The global crypto market is up by 2.52%, hovering around $2.05 trillion with an FGI of 37 points. The dust from one of the most anticipated events is starting to settle. Donald Trump and Kamala Harris have had their first presidential debate. Several points were discussed during the debate, but the crypto market was the first to respond to the outcome or social response. BTC had taken a slight 1% hit amid reports declaring Kamala the winner of the debate. However, the debate may not have a significant impact on election day.
BTC and ETH See Upswings
In the last 24 hours, Bitcoin tokens have increased by 3.33%. They are exchanging hands at $58,326.51. BlackRock maintains its stance about the possibility of forthcoming declines. It predicts a potential price crash for the token. This stems from the assumption that the Federal Reserve would not be quick in cutting rates. Thereby, causing volatility flare-ups. Rate cuts will certainly happen, and the Federal Reserve has indicated that it will seek slashing 25 bps from the current trend. The market’s expectations may be slightly let down.
Ethereum has made small gains in comparison to BTC. Ether is up by 1.77% during the same time frame for a value of $2,372.39. In the UAE, Ethereum has something to look forward to. Standard Chartered has reportedly launched Bitcoin and Ethereum custody in the region. The Dubai Financial Services Authority licenses it to offer users a secure storage unit for their digital assets. It goes on to indicate that BTC and ETH are seeing a growing adoption in different parts of the world.
Meme Coins Surge Significantly
Dogecoin has outperformed Shiba Inu by a pretty big margin. DOGE is up by 2.49% in a single day for a value of $0.1027. The token is still above $0.1, which is a sign of relief. It is potentially teasing the next milestone of $0.11, which could be achieved by the end of this year, provided all factors align favorably for the market.
SHIB is dancing around $0.000013421. After the burning rate skyrockets to more than 8,000%, prices of SHIB soar. Community members are expecting a bullish breakout to happen amid the rising scarcity. Prices did fall, but by the looks of it, optimism has made the price make a comeback.
Other Gainers and Losers
BNB has made a significant stride. It gained 6.56% in a single day for a listed price of $544.45. This pace could very well take the token to $580 in the next 30 days, setting the stage for $600 by the end of this year. A rise in the price of BNB comes as the speculation for the introduction of restaking has taken center stage.
PEPE has regained its position as one of the most preferred meme coins in the market. The frog-themed token has surged by 3.24%. Its economic value remains $0.000007372. For a trading price of $0.00001693, BONK has gained 2.35% of weight.
Conclusion
The market is influenced by multiple factors that impact the price of cryptocurrencies. All eyes are currently on the Federal Reserve to announce rate cuts by a good margin.
Disclaimer: Values were true at the time this article was written. The content is not investment advice.