Bitcoin

Pepe

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<p class="is-style-lead">Cryptocurrencies are largely in the green Saturday as traders anticipate the Federal Reserve will cut interest rates next week and Bitcoin retests the crucial resistance point at $60,000.</p> 
<h2 class="wp-block-heading" id="bitcoin-price-rose-to-60k">Bitcoin price rose to $60k</h2> 
<ul class="wp-block-list"> 
 <li>Celestia (<a href="https://crypto.news/price/celestia/" target="_blank">TIA</a>) rose by 12% to $4.50, reaching a high of $4.59 — its highest swing since Aug. 31</li> 
 <li>Popcat (<a href="https://crypto.news/price/popcat/" target="_blank">POPCAT</a>) jumped to $0.80, 71% above its lowest level this month.</li> 
 <li>Pepe (<a href="https://crypto.news/price/pepe/" target="_blank">PEPE</a>), the popular meme coin, rose by 6% while JasmyCoin (<a rel="" href="https://crypto.news/price/jasmycoin/">JASMY</a>)</li> 
 <li>MOTHER Iggy (<a rel="" href="https://crypto.news/price/mother-iggy/">MOTHER</a>) rose by over 5%. </li> 
</ul> 
<p>Altogether, the market cap of all coins tracked by CoinGecko jumped to over $2.20 trillion.</p> 
<p>This recovery coincided with the performance across other assets. Gold jumped to a record high of $2,580 while American equities continued their rebound. The Dow Jones rose by 0.80% while the S&amp;P 500 and Nasdaq 100 indices rose by 0.55% and 0.60%, respectively.&nbsp;</p> 
<p>The performance happened after the US published <a href="https://crypto.news/aave-uniswap-icp-climb-as-bitcoin-retreats-with-cooling-us-cpi/" target="_blank">encouraging inflation data</a><strong> </strong>on Wednesday, raising the chances that the Federal Reserve will start cutting interest rates on Sep. 18. The data showed that the headline consumer inflation dropped to 2.5%, its lowest level in over two years.&nbsp;</p> 
<p> You might also like: <a rel="" href="https://crypto.news/bitcoin-whale-accumulation-heats-up-ahead-of-us-cpi-report/"> Bitcoin whale accumulation heats up ahead of US CPI report </a> </p> 
<p>Risky assets like crypto are expected to do well should the Fed cut rates, as they did in 2020 and 2021; they crashed when interest rates spiked in 2022.&nbsp;</p> 
<h2 class="wp-block-heading" id="microstrategy-continued-accumulating-btc">MicroStrategy continued accumulating BTC</h2> 
<p>Bitcoin also rose after Michael Saylor revealed that MicroStrategy had acquired an additional 18,300 coins worth $1.1 billion. </p> 
<p>It is the biggest corporate holders of Bitcoins with 244,800 in its portfolio.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/microstrategy-buys-additional-18300-btc-for-more-than-1b/"> MicroStrategy buys additional 18,300 BTC for more than $1b </a> </p> 
<p>It also jumped as signs showed that whales and sharks were accumulating the coin. As <a href="https://crypto.news/bitcoin-could-rally-as-exchange-reserves-fall-stablecoins-gain-in-market-cap/" target="_blank">we wrote</a>, the volume of Bitcoin in exchanges continued falling, hitting the lowest level in years.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🥳 Bitcoin is within inches of regaining the coveted $60K market value for the first time since falling below back on August 29th. The dynamic duo of mid-term accumulation from sharks &amp; whales, and falling levels of BTC on exchanges, sets the stage for crypto to roll again. <a rel="nofollow" href="https://t.co/LHyxaK4Rci" target="_blank">pic.twitter.com/LHyxaK4Rci</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1834657993985757214?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 13, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>Meanwhile, data from Nansen shows that stablecoin holdings by smart money continued falling. </p> 
<p>The chart below shows that these holdings peaked in May 2022 as Terra and its ecosystem crashed, leading to a risk-off sentiment. It then peaked in November 2022 as <a rel="" href="https://crypto.news/sam-bankman-fried-demands-new-trial-over-ftx-fraud-verdict/">FTX collapsed</a>.&nbsp;</p> 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="2385" height="740" src="https://crypto.news/app/uploads/2024/09/Stablecoin-Holdings.jpeg" alt="Stablecoin holdings" class="wp-image-14297895">
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  Smart money stablecoin holdings | Source: <a href="https://app.nansen.ai/smart-money" target="_blank" rel="nofollow">Nansen</a>
 </figcaption>
</figure> 
<p>Still, Bitcoin and altcoins like Celestia, Jasmy, and Pepe face a risk of Bitcoin forming a death cross since the spread between the 50-day and 200-day moving averages has narrowed. </p> 
<p>A death cross could lead to more downside. For example, Ethereum has dropped by 15% after forming the pattern in August.&nbsp;</p> 
<p> Read more: <a rel="" href="https://crypto.news/bittensor-crypto-charts-ai-tokens-ride-nvidia-wave/"> Bittensor tops crypto charts as AI tokens ride Nvidia wave </a> </p>

Celestia, Jasmy, Pepe, MOTHER Iggy lead as Bitcoin hits $60k

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