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In today’s crypto market, big cryptocurrencies like Bitcoin and Ethereum have seen increases in their value, even though there’s been significant inflation data.

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Major cryptocurrencies like Bitcoin and Ethereum are showing signs of recovery, bouncing back a day after the U.S. Federal Reserve released its consumer price index (CPI) inflation data on September 13. Although the Fear and Greed Index, which measures market sentiment, is still in the “fear” zone with a reading of 36, the overall performance of digital currencies is looking positive.

Bitcoin’s price has gained momentum, rising by 1.50% to reach $26,273.31 in the last 24 hours. However, it’s important to note that Bitcoin is still trading below the $30,000 mark. Other major cryptocurrencies, including Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), and Solana (SOL), are also experiencing positive movements.

At the time of writing, Ethereum’s price is up nearly 2%, reaching $1,621.21. Binance Coin has surged 1.13% to $212.18, while Cardano’s price has risen by 1.83% to $0.2486 compared to the previous day. Solana’s price has gained 6.18%, reaching $18.91, and Toncoin has jumped 7.04% to $1.91.

The meme crypto segment is also seeing some positive movement. Over the last 24 hours, Dogecoin’s price increased by 1.08% to $0.06136, and Shiba Inu’s price gained 1.44% to $0.000007279.

The recent performance of major cryptocurrencies suggests that crypto enthusiasts are regaining confidence, leading to a positive momentum in the overall market. The global cryptocurrency market cap has increased by 1.46% to reach $1.04 trillion at the time of writing, although the trading volume in the last 24 hours has decreased by 11.73% to $29.27 billion.

Investors are now keeping an eye on the release of initial jobless claims and producer price index (PPI) data, expected to be released later today.

Today’s Top Four Cryptocurrencies

1. Pepe Coin Rose 1.61%: Pepe Coin’s price increased by 1.61% to reach $0.0000006798 on Thursday. Its market cap also went up by 1.61% to $266.32 million, and the trading volume in the last 24 hours rose by 7.16% to $47.29 million. Pepe Coin, which is the third-largest meme coin, seems to be catching the attention of traders after facing challenges in recent days.

2. Hedera Went Up Over 10%: Hedera’s price surged by 10.56% in the past day, reaching $0.0523. Its market cap also saw gains of 11.20% at $1,736,737,924. Although there isn’t major news, Hedera recently mentioned on their X account that they would be presenting their Proof-of-Reserve solution at the TOKEN2049 event today.

3. THORChain (RUNE) Rose Over 8%: THORChain’s price was $1.61 at the time of writing, with an 8.20% increase in the last 24 hours. Its market cap grew by 8.12% to $543,695,664, and the 24-hour trading volume surged by 110.74% to $58,441,729. In a recent announcement on the X platform, THORChain stated that RUNE is now fully distributed.

4. Maker (MKR) Gained 5.05%: MKR cryptocurrency was among the top performers on September 14. At the time of writing, Maker’s price had risen by 5.05% to $1,177.64, and its market cap increased by 5.42% to $1,151,298,444. The crypto appears to be gaining attention after its participation in two significant crypto events, Korea Blockchain Week (September 4-10) and TOKEN2049 (September 13-14), where it discussed its “End Game” project.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#cryptomarket #pepecoin #Solana #CPI #cpidata

Bitcoin and cryptocurrency traders are eagerly anticipating the outcome of today's Federal Open Market Committee (FOMC) meeting conducted by the US Federal Reserve (Fed). Scheduled for 2:00 pm EST, the release of the interest rate decision will be followed by a press conference at 2:30 pm EST. This event holds significant importance as it is expected to influence the market in the coming weeks.

The prevailing sentiment among experts suggests that the Fed will opt for a pause in rate hikes. The CME FedWatch tool currently indicates a 95.3% probability of no change in interest rates. By maintaining the current levels, the central bank will have more time to assess the impact of its efforts to combat inflation.

Notably, major banks such as Goldman Sachs, J.P. Morgan, and Morgan Stanley share this expectation, except for Citi, which anticipates another 25 basis point rate hike. The crucial aspect to watch for during the meeting is the release of the "dot plot," which represents the Fed members' projections of future interest rate trajectories. Any upward revisions in these projections could lead to a decline in equities and an increase in the dollar index (DXY), potentially affecting the Bitcoin and cryptocurrency markets in a similar manner.

While the US bond market currently anticipates another rate hike by the Federal Reserve and a subsequent rate cut by the end of 2023, experts believe the outcome could be more binary. Michael Contopoulos, director of fixed income at Richard Bernstein Advisors, suggests that either the Fed will refrain from cutting rates, or a significant economic slowdown would prompt aggressive cuts. His inclination is toward the former scenario, speculating that higher-than-expected Consumer Price Index (CPI) data might push the Fed towards a hike. However, if CPI remains within expectations, a pause is more likely.

The bond market's current pricing indicates a prediction of 200 basis points in rate cuts for 2024, implying that a recession might not materialize until next year. This outlook aligns with the assessment of several experts.

Nevertheless, it should be noted that a rate hike by the Fed after a pause is not entirely implausible. The Bank of Canada (BoC) serves as an example, having raised rates by 25 basis points in June despite a two-month pause. The CME FedWatch Tool assigns a 63% probability of another quarter-point rate hike in July. Consequently, the "dot plot" released during today's FOMC meeting could significantly impact equities, #bitcoin , and the broader crypto market, depending on the direction of the revisions.

At the time of writing, Bitcoin remains relatively stable ahead of the interest rate decision. In the 1-hour chart, there is a promising possibility of a breakout from the current mini range around the FOMC meeting, triggering increased .

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