Crypto and stocks dip amid macro uncertainty
The Daily Brief is brought to you in partnership with BCB Group, Wincent, Vault12 and World Mobile.
📉 Macro headwinds - Trump announces tariffs and Fed rate-cut doubts grow.
🟠 Majors see decline - Bitcoin drops below $110K; Ethereum slides under $4K.
🏛️ US Senate hearing on 1 Oct - to spotlight crypto taxation and reforms.
Crypto and stock markets have declined further after macro headwinds, including Trump announcing new tariffs on pharmaceuticals, and investors starting to doubt whether the Fed will cut rates at its next meeting. “I think the initial knee-jerk reaction most likely would see a continuation of the equity market weakness we’ve seen, as investors take a cautious approach,” Khoon Goh, head of Asia research at ANZ, told Reuters.
In its weekly note, research firm Glassnode said momentum from the Fed’s September rate cut could be fading as Bitcoin enters a “corrective phase.” Still, the company emphasised the current drawdown is relatively mild: an 8% drop from the $124K all-time high to $113.7K, compared with a 28% drawdown earlier in this cycle and 60% declines in past cycles. This, Glassnode argues, fits with the long-term trend of diminishing volatility.
Considering the above, Bitcoin has slipped below $110,000 overnight, while Ethereum fell under the key $4,000 mark. Most other markets are also in the red, though a few, like LayerZero (ZRO) and Synthetix (SNX), are rallying against the tide.
On the regulatory front, the next major event is the US Senate hearing on 1 October, where industry leaders including Coinbase are expected to testify on tax challenges and possible legislative reforms.
In the markets…
🌍 Total crypto market cap ↘️
The global crypto market cap is approximately $3.83 trillion, down 1.8% from this time yesterday.
🟠 Bitcoin (BTC) ↘️
Price: $109,108 down 0.6% in the last 24 h.
Daily high: $112,127
Daily low: $108,787
📈 S&P 500 ↘️
SPY is currently down 0.5% since yesterday’s close.
📈 Nasdaq 100 ↘️
The Nasdaq 100 is down about 0.43% overnight.
😨 Fear & Greed Index
The Crypto Fear & Greed Index stands at 32/100, in Fear.
*Data is correct as at 26 September, 07:39 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.
