BTC is trading above $112,600, while ETH keeps holding out around $4,300, as markets await new data to determine Fed rate cuts.
Cryptocurrency markets are slightly higher today, Sept. 9, with total market capitalization climbing back over $4 trillion, as investors grow more confident that the U.S. central bank will cut rates next week.
Bitcoin (BTC) is trading above $112,600, up just half a percent over the past 24 hours and 2% on the week, with “cautious sentiment still dominating,” analysts at Glassnode said in an X post today. Ethereum (ETH) is hovering around $4,347, also gaining less than 1% today, while also down 1% on the weekly timeframe.
Among the top-ten large-cap crypto assets, Dogecoin (DOGE) continues to see the biggest gains, up about 5% on the day and over 15% on the week.
XRP and Solana (SOL) are leading the top-five assets in 24-hour gains, with both up just 1.4% today and about 7% over the past week.
XRP is back trading over $3, while SOL is changing hands around $217. Analysts at Glassnode noted in a separate X post today that Solana “continues to outperform,” with SOL futures open interest climbing above $7 billion as the spot price extends beyond $200.
SOL futures open interest. Source: GlassnodeAmong U.S. spot crypto ETFs, Ethereum exchange-traded products posted total net outflows of $96.7 million on Sept. 8, extending a string of withdrawals, while spot Bitcoin ETFs saw the reverse — recording $368.3 million in net inflows the same day, the largest single day inflow since Aug. 8, according to SoSoValue.
Liquidations and Macro
Over the past 24 hours, more than $335 million in leveraged crypto positions were liquidated, according to Coinglass. Repeating Monday’s dynamics, decentralized derivatives exchange MYX Finance’s MYX is exceeding Bitcoin and Ethereum in 24-hour liquidations, with nearly $48 million liquidated. Ethereum followed with $47 million in liquidations, while BTC accounted for around $42 million.
Crypto 24-hour liquidations. Source: CoinglassAs The Defiant reported in yesterday’s market update, investors are now waiting on two big inflation reports this week that are expected to shape the Fed’s upcoming decision on rate cuts. The August producer price index (PPI) data comes out Wednesday morning, followed by the consumer price index (CPI) data on Thursday.
Earlier today, the latest NFIB Small Business Optimism Index data was released, showing what the report summarized as “a notable improvement in overall business health” in August. However, despite the improved overall health, NFIB Chief Economist Bill Dunkelberg said in the report that “labor quality remained the top issue on Main Street.”
Source: https://thedefiant.io/news/markets/crypto-market-update-september-9-markets-await-fed-decision
