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The leading cryptocurrency fell to $63,584 in the last 24 hours, experiencing a steep drop after reaching $70,000. As expected, altcoins had a tough time. We mentioned that we could see a new low after the Asian markets opened following the Fed meeting. It happened as predicted. At the same time, the expected scenario for XRP Coin is also unfolding.
Will Cryptocurrencies Rise?
Although Powell said positive things yesterday, cryptocurrencies did not care much. Cryptocurrencies, which have become highly sensitive to regional tensions, have been looking for excuses to fall for months and finding them. QCP Capital analysts recently evaluated the latest situation and wrote:
“- The main takeaway from yesterday’s FOMC is that the Fed is clearly dovish: a cut in September is fully priced in.
– Unfortunately, the rally in stocks was not felt in crypto. There was a broad sell-off in crypto overnight and this morning. The market remains tense as investors pay close attention to daily ETH ETF outflows and more supply pressure from Mt Gox and the US government.
– In the longer term, discussions among US presidential candidates and senators about a sovereign Bitcoin reserve and the potential for other countries to do the same could fundamentally change the crypto environment.
While markets are potentially range-bound until the next catalyst, using Accumulators systematically allows you to buy ETH below the 3,000 level.”
Current State of Cryptocurrencies
Tomorrow, data on employment and wage increases will be released. Powell prefers employment figures to linger at current levels, and if we see below-expectation data, the September cut scenario could strengthen. Meanwhile, the expected drop for XRP Coin occurred with a 6% decrease.
Given that investors were expecting a consensus statement from today’s meeting, it would not be surprising for such a result to cause disappointment. Combined with the BTC drop, XRP Coin sales become meaningful. ETH ETF outflows have reached a significant level, and ETHE outflows are expected to start weakening soon.
If we start to see inflows on the ETF front again, this will signal a return for altcoins as well.
