Will Bitcoin Break Out of Its Range?

• Sui Network up 137%, surpasses Aptos with strong futures market demand.
• Crypto market downturn as traders await U.S. economic reports and Fed decision.
• AI-driven cryptos surge, boosted by Apple’s new AI features in iOS update.

The crypto market is under a pullback as traders anxiously await key economic reports and the Federal Reserve’s upcoming interest rate decision. Bitcoin slid by 3% to below $58,500, dragging the total crypto market cap down by 4.5% over the weekend. This decline reflects ongoing uncertainty about the U.S. economic outlook and the Fed’s expected rate cut.

Sui Network Gains Momentum, Flips Aptos

Even as the crypto market stayed subdued, Sui, often referred to as the “Solana killer,” has also witnessed significant gains, surpassing Aptos to become the 27th largest crypto asset by market cap. Sui’s price surged by 137% from its low last month, reaching a peak of $1.10 on September 15. Additionally, open interest in Sui futures hit a record $295 million, signaling strong investor demand.

Bitcoin’s Price Action and the Fed’s Decision

Bitcoin has been trading within a range of $57,000 to $60,000 as traders anticipate U.S. economic data, such as retail sales and industrial production for August, which will provide insights into consumer spending and economic productivity.

The Federal Reserve’s decision, scheduled for Wednesday, September 18, has intensified speculation in financial markets. The CME Fed Watch tool currently predicts a 41% chance of a 25 basis point rate cut and a 59% likelihood of a larger 50 basis point reduction, potentially bringing interest rates down to 5% from the current 5.5%.

Read also: Bitcoin Breaks $57K Barrier as Fed Rate Cut Odds Surge to 85%

Apple’s AI Push Fuels AI Cryptocurrencies

Interestingly, certain crypto assets linked to artificial intelligence have outperformed the broader market, fueled by Apple’s recent introduction of AI capabilities in its devices.

Apple’s “Glow Time” event unveiled new AI features in its upcoming iOS 18.1 update, generating excitement among market participants. While the event didn’t directly mention blockchain or crypto, developers and crypto enthusiasts believe that the increasing integration of AI could positively impact blockchain projects.

Rootstock World Tour Offers Exciting Opportunities

In other news, Rootstock, Bitcoin’s largest layer-2 platform, launched its “World Tour” campaign, offering $33,000 in prizes and NFTs for participants. The campaign, running until September 30, invites users to explore the network, complete quests, and win rewards.