Crypto Market Forecast 12 September 2024
Sep 12, 01:56 PM
The daily crypto market forecast 12 September 2024 highlights market conditions for several major cryptocurrencies over the next 24 hours and a week-long horizon. Drizzle, indicating slightly bearish conditions, is expected over Bitcoin, Binance Coin, and Cardano, with heavier rain suggesting a bearish trend for Ripple's XRP. In contrast, bullish conditions are anticipated for Ether, Polygon, and Polkadot. Over the week, similar drizzle will affect Bitcoin, Binance Coin, and XRP, with rain over Ether, Solana, Cardano, and other altcoins, except for Polygon, which is projected to see bullish conditions.
Recent cryptocurrency market movements have been influenced by weaker-than-expected US inflation data, which has increased the likelihood of a Federal Reserve rate cut, leading to a rebound in prices. Bitcoin saw a 3.6% increase to reach a one-week high. Additionally, seven of the top ten issuers of exchange-traded funds (ETFs) now offer crypto-related ETFs, with JPMorgan, Vanguard, and Dimensional still holding out.
Significant developments in the crypto space include the number of Bitcoin addresses with non-zero balances exceeding 53 million and Solana reaching a record 5.5 million active addresses. Furthermore, India, Nigeria, and Indonesia lead global crypto adoption, while the US ranks fourth. In legislative news, the US crypto lobby is pushing for NFTs to be classified as consumer products, and the UK is considering a bill to treat crypto assets as personal property.
Recent cryptocurrency market movements have been influenced by weaker-than-expected US inflation data, which has increased the likelihood of a Federal Reserve rate cut, leading to a rebound in prices. Bitcoin saw a 3.6% increase to reach a one-week high. Additionally, seven of the top ten issuers of exchange-traded funds (ETFs) now offer crypto-related ETFs, with JPMorgan, Vanguard, and Dimensional still holding out.
Significant developments in the crypto space include the number of Bitcoin addresses with non-zero balances exceeding 53 million and Solana reaching a record 5.5 million active addresses. Furthermore, India, Nigeria, and Indonesia lead global crypto adoption, while the US ranks fourth. In legislative news, the US crypto lobby is pushing for NFTs to be classified as consumer products, and the UK is considering a bill to treat crypto assets as personal property.