Crypto markets recover, Avalanche bulls are having a month, and the Fed’s Powell to deliver key speech
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🟠 Bitcoin steadies - at ~$113K, up 0.2% overnight.
📊 Broader recovery - crypto market cap climbs 0.5%.
🚀 Avalanche (AVAX) surges - +38% over 30 days.
🕊️ Fed Chair Powell - to give first post-rate-cut remarks later today.
It seems the floor has held, at least for now, as Bitcoin and others find their footing after Monday’s sell-off and leverage flush. The market leader is trading around $113,000 this morning, up 0.2% overnight, with a similar story across many other crypto markets, lifting the overall crypto market cap by 0.5%.
If there’s one standout, it’s Avalanche (AVAX), which has surged another 14% overnight, adding to gains of 14% over the week and 38% over 30 days. AVAX has been on the move since Grayscale filed papers with the Securities and Exchange Commission (SEC) a month ago to convert its Avalanche Trust into a spot exchange-traded fund (ETF). The SEC has yet to decide on the ETF but has since announced plans to streamline the listing process for crypto ETFs.
On the macro front, Fed Chair Jerome Powell is set to speak at the Greater Providence Chamber of Commerce’s 2025 Economic Outlook Luncheon later today. His remarks, his first since last week’s rate cut, could shed light on the Fed’s view of the US economy going forward, and the outlook for the depth of rate cuts before year-end.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $3.9 trillion, up 0.41% from this time yesterday.
🟠 Bitcoin (BTC) ↗️
Price: $113,064 up 0.22% in the last 24 h.
Daily high: $113,384
Daily low: $111,644
📈 S&P 500 ↗️
SPY is currently up about 0.44% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.55% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 40/100, in Neutral.
*Data is correct as at 23 September, 08:12 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.
