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Mon, September 16, 2024 | 1:44PM ET

Crypto Moving Lower as Market Prices in a 50 bps Cut, Flows Register a Positive Week Array ( [cookie] => 3a95af-d9d131-7e4337-da76db-a2804b [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_macro [visitor_id] => 564835 [reason] => [method] => ) 1

Name: FS Insight
Price range: $$$

Sean Farrell ^AC

Head of Crypto Strategy

Crypto Market Update

The crypto market has moved lower over the past 24 hours, with #BTC dropping back near the $58k level, #ETH just below $2,300, and #SOL once again testing the $130 mark. Yields have started the week lower ahead of the upcoming FOMC meeting, where investors are currently anticipating a 50 bps rate cut, according to the Fed funds futures market. Equities started the morning broadly in the green, except for the tech sector, which is weighing on major indices. Meanwhile, gold remains near all-time highs but has slightly declined since the US market opened. This is a critical week for investors, with the main event being the FOMC press conference on Wednesday. Chair Powell is expected to announce either a 25 or 50 bps rate cut, but more importantly, he will provide an updated outlook on the economy and the broader rate-cutting cycle. Investors will also receive a revised Summary of Economic Projections (SEP), which will help gauge the pace of cuts through year-end. Additionally, Japanese inflation data will be released on Thursday, followed by the Bank of Japan's interest rate decision on Friday.

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Sean Farrell ^AC

Head of Crypto Strategy

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Thomas J. Lee

Mark L. Newton

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Sean Farrell & Crypto Team

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Tom Lee, CFA AC

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