Crypto and stocks claw back lost ground, global payment rails test blockchain, and inflation data meets expectations
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🟢 Bitcoin rebounds above $110K - total crypto market cap up 2.2%.
📊 US inflation steady in August - PCE meets expectations.
📈 Stocks up - S&P 500 and Nasdaq 100 both trade higher after the data.
🌍 SWIFT explores blockchain - for faster cross-border payments.
Bitcoin has climbed back above the key $110K level, trading above $112K this morning, as crypto markets saw a broad overnight rebound. The total market cap is up 2.2%, showing signs of renewed momentum after last week’s dip into fear on the Fear and Greed Index.
Fresh data from the US Bureau of Economic Analysis on Friday showed inflation holding steady in August. The Fed’s preferred gauge, the Personal Consumption Expenditure (PCE) Index, rose 2.7% year-on-year, slightly higher than July’s 2.6% and right in line with forecasts. Core PCE, which strips out food and energy, climbed 2.9% on an annual basis, unchanged from July. On a monthly basis, PCE rose 0.3% while core PCE ticked up 0.2%.
“It’s a pretty good report, particularly on the consumer spending side, which exceeded expectations… The inflation numbers, both the headline and the core, met expectations,” Doug Beath, Global Equity Strategist at Wells Fargo Investment Institute, told Reuters. The S&P 500 and Nasdaq 100 opened in the green this morning.
In a further sign of convergence between crypto and traditional finance, SWIFT, the global payments network used by banks and central banks, is testing its own blockchain. The initiative aims to enable real-time, 24/7 cross-border payments, which currently can take days. According to Reuters, SWIFT envisions a shared digital ledger that would “record, sequence and validate transactions and enforce rules through smart contracts.”
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.86 trillion, up 2.25% from this time yesterday.
🟠 Bitcoin (BTC) ↗️
Price: $112,108 up 2.39% in the last 24 h.
Daily high: $112,293
Daily low: $109,257
📈 S&P 500 ↗️
SPY is currently up 0.59% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.44% overnight.
😨 Fear & Greed Index
The Crypto Fear & Greed Index stands at 39/100, in Fear.
*Data is correct as at 29 September, 08:25 GMT.
Cautionary Notes
It's definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. The Digital Commonwealth always advises you to obtain your own independent financial advice before investing or trading in cryptocurrency.
