Crypto markets are closing the week higher on Friday, Sept. 12, with traders leaning into bets that The Federal Reserve will cut rates next week. The total market cap of all cryptocurrencies added about 1% to top $4.1 trillion in the past 24 hours, lifted by steady crypto exchange-traded fund (ETF) inflows and gains across large-cap cryptocurrencies.<\/p>\n
Bitcoin (BTC<\/a>) is trading just above $115,000, up 0.7% on the day, after breaking above $116,000 last night. Ethereum (ETH<\/a>) is trading above $4,500, gaining a solid 2.3% today and pushing back to levels last seen in late August.<\/p>\n Dogecoin (DOGE<\/a>) remains the top performer on the week among the top-10 crypto assets, gaining 21% over the period and 6.2% in the past day, as traders await the imminent launch of a Dogecoin ETF in the U.S., which has been delayed<\/a> multiple times. <\/p>\n Among the top-20 assets, Hyperliquid\u2019s HYPE<\/a> is also a top gainer, up 20% this week, as prominent stablecoin issuers, including DeFi native projects, compete to be selected<\/a> as the issuer and manager of the platform\u2019s recently announced stablecoin, USDH.<\/p>\n Among other large-caps, Solana (SOL<\/a>) is continuing to have a strong week, up 14.5% to $239. BNB<\/a> is up 6.3% on the week and 1% on the day at $909, while XRP<\/a> is also up slightly today at $3.04, showing 5.9% gains for the week.<\/p>\n Analysts at Glassnode noted in an X post<\/a> today that Bitcoin\u2019s cost basis distribution \u201chighlights dense support around $110k\u2013$114k, where a large share of supply was acquired.\u201d They note that the next \u201cmajor supply zone\u201d sits near $117,000, which may provide \u201cresistance if price tests this level.\u201d<\/p>\n Now, Glassnode says, the ability to hold above $114,000 will be critical for Bitcoin in \u201crestoring confidence and drawing in fresh inflows,\u201d while failure to do so risks \u201crenewed stress for short-term holders, with $108k and ultimately $93k as key downside levels.\u201d<\/p>\n Glassnode added in a report<\/a> published yesterday, Sept. 11:<\/p>\n \u201cIn short, Bitcoin sits at a crossroads, with derivatives support holding the structure together while broader demand must strengthen to fuel the next sustained rally.\u201d <\/p><\/blockquote>\n<\/figure>\n U.S. spot Bitcoin ETFs pulled in more than $550 million in fresh net inflows on Thursday, Sept. 11, while spot Ethereum ETFs added another $113 million, per SoSoValue<\/a>, continuing to reverse a multi-day outflow trend.<\/p>\n Over the past 24 hours, about $278 million in leveraged positions were liquidated, the majority of which were short positions, at $210 million. BTC led with over $73 million in liquidations, followed by ETH at $61.2 million, while SOL and other altcoins saw $39 million and $21 million in liquidations respectively, Coinglass<\/a> data shows.<\/p>\n On the macro front, this week, new produce price index (PPI) and consumer price index (CPI) data<\/a> was released. CPI met economists expectations with a year-on-year rise of 2.9%. Meanwhile, jobless claims saw their steepest weekly jump in four years, leaving investors focused on a likely 0.25% Fed rate cut on Sept. 17, Reuters reported<\/a> today. Expectations for a larger 0.5% cut have eased, with the CME FedWatch<\/a> tool showing that traders now see an over 92% probability of a smaller cut. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Crypto markets are closing the week on a high note as traders bet on an imminent Fed rate cut. Crypto markets are closing the week higher on Friday, Sept. 12, with traders leaning into bets that The Federal Reserve will cut rates next week. The total market cap of all cryptocurrencies added about 1% to […]<\/p>\n","protected":false},"author":2,"featured_media":404933,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-404930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/404930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=404930"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/404930\/revisions"}],"predecessor-version":[{"id":404934,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/404930\/revisions\/404934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/404933"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=404930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=404930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=404930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}BTC at a Crossroads<\/h2>\n
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Liquidations, ETFs and Macro<\/h2>\n
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