The global crypto market cap has risen by 0.31% and is hovering around $2 trillion, with an FGI of 45 points for neutral sentiments. Following the launch of its new devices, Apple is betting heavily on AI. BlackRock has issued a warning to investors, advising them to exercise caution, as the Federal Reserve may take its time to cut rates, or the rate cuts may not be as significant as the community anticipates. The developments have impacted the price of cryptocurrencies. BTC and ETH are struggling to make their gains sustainable. Meme Coins are declining as they approach significant milestones.
BTC and ETH Fall Behind the Target
Bitcoin ($BTC) is exchanging hands at $56,392.53, down by 0.59% in the last 24 hours. It was closer to $60k but is now down to a lower value. BlackRock has warned that the decline may continue in the coming years. The ETF issuer has explained this by stating that the Federal Reserve would not go too aggressive in getting control of the situation. A better way to understand this is to know that the cut would be 25 bps, whereas a 50 bps cut would have been a more welcome move.
Ethereum ($ETH) is following the trail with a decline of 0.30%. It dropped to $2,338.19 in the last 24 hours. Ether was on the verge of reaching a value of $2,500, but it has now retreated. Whales were on the move, accumulating tokens so that prices could go up. Sentiments may have shifted briefly, but there is a chance that the transition has happened from bullish to bearish sentiments as the year comes to an end.
Meme Coins See a Downtrend
DOGE and SHIB are down by 2.51% and 0.97%, respectively, in the last 24 hours. Shiba Inu has managed to stay in the game by absorbing the blow. It is also evident from the fact that the market capitalization of Dogecoin has declined significantly, while that of SHIB is at a comfortable level just below $7.8 billion. Dogecoin losing double the value raises concerns about a price drop. DOGE has worked to get it right in terms of exchange value, which is $0.1003 against SHIB’s $0.00001324.
The Dogs token launch is expected to be the most significant token generation event in history. If yes, then the community may have diverted its attention to a new token for a while, causing a decline in the value of tokens like DOGE and SHIB.
Other Gainers and Losers
Losers are in large numbers; gainers are a few. TON stands out, with a gain of 0.395 in a single day. The token value has reached $5.27 and is now aiming to breach $6 by the end of this month, that is, September. That will pave the way for a higher value of around $7.5 by the middle of next year. The price of XRP has dropped by 0.33% in the past 24 hours to $0.5325.
WIF and PEPE have shed a lot of weight in a single day. They are down by 3.70% and 1.61%, applicable in the same order, but remain the most preferred meme coins in the market for their potential to mark higher upticks or for a longer time in comparison to others on the list.
Conclusion
Expect more fluctuations as details about the presidential debate make it to the headlines. A lot will also depend on the level to which BlackRock’s warning turns out to be correct.
Disclaimer: Values were true at the time this article was written. The content is not investment advice.
Source: https://www.cryptonewsz.com/crypto-market-reacts-to-blackrocks-warning/