Analyst Expects King Crypto To ‘Soon Confirm Its Direction’ Ahead Of 2024 Halving By Benzinga

© Reuters. Bitcoin, Ethereum, Dogecoin Trade Mixed Ahead Of FOMC Policy Meet: Analyst Expects King Crypto To ‘Soon Confirm Its Direction’ Ahead Of 2024 Halving

Benzinga – by Mehab Qureshi, Benzinga Staff Writer.

Major cryptocurrencies had a mixed trading session on Sunday evening, influenced by the recent Binance. US news.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC) +0.27% $26,582
Ethereum (CRYPTO: ETH) -0.11% $1,625
Dogecoin (CRYPTO: DOGE) -0.77% $0.061

What Happened: Trading activity on Binance.US has hit a new low in September amid a series of unprecedented challenges for the crypto exchange.

According to Amberdata on The Tie Terminal, exchange volume stood at just $5.09 million on September 16. The lowest point of the month came on September 9, with trading activity totaling only $2.97 million. This is a significant drop compared to September 17, 2022, when Binance.US recorded a trading volume of around $230 million.

Binance.US is the US subsidiary of global crypto exchange Binance. However, both Binance.US and Binance have been hit with a lawsuit by the Securities and Exchange Commission (SEC) on charges related to unregistered securities offerings and wash trading, among other violations.

FTX has received court permission to begin selling. However, this process will be conducted at a measured pace and is unlikely to cause any sudden drops in the crypto markets. Despite the selling pressure, there is positive news this week. Asset management giant Franklin Templeton is joining the race to list a spot BTC exchange-traded fund (ETF), and global lender Deutsche Bank is going deeper into digital asset custody and tokenization.

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Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Ape Coin +5.69% $1.14
Filecoin +2.03% $3.34
Casper +1.94% $0.0344

Currently, the global crypto market capitalization stands at $1.06 trillion, a 1.07% increase in the last day.

U.S. stock futures showed a slight uptick on Sunday night as investors eagerly await the Federal Reserve’s upcoming policy decision on Wednesday. S&P 500 and Nasdaq 100 futures also edged up by 0.1%, following a week of losses for both indices. The Dow, on the other hand, managed to finish the week with a modest 0.1% gain. While it is expected that the Fed will maintain interest rates at their current level, traders will closely scrutinize their stance on inflation moving forward.

See More: Best Cryptocurrency Scanners

Analyst Notes: Crypto analyst, Michael Van de Poppe, suggests that the markets are currently consolidating, evidenced by a strong weekly close for Bitcoin above the 200-week Exponential Moving Average (EMA). This signals an increased likelihood that the correction is approaching its end.

According to Pseudonymous analyst Rekt Capital, Bitcoin’s current position in the cycle is reminiscent of its breakout in 2015 and subsequent retrace in 2019. “History suggests Bitcoin will experience pivotal weeks now because Bitcoin will soon confirm its direction & its main trend going into the 2024 Halving.”

Crypto analyst Credible Crypto foresees a bullish trajectory for Bitcoin. “This is probably going to be the start of a much larger move to the upside. We’re talking about a multi-thousand-dollar move to the upside – $5,000 to $10,000 within a couple of weeks. That gets confirmed officially by a break of $28,000.”

Photo by SvetlanaParnikova on Shutterstock

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