Market Sentiment
Why Bitcoin and Ethereum Are Struggling Despite Rate Cut Hints: Market Insights for October 2023
Fxstreet1 min read93 views
Crypto Market Overview
The general crypto market has continued its downtrend on Monday, even with Fed Chair Jerome Powell hinting at potential interest rate cuts later this year.
Ethereum's Current Position
Ethereum (ETH) has dropped 2%, struggling around the $2,595 key support level. This decline comes amid a selling spree by the ETH Foundation. Interestingly, the recent price movements do not reflect the rising inflows into U.S. spot Ethereum ETFs.
Meme Coins Defying the Trend
In a surprising twist, Solana meme coins such as dogwifhat (WIF) and BONK have emerged as top gainers in the top 100 cryptocurrencies, defying the broader market decline over the past 24 hours.
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- #bitcoin
- #ethereum
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- #memecoins
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