Preface:
Bitcoin and Ether have risen by 3.07% and 2.82% in the past 24 hours, respectively, with current prices at $61,978 and $2,391. The ETH/BTC ratio remains at 0.04. The Fear & Greed Index for the crypto market stands at 49, indicating a neutral sentiment.

Market Trending

Introduction:
Bitcoin and Ether have risen by 3.07% and 2.82% in the past 24 hours, respectively, with current prices at $61,978 and $2,391. The ETH/BTC ratio remains at 0.04. The Fear & Greed Index for the crypto market stands at 49, indicating a neutral sentiment.
Market Trends
Yesterday saw a significant rebound in the market, but the main surge has yet to occur. On the macro level, this Thursday, the Federal Reserve announced a 50 basis point rate cut in the FOMC meeting, leading to a slight uptick in U.S. equities before closing with a slight decline across the three major indices. The Fed’s decision to cut rates by 50 basis points garnered widespread support. While some view it as a corrective move, the market remains optimistic in the long term, expecting two more 25 basis point cuts this year.
In terms of market highlights, BTC surged back above $62,000 following the Fed’s 50 basis point rate cut, driving a significant rebound across the crypto market. In the public chain sector, SUI, FTM, SEI, and others saw strong gains. Sui’s meme project, Blub, has surged in value, now with a market cap of $30 million, having increased over 100x this month. In the meme sector, the recent listing of meme coins on Binance has revitalized the market. Neiro led the surge, and POPCAT, a leading cat-themed meme project on the Solana chain, is just shy of its all-time high, with potential to be the first cat-themed meme coin to surpass a $1 billion market cap. In the modular sector, tokens saw broad gains, with SAGA rising 18% in a single day and up 41% over the past 7 days. TIA and DYM tokens in the modular sector are seen as undervalued, with capital starting to flow in for corrections.

Spot Bitcoin ETF Flows

Yesterday, U.S. Bitcoin spot ETFs saw a net outflow of $52.83 million, including $8.13 million from GBTC and $43.41 million from ARKB. Despite this, Bitcoin ETFs have seen net inflows over the past five trading days, with a cumulative total of $530 million.
Meanwhile, U.S. Ethereum spot ETFs saw a net outflow of $9.7 million yesterday, including $14.66 million from ETHE and $4.95 million in net inflows for ETHA. No other Ethereum ETFs saw inflows or outflows.

Check Out the Latest Prices, Charts, and Data of BTC/USDT Spot and BTCUSDT Perp!

Daily Spotlight

Today’s hot project is SAGA, with a 24-hour gain of 18.21%.
Founded in 2021, Saga (SAGA) is a Layer 1 blockchain protocol that allows developers to create custom chains for their applications, providing shared security and scaling solutions. Saga’s economic model focuses on sharing the success of projects built on its platform rather than charging gas fees. Projects can launch on Saga’s chain at low cost, and once bridged through its infrastructure, Saga takes a small portion of token activity. As these projects grow and their tokens gain value, Saga can hold, use, or sell these tokens to fund ecosystem growth and buy back $SAGA tokens. This creates a network effect where success drives further success, positioning Saga as a key platform for value creation in Web3. Driven by an upward trend in the sector and the announcement of its economic model, SAGA tokens surged 18% in a single day and have risen 41% over the past seven days.
Check Out the Latest Prices, Charts, and Data of SAGA/USDT Spot and SAGAUSDT Perp!

The Word on the Street

Federal Reserve’s September 2024 FOMC Meeting Passes 50bp Rate Cut, Opinions Divided
The Federal Reserve has initiated a rate-cutting cycle, lowering the federal funds rate by 50 basis points to 4.75%-5.00%, marking the first rate cut since March 2020.

Opinions vary:

1. Fed Chair Powell: Will decide to accelerate or slow the pace of rate cuts based on actual market conditions.
2. Donald Trump: The rate cut indicates that the U.S. economy is “in terrible shape.”
3. Vice President Kamala Harris: It’s good news for Americans suffering from high prices.
4. Nationwide Chief Economist: The Fed will continue cutting rates rapidly.
5. Wall Street Journal reporter Nick Timiraos: The first 50bp rate cut marks an aggressive start to the easing cycle.
6. “Bond King” Jeffrey Gundlach: Expects another 50bp rate cut in November and a further 75bp cut by year-end.
7. Global X Investment Strategist: The 50bp rate cut may be too aggressive.
8. Standard Chartered Executive: Stablecoins can mitigate the negative impact of Fed rate cuts on treasuries and money market tokens.
9. Senator Elizabeth Warren: Powell acted too late and needs to cut rates further.

Potential Airdrop

Fuel is a UTXO-based modular execution layer bringing scalable global access to Ethereum. As a modular execution layer, Fuel achieves global throughput in ways that monolithic chains cannot while inheriting Ethereum’s security. In September 2022, Fuel Labs successfully raised $80 million in a funding round led by Blockchain Capital and Stratos Technologies, with leading investors such as CoinFund, Bain Capital Crypto, and TRGC.
How to participate: Participants can earn 1.5 points per day for every $1 of the following assets deposited: ETH, WET, eETH, rsETH, rETH, wbETH, USDT, USDC, USDe, sUSDe, and stETH.