Fed's policy shift prompts Bitcoin volatility but price stabilizes above $60,000 on cautious market sentiment.
Bitcoin (BTC) experienced heavy volatility on Sept. 19 following the Fed’s FOMC meeting but maintained its position above the $60,000 threshold.
Fed chair Jerome Powell confirmed weeks of speculation by announcing a 50 basis point rate cut after four years of restrictive monetary policy.
According to the press release:
“The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance.”
The policy shift comes after a prolonged period of rate hikes by the Fed, which raised interest rates to combat inflation throughout 2022 and 2023. The decision aligns with other global central banks, such as the European Central Bank, which has also lowered rates this year in response to easing inflation pressures.
Bitcoin holds $60k
Following the Fed’s announcement, Bitcoin initially surged above $61,000, but the momentum reversed within an hour, taking prices below $60,000 before bulls initiated a reversal. Bitcoin traded within a relatively narrow range, with prices finding support around $59,000 and resistance near $61,230.
According to CryptoSlate data, the flagship crypto was trading at $60,469 as of press time, up 0.53% over the past 24 hours.
Despite the brief volatility following the FOMC announcement, Bitcoin has settled into a more stable zone. Key moving averages, including the 7-period moving average (MA) at $60,280.1 and the 99-period MA at $60,075.3, suggest that market sentiment is cautiously neutral.
Despite the current reversal, analysts warn that similar volatility may continue in the coming days. Historical patterns suggest that crypto markets often react strongly to macroeconomic news but may experience corrections as the market digests the longer-term effects.
Altcoins struggle to rebound
Altcoins fared much worse over the day compared to Bitcoin, with most seeing losses and only recovering after the FOMC meeting.
Ethereum (ETH) traded below $2,300 for most of the day before attempting a recovery following the Fed’s announcement. As of press time, ETH was trading at $2,337, down 0.16% over the past 24 hours.
BNB fared a little better, up 0.88% over the past day to trade at $550.05, while Solana (SOL) reversed the day’s losses and was up 0.19% to $131.60.
Meanwhile, XRP was down 0.60% over the period and is currently priced at $0.581, while Dogecoin (DOGE) was trading at $0.1024, up 1.45%.
Toncoin (TON) saw a notable rise of 2.12%, reaching $5.63, whereas Tron (TRX) slipped by 0.54% and is currently valued at $0.1492. Rounding out the top 10, Cardano (ADA) inched up by 1.26% to $0.3375, and Avalanche (AVAX) showed a 0.01% decrease, trading at $23.86.
Bitcoin Market Data
At the time of press 11:48 pm UTC on Sep. 18, 2024, Bitcoin is ranked #1 by market cap and the price is up 0.42% over the past 24 hours. Bitcoin has a market capitalization of $1.2 trillion with a 24-hour trading volume of $39.36 billion. Learn more about Bitcoin....................
Valhalla Partners with Alliance as Official Esports Partner, Expanding Web3 Gaming Horizons
Valhalla will integrate esports exposure through Alliance’s digital platforms, live streams, and team jerseys, bringing Web3 gaming to a broader audience.
Miami, Florida, September 24th, 2024, Chainwire – Floki is proud to announce that Valhalla, an innovative Web3 play-to-earn game, is in a groundbreaking partnership with Alliance, a leading global esports organization.
The partnership with Alliance allows Valhalla to tap into the vast esports audience, introducing gamers to the benefits of Web3 while combining exciting gameplay with digital asset ownership.
Valhalla is an MMORPG that combines open-world exploration with strategic turn-based combat. Players can earn rewards through gameplay and unlock in-game advantages through their skills and strategies.
“We’re thrilled to join forces with Alliance,” said Mr. Brown Whale, Valhalla’s lead and core advisor. “This partnership is more than just about gaming—it’s about unlocking new ways for players to compete, earn, and engage in the digital economy. Together, we’re redefining what’s possible in competitive gaming.”
Through this partnership, Valhalla will be featured prominently across Alliance’s digital platforms, live streams, and team jerseys. Fans can look forward to exclusive events, interactive content, and the opportunity to explore the exciting world of Web3 gaming through Valhalla’s strategic gameplay.
“We’re thrilled to welcome Valhalla into the Alliance family. Their innovative approach to Web3 gaming and blockchain technology offers a new frontier for gamers and fans alike,” said Jonathan “Loda” Berg, CEO and co-founder of Alliance. “We believe this partnership will open up exciting opportunities for our Alliance family to engage, work together, compete and earn rewards.”
Valhalla’s strategic gameplay allows players to earn rewards based on their in-game achievements, bridging the gap between gaming and digital economies. This partnership paves the way for more gamers to experience the benefits of blockchain while engaging with a vibrant and rewarding gaming ecosystem.
About Floki
Floki is the people’s cryptocurrency and utility token of the Floki Ecosystem. Floki aims to become the world’s most known and used cryptocurrency, focusing on utility, philanthropy, community, and marketing. Floki currently has over 490,000 holders and a strong brand recognized globally thanks to strategic marketing partnerships. Learn more at floki.com
About Valhalla
Valhalla is a blockchain-based MMORPG inspired by Norse mythology. Players discover, tame, and battle with creatures called Veras, competing in a player-driven economy on a hexagonal battlefield. Learn more at Valhalla.game.
About Alliance
Founded in 2013, Alliance is a world-renowned esports organization known for its championship teams and top players. With 57 championship trophies and over 150 tournament wins across 18 esports titles, Alliance continues to lead in the global gaming industry. Learn more at thealliance.gg.