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Cryptocurrency markets are trading relatively flat after the Federal Reserve announced a 50 basis points cut, making risk assets more attractive.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $60,376.37 -0.4% Ethereum ETH/USD $2,322.72 -1.3% Solana SOL/USD $130.3 -1.7% Dogecoin DOGE/USD $0.101 -0.3% Shiba Inu SHIB/USD $0.00001334 -0.04%

Notable Statistics:

IntoTheBlock data shows an 8% decline in large transaction volume and a 4% increase in daily active addresses. Transactions greater than $100,000 increased from 7,579 to 8,280 in single day. Exchanges netflows narrowed by 238%.

Coinglass data shows 56,823 traders were liquidated in the past 24 hours for $124 million.

HODL15Capital noted that U.S. Bitcoin ETFs continue to buy more than 100% of newly mined BTC. The ETFs bought 2,921 Bitcoin yesterday vs. 450 mined.

Notable Developments:

Top Gainers:

Cryptocurrency Price Gains +/- Nervos Network CKB/USD $0.01754 +10% Fantom FTM/USD $0.6171 +8.2% BinaryX BNX/USD $1.56 +7.8%

Trader Notes: Crypto chart analyst Ali Martinez predicts that today's close above $61,500 "could signal the resumption of the bull market! Uptober."

#Bitcoin attempts to break through an important trend line. Closing today above $61,500 could signal the resumption of the bull market! #Uptober 👀 pic.twitter.com/CU2a38Jsdh — Ali (@ali_charts) September 18, 2024 Another trader Satoshi Flipper calls this FOMC decision bullish for risk assets like Bitcoin and crypto assets. He added that 50 basis points is more bullish than 25 basis points.

He concluded, "cost of borrowing just got even cheaper, hence companies will make more and have more capital available for investing in BTC/risk assets."

Another crypto trader, More Crypto Online, predicts that a "break above yesterday’s high would open the door to $67,000." He called the price action a good reaction to the support zone and bulls need to hold above the trend channel for further upside momentum.

Crypto Bully provided both long and short trade plans for Bitcoin. Suggesting how to trade, "Look for a retest with good volume to long towards $61,500 for a continuation long."

$BTC Update: Both Long and short trade plans

– Powell says that 50bps rate cuts should not be seen as the norm going forward, also says labor market bears close watching

– BTC just following equities the entire day today. Open Interest up 4% since FOMC number release

– Both… pic.twitter.com/nchUhNYRWD — Crypto Bully 🔥 (@BullyDCrypto) September 18, 2024

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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