Altcoin Whales Accumulate as Drop in Fed Rates Expected to Ignite September Rally
The post Altcoin Whales Accumulate as Drop in Fed Rates Expected to Ignite September Rally appeared on BitcoinEthereumNews.com.
The cryptocurrency market has experienced significant turbulence following the latest Federal Reserve meeting. Major altcoins like Solana and XRP saw notable corrections, sparking interest from large-scale investors. Expert opinions suggest that the anticipated rate cuts in September may lead to substantial gains in altcoin markets. Discover how the Federal Reserve’s potential September rate cuts could influence the crypto landscape, with whales already positioning themselves for a major altcoin rally. Federal Reserve Meeting Sparks Market Unrest The recent U.S. Federal Reserve meeting left the crypto markets in a state of flux. Bitcoin, along with a wide range of altcoins such as Solana and XRP, experienced a sell-off following Fed Chair Jerome Powell’s announcement of keeping the interest rates steady at 5.25%. However, Powell’s hint at a potential rate cut in September has triggered a wave of speculation across the market. Whales See Buying Opportunities Amid Market Dip Despite the current downturn, large investors, commonly known as whales, are capitalizing on the lower prices. According to CryptoQuant CEO Ki Young Ju, these whales are setting up substantial buy orders for altcoins, signaling a promising uptrend ahead. The market activity reflects a strategic accumulation phase, anticipating a strong liquidity influx from the expected rate cuts. Whales Position for ALT Rally Altcoin whales are actively purchasing during this dip, preparing for the anticipated September rate cuts that many believe will inject significant liquidity into the crypto market. Spence Hakimian, founder of Tolou Capital, underscores that lower rates and higher fiscal deficits are favorable conditions for crypto, particularly altcoins which often outperform Bitcoin in risk-on environments. Ethereum Whales Join the Accumulation Trend Meanwhile, Ethereum whales are also in accumulation mode. Despite outflows from Ethereum ETFs, these whales have acquired approximately $450 million worth of ETH in the last 48 hours. Such substantial investments indicate strong…
Filed under: News - @ August 1, 2024 10:12 am