Major Cryptocurrency Increases
Other major cryptocurrencies experiencing growth include:
- Solana (SOL)
- Ripple (XRP)
- Dogecoin (DOGE)
- Toncoin (TON)
- Polkadot (DOT)
- FET
- Bittensor (TAO)
Analysts suggest that the Federal Reserve’s recent rate cut has positively impacted market sentiment, attracting retail and institutional investors to riskier assets like cryptocurrencies.
Impact of the Federal Reserve’s Rate Cut
Chris Aruliah, Bybit’s head of institution, shared insights on how the Federal Reserve’s rate cut affects the cryptocurrency market. Bybit is a leading cryptocurrency trading platform for both retail and institutional users. Aruliah noted the historical trend where rate cuts lead to increased capital inflows from banks into riskier assets, including cryptocurrencies.
“Historically, a rate cut has often led to an influx of capital from banks into the stock market, as lower interest rates drive more investment into riskier assets, including digital currencies.”
Russian Finance Ministry Plans to Tax Crypto Miners
According to government sources, the Russian Finance Ministry is considering taxing crypto miners based on their electricity usage instead of the value of their token sales. This proposed tax system aims to act as an indirect tax on miners’ electricity consumption.
“Our target remains taxation on profit. This is our long-term goal. In principle, we understand that this is the correct structure – like any other business.”
Authorities have acknowledged this as a temporary measure while they figure out how to accurately calculate profits from mining activities.
Commerzbank Partners with Deutsche Börse’s Crypto Finance
Commerzbank, one of Germany’s largest banks, has partnered with Deutsche Börse subsidiary Crypto Finance to expand its crypto services. This collaboration aims to offer secure BTC and ETH services to corporate clients, ensuring regulated access to digital assets.
“The joint service will initially focus on Bitcoin and Ether, targeting selected existing Commerzbank corporate clients in Germany.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has been bullish this week, gaining over 10% in the past week alone. Following the Federal Reserve’s announcement of a 50 bps rate cut, BTC is currently up over 3% in the last 24 hours. Analysts indicate a major bullish signal as BTC moves above the daily Ichimoku cloud, a Japanese technical analysis method.
Price movements for BTC include:
- Started the week at $58,164
- Rose to $60,321 on Tuesday
- Reached a day high of $63,887 on Thursday
- Currently trading at $62,912
Ethereum (ETH) Price Analysis
Ethereum (ETH) has rebounded from its recent sluggishness, surging past $2,500. ETH has gained almost 6% in the last 24 hours and over 9% weekly. Analysts note increased interest in spot Ethereum ETFs.
Key price movements for ETH include:
- Dropped to $2,296 early in the week
- Jumped to $2,465 on Thursday
- Currently trading at $2,558
Solana (SOL) Price Analysis
Solana (SOL) has experienced a significant uptick, rising nearly 10% in the past 24 hours. The positive impact of the Federal Reserve’s rate cut has driven demand, pushing SOL above $150.
Recent price movements include:
- End of last week on a bearish note
- Surged to $142 after the rate cut announcement
- Currently trading at $151
Dogwifhat (WIF) Price Analysis
Dogwifhat (WIF) has shown strong performance, targeting $2 as buyers regain interest. WIF is up over 6% in the past 24 hours and 19% weekly.
Bittensor (TAO) Price Analysis
Bittensor (TAO) has registered an impressive increase of almost 45% over the past week, positioning itself as a leader among AI tokens.
Ripple (XRP) Price Analysis
Ripple (XRP) has struggled to maintain momentum, trading between $0.55 and $0.60 amidst volatility.
Toncoin (TON) Price Analysis
Toncoin (TON) has pushed above $5.60 and aims to test $6, a level of considerable resistance.
Overall, the cryptocurrency markets are displaying strong bullish sentiment, largely influenced by macroeconomic factors and institutional interest.
Ecosystem
Research
News Network
About