Daily News | BTC Stabilized at $58,000, Altcoin Market Gradually Recoverd

2024-09-13, 04:31

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## Crypto Daily Digest: Small BTC ETF inflows increase probability of 50 basis point interest rate cut in September
According to Farside Investor data, there was a net inflow of $39 million into US <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETFs yesterday. Among them, Ark ARKB had a net inflow of $18 million, and Fidelity FBTC had a net inflow of $11.47 million. BlackRock IBIT has no inflow or outflow of funds.

The US <a href="/pt/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETF experienced an outflow of $20.14 million yesterday, with overall ETH ETF trading volume being relatively small. Among them, Grayscale ETHE had an outflow of $20.14 million, while BlackRock ETHA had no inflow or outflow of funds.

**Treasure DAO launched proposal to migrate from Arbitrarum to ZKsync**

Treasure DAO recently released a proposal to migrate its <a href="/pt/web3" target="_blank" class="blog_inner_link">Web3</a> gaming ecosystem from Arbitrarum to ZKsync. The proposal suggests that ZKsync is more "suitable" to meet Treasure's long-term plans in decentralized gaming.

ZKsync stated that voting will begin on September 17. If the proposal is approved, Treasure's testnet will be transferred from Arbitrarum to a new testnet on ZK Stack, and then the mainnet will be launched. The holder of Treasure native token MAGIC will be responsible for deciding the migration plan.

**Digital asset management company ParaFi Capital will tokenize $1.2 billion fund**

Digital asset management company ParaFi Capital announced that it will tokenize a portion of its $1.2 billion investment portfolio on the <a href="/pt/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> blockchain through the Securitize platform.

This is the company's first attempt at fund tokenization, providing a portion of equity in its latest venture capital fund. Through tokenization, investors can buy and sell these tokenized shares on digital platforms.

**The probability of the Fed cutting interest rates by 50 basis points in September rose to 41%**

According to CME's "Federal Reserve Watch", the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 59%, and the probability of cutting interest rates by 50 basis points is 41%. The probability of the Federal Reserve cutting interest rates by 50 basis points cumulatively until November is 26.4%, the probability of cutting interest rates by 75 basis points cumulatively is 50.9%, and the probability of cutting interest rates by 100 basis points cumulatively is 22.6%.

## Market Trends: BTC is consolidating around $58,000, and the Altcoin market is recovering
### Mainstream Coins
BTC prices remain stable around $58,000, and there are signs of recovery in the Altcoin market;

The volatility of ETH has narrowed, and the daily price fluctuation has not exceeded 5% for a week. The ETH/BTC exchange rate is about to fall below 0.04;

Altcoins generally rebounded, with signs of collective gains in the GameFi and AI sectors;

In terms of data indicators, today's AHR999 index is 0.61, indicating that the current <a href="/pt/price/bitcoin-btc" target="_blank" class="blog_inner_link">BTC price</a> is still a good buying point; The Fear & Greed index is 32, and the mood is still relatively low.

### Market Hotspots
GameFi sector: BIGTIME, MAGIC, BNX, MAVIA, etc. rose. BIGTIME leads the market with a daily increase of over 40%; From a news perspective, it seems that there are no significant game product updates for the Bigtime project, and the future prospects of the Bigtime token remain to be seen.

AI sector: WLD, AI, TAO, etc. rose. Nvidia surged 8% within the day, attracting market attention to the AI track again. At the same time, the AI sector of cryptocurrency also received some capital inflows, driving the rise of related tokens.

RWA sector: OM, TRU, PENDLE, etc. rose. On the news front, the OM token issuer Mantra will launch on the mainnet in October, which is a medium - to long-term positive for the OM token price. Pendle will expand its business by adding BTC staking, which will to some extent benefit PENDLE's price.

## Macroeconomics: The three major stock indexes of the US stock market collectively closed higher, and the Fed will discuss interest rates next week
The three major US stock indices collectively closed higher, with the S&P 500 index rising 0.75% to 5,595.76 points; The Dow Jones Industrial Average rose 0.58% to 41,096.77 points; The Nasdaq index rose 1.00% to 17,569.68 points. The benchmark 10-year Treasury yield is 3.68%, and the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 3.64%.

Among the popular US stocks, Apple rose 0.05%, Microsoft rose 0.94%, Nvidia rose 1.91%, Amazon rose 1.34%, Google C rose 2.23%, Google A rose 2.34%, Meta rose 2.69%, TSMC rose 0.72%, Tesla rose 0.74%, and AMD rose 0.61%.

The most important news at present is that the Federal Reserve will hold interest rate talks next week, and this period is a quiet period for the Federal Reserve, during which Federal Reserve officials cannot make statements. Important economic data has also been released, and Huang Renxun has given a speech. Therefore, the positive market atmosphere will continue until the Fed officials' speeches after the interest rate cut next week. If the Federal Reserve only cuts interest rates by 25 basis points, it is believed that it will not have a significant impact on cryptocurrencies. On the contrary, the Federal Reserve needs to focus on the number of interest rate cuts this year. Based on the current inflation figures, the market estimates that there will still be 2-3 decisions to cut interest rates. However, this remains to be seen as inflation in the United States is still full of variables.

### Conclusion
The current market shows some signs of recovery, especially driven by the GameFi and AI sectors. However, overall market sentiment remains relatively low, and investors need to remain cautious when operating. The stable performance of Bitcoin and its low AHR999 index provide a good buying opportunity, while the rebound of Altcoins also offers opportunities for short-term investments. Macroeconomic factors such as the performance of the US stock market and the dynamics of the Federal Reserve will continue to affect the market, and investors need to closely monitor changes in these factors.

<div class="blog-details-info">
<div>Author:**Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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