Nervos Network

Ki Young Ju, CEO of the blockchain analytics platform CryptoQuant, believes the crypto market is still “in the middle of the bull cycle.” 
According to Young Ju’s X post, self-custodial Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) wallets have been <a href="https://crypto.news/bitcoin-whale-accumulation-heats-up-ahead-of-us-cpi-report/" target="_blank">accumulating</a> over the past week. He added that long-term holder whale addresses are showing increased interest. 
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 Whales are accumulating <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">#Bitcoin</a>. Six days of accumulation alerts in a row. Primarily from custody wallet inflows. Nothing has changed for Bitcoin; we're in the middle of the bull cycle. <a rel="nofollow" href="https://t.co/DE0A1Khhus" target="_blank">pic.twitter.com/DE0A1Khhus</a>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1836270155976052779?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">September 18, 2024</a>
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Following the increased accumulation, BTC rose by 3.35% in the past 24 hours and is trading at $60,450 at the time of writing. On Sept. 17, the flagship cryptocurrency reached a local high of $61,316 with its market cap surpassing the $1.2 trillion mark. 
 You might also like: <a rel="" href="https://crypto.news/spot-bitcoin-etfs-see-massive-186-7m-inflow-surge-ether-etfs-face-continued-outflows/"> Spot Bitcoin ETFs see massive $186.7m inflow surge, Ether ETFs face continued outflows </a> 
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 BTC price – Sept. 18 | Source: <a href="https://crypto.news/price/bitcoin/" target="_blank">crypto.news</a>
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The global crypto market cap also surged by 0.7% over the past day, reaching $2.17 trillion, according to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> from CoinGecko. Most of the leading altcoins recorded bullish momentum with Nervos Network (<a href="https://crypto.news/price/nervos-network/" target="_blank">CKB</a>) <a href="https://crypto.news/ckbs-trend-fading-away-despite-emerging-as-top-gainer/" target="_blank">emerging</a> as the top gainer with a 17% price surge.&nbsp; 
Moreover, the market-wide positive sentiment comes ahead of the expectations of the U.S. Fed rate cut, which is scheduled for today. The probability of a 50 basis point rate cut increased last week as the U.S. Consumer Price Index report showed declining inflation.&nbsp; 
Per a crypto.news report, the CPI for August <a href="https://crypto.news/aave-uniswap-icp-climb-as-bitcoin-retreats-with-cooling-us-cpi/" target="_blank">came</a> at 2.5% while the expected rate was 2.6%.&nbsp; 
This will be the first Fed rate cut since March 2020 which many analysts believe could trigger bullish momentum for financial markets, including cryptocurrencies. 
<a href="https://polymarket.com/event/fed-interest-rates-september-2024?tid=1725371980676" target="_blank" rel="nofollow">Data</a> from the market prediction platform Polymarket shows that there is a 53% chance of a 50 basis point rate cut and a 46% chance of a 25 basis point rate cut. 
 Read more: <a rel="" href="https://crypto.news/binance-fires-back-at-wazirx-over-control-claims/"> Binance fires back at WazirX over control claims </a>

CryptoQuant CEO: We’re in the middle of the bull cycle

crypto.news

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