Is ‘bad news’ driving crypto gains? Solana leads the way
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📈 Bitcoin up 1.3% overnight - trading around $113K; Ethereum follows
💸 Solana rallies 4% in 24h - up 21% over 30 days
📊 ETFs see inflows again - after last week’s outflows
🦅 “Bad news = good news” narrative builds - ahead of Fed’s 17 Sept meeting.
Bitcoin and others continue to improve after heightened volatility last week. This momentum is also evident in crypto exchange-traded funds (ETFs), which saw inflows for the first time after several days of outflows. The spark of optimism may have come from Friday’s weak US labour market data, which showed early signs of pressure in the jobs market and boosted expectations of a Fed rate cut to jolt the economy.
As Bitwise Europe noted in its newsletter: “Bitcoin and other crypto assets reacted positively to the weak US non-farm payrolls release, as it increased Fed rate cut odds for September even further. In fact, Bitcoin appears to be entering a market regime where ‘bad news = good news,’ as the correlation to economic surprises is becoming increasingly inverse.”
Bitcoin is trading at roughly $113,000 at the time of writing, up 1.3% overnight, while Ethereum is tracking closely. Solana continues to post impressive gains both short- and long-term, rising 4% in 24 hours and returning 21% over 30 days. Stellar (XLM), Ondo (ONDO), and others are also posting strong numbers.
Will stock and crypto markets continue to benefit from the “bad news is good news” narrative as the Fed’s 17 September rate decision nears? Could be a development worth following with a string of economic events on the calendar expected from the US in the following weeks, the next key one being the August inflation print on Thursday.
In the markets…
🌍 Total crypto market cap ↗️
The global crypto market cap is approximately $4.015 trillion, up 1.6% over the past 24 hours.
🟠 Bitcoin (BTC) ↗️
Price: $113,100 up 1.37% in the last 24 h.
Daily high: $113,226
Daily low: $111,200
📈 S&P 500 ↗️
SPY is currently up about 0.2% since yesterday’s close.
📈 Nasdaq 100 ↗️
The Nasdaq 100 is up about 0.45% overnight.
😐 Fear & Greed Index
The Crypto Fear & Greed Index stands at 44/100, in Neutral.
Data is correct as at 9 September, 08:33 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.
