

As discussions progress, investors are wary of how new regulations might impact the broader crypto market, particularly stablecoin issuers.

At the same time, the SEC continued to increase scrutiny on fraudulent crypto projects, adding to the regulatory tension.

Realtime Market Movements on September 25, 2024

China’s Economic Stimulus Boosts Bitcoin

Today, China’s latest round of economic stimulus measures had a positive impact on Bitcoin, pushing its price higher and adding to bullish sentiment in the market.

While Bitcoin is eyeing the $70,000 mark, resistance at $65,000 remains strong, and any failure to breach this level could trigger a pullback toward $59,000.

EOS Hard Fork

The anticipated EOS hard fork is happening today, September 25.

The network upgrade is expected to introduce new governance features and operational changes, which could influence the price of EOS in the short term depending on how well the transition is executed.

What to Expect After September 25, 2024

Looking forward, the crypto market is bracing for high volatility, primarily driven by Bitcoin’s resistance levels and Ethereum’s growing on-chain costs.

Options contract expirations on September 27 will likely result in significant price movements.

A successful breach of the $65,000 Bitcoin resistance could signal a strong bullish run heading into October, but failure to do so may push prices down toward $59,000.

On the regulatory front, expect continued scrutiny around stablecoins and fraudulent projects, which could dampen sentiment among institutional investors.

On the other hand, Bybit’s innovative launch of a Shariah-compliant account may open the doors to more regional growth.

Conclusion

As the crypto market reacts to these developments, traders and investors must stay alert to the impacts of global economic policies, regulatory changes, and network upgrades like the EOS hard fork.

The remainder of September promises to be eventful, and those with positions in Bitcoin or Ethereum should prepare for potential price swings.

Stay tuned for further updates as these key events unfold and shape the market’s direction heading into Q4 2024.