With an FGI of 30 points, the global crypto market has declined by 0.58% to around $2 trillion. It signals that investors are less willing to invest in risky assets, including cryptocurrencies like BTC and ETH, among others. All eyes are on the Federal Reserve. Authorities have not confirmed the size of the rate cut they would go for. To put it simply, it will be determined by employment data as well as the recovery rate that they choose. The unemployment rate is on the rise, with many analysts demanding a faster rebound to avoid recession.
Bitcoin and Ethereum See a Decline
Both tokens were on the rise yesterday; however, they have retraced their steps back for a fall. BTC is down by 0.82%, while ETH has plummeted by 0.74% in the last 24 hours. Their token values are $56,708.40 and $2,392.44, applicable in the same order. A new development in the market may help to balance whatever the Federal Reserve announces in the coming days. Mastercard has teamed with Mercuryo, a European payments company. The idea is to have a Euro-denominated crypto debit card.
Customers will be able to spend digital tokens via self-custodial wallets. Experts estimate that the offering has attracted over 100 million merchants to the network. The development comes after Mastercard launched a pilot crypto debit card in August in association with MetaMask Wallet. This is likely to strike a balance as it reflects a growing adoption of innovative technology that centers around blockchain and cryptocurrencies.
Meme Coins Show Mixed Signs
Only Dogecoin is up by 2.25% at a time when almost every other token from the said segment has declined notably. This includes the second-ranked dog-themed meme coin, SHIB, which is down by 0.61% in the last 24 hours. However, DOGE has yet to reach the milestone of $0.1, surpassing the current value of $0.09853. It will not be the first time that Dogecoin exchanges hands at that value—the first time in September—but the token has done so in the previous month for 2-3 consecutive days. For more insights, check out the DOGE price prediction.
The difference between their market caps is now more than $7 billion, with Dogecoin inching closer to $15 billion and Shiba Inu sliding closer to $7.5 billion. Analysts believe that new meme coins are pushing through the market. As a result, they can navigate more effectively than those who have been in the market for longer.
Other Gainers and Losers
BNB is up slightly by 0.25% in a single day, but that does little when it comes to instilling confidence among investors. Ripple’s XRP has defied the predictions of upticks, as the token has dropped by 1.48% over the past 24 hours. Ripple and the US SEC are again locking horns. Former agency lawyers are saying that it is only a matter of time until authorities file an appeal against Ripple instead of accepting the settlement. The community believes that a move to the Supreme Court is a lost case, and that settlement acceptance is comparatively better.
DOGS is up by 7.77% for a value of $0.001087, and BOME has soared by 0.26%, hovering around $0.005882. Every other meme coin is struggling to make gains, let alone sustain them for a while.
Conclusion
The Federal Reserve is yet to decide the size of rate cuts. There are numerous predictions that the reduction could be either 25 bps or 50 bps. Meanwhile, cryptocurrency prices are fluctuating, with both highs and lows in their books.
Disclaimer: Values were true at the time this article was written. The content is not investment advice.