Cryptocurrency markets are trading lower in anticipation of Wednesday’s rate cut decision.

Cryptocurrency Price Gains +/- Bitcoin BTC/USD $57,981.89 -3.2% Ethereum ETH/USD $2,284.46 -3.8% Solana SOL/USD $131.17 -1.8% Dogecoin DOGE/USD $0.09958 -5.5% Shiba Inu SHIB/USD $0.00001313 -4.5%

Notable Statistics:

IntoTheBlock data shows a 13.7% drop in large transaction volume and a 1.2% fall in daily active addresses. Exchanges netflows decreased by 108.5%. Transactions greater than $100,000 are down from 8,377 to 6,005 in a single day.

Coinglass data shows 71,852 traders liquidated in the past 24 hours for $206.98 million.

Arkham Intelligence data shows Bhutan's Bitcoin holdings of $750 million are now on Arkham.

Notable Developments:

Top Losers:

Cryptocurrency Price Gains +/- Sei SEI/USD $0.2717 -12.8% Bittensor TAO/USD $286.65 -10.7% Celestia TIA/USD $4.57 -9.2%

Trader Notes: As Bitcoin prices retreated below the $58,000 mark, crypto chart analyst Ali Martinez stated that Bitcoin broke support. He predicts, "It looks like $55,000 is next." In an earlier tweet, Martinez had forecasted that a break below $58,100 support will lead to a drop towards $55,000.

On the other hand, CrypNuevo said that the drop was fast and "no fake pump to $61,500 needed." He instead predicts a straight nuke to $57,000 target. He concluded that the things are moving fast, as probabilities for a 50 basis points rate cut on Wednesday are increasing.

SlumDOGE Millionaire reacted on the market fall stating that "Bloody Red Mondays are a real thing."

Technical analyst EtherNasyonal thinks short-term obstacles are good for the medium term.

You are not optimistic enough for #Bitcoin bull run!

Obstacles that arise in $BTC in the short term will fuel a healthy rise in the medium term. pic.twitter.com/66ydR4mf7t — EᴛʜᴇʀNᴀꜱʏᴏɴᴀL 📈 (@EtherNasyonaL) September 16, 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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