Why Bitcoin and Ethereum Are Struggling Despite Rate Cut Hints: Market Insights for October 2023
Fxstreet•7 months ago•
910

Why Bitcoin and Ethereum Are Struggling Despite Rate Cut Hints: Market Insights for October 2023

Market Sentiment
cryptocurrency
bitcoin
ethereum
marketanalysis
memecoins
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Summary:

  • Crypto market continues downtrend despite Fed's rate cut hints.

  • Ethereum struggles at $2,595 support after 2% drop.

  • Rising inflows into Ethereum ETFs not reflected in price movements.

  • Meme coins like dogwifhat and BONK show surprising gains amidst market decline.

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.

Ethereum Price Chart

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.

Meme Coins Performance

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