Trading activity on Binance.US has dwindled to a new low in September, with only $5.09 million recorded on September 16. This figure marks a substantial decline compared to the roughly $230 million in trading activity observed on September 17, 2022. Binance.US, the U.S. arm of global crypto exchange Binance, is currently facing a lawsuit by the Securities and Exchange Commission (SEC) for alleged violations, including unregistered securities offerings and wash trading.
While FTX has received court permission to initiate sales, this process is expected to be gradual and unlikely to trigger sudden market fluctuations. On a positive note, asset management giant Franklin Templeton is entering the race to list a Bitcoin exchange-traded fund (ETF), and Deutsche Bank is expanding its digital asset custody and tokenization efforts.
Top Cryptocurrency Gainers (24 Hours)
- Ape Coin: +5.69%, $1.14
- Filecoin: +2.03%, $3.34
- Casper: +1.94%, $0.0344
The global cryptocurrency market capitalization has reached $1.06 trillion, marking a 1.07% increase over the past day.
U.S. Stock Futures and the Fed Decision
U.S. stock futures displayed a slight uptick on Sunday night, as investors await the Federal Reserve's forthcoming policy decision scheduled for Wednesday. S&P 500 and Nasdaq 100 futures both edged up by 0.1% following a week of losses for these indices, while the Dow managed a modest 0.1% gain for the week. While the Fed is expected to maintain current interest rates, market participants will closely scrutinize their stance on inflation moving forward.
Analyst Insights: Crypto Market Outlook
Crypto analyst Michael Van de Poppe notes that the cryptocurrency markets appear to be consolidating, as evidenced by Bitcoin's strong weekly close above the 200-week Exponential Moving Average (EMA). This suggests that a correction may be nearing its end.
Pseudonymous analyst Rekt Capital draws parallels between Bitcoin's current position in the cycle and its breakout in 2015, followed by a retracement in 2019. This historical pattern suggests that Bitcoin may be on the brink of pivotal weeks as it determines its direction leading up to the 2024 Halving event.
Crypto analyst Credible Crypto predicts a bullish trajectory for Bitcoin, anticipating the start of a larger upward move, potentially ranging from $5,000 to $10,000 within a few weeks, with confirmation upon breaking the $28,000 threshold.