Bitcoin Reclaims $26,000 Support Level as Altcoins Remain Stable
Bitcoin and Ether Rise, Solana Leads the Winners
- Bitcoin rose 1.45% in the last 24 hours to trade above $26,000.
- Ether also gained 0.95% to reach $1,609.32.
- All other top 10 non-stablecoin cryptocurrencies posted gains.
- Solana led the winners with a 24-hour rise of over 2%.
FTX Receives Approval to Liquidate
- Bankrupt crypto exchange FTX received court approval to sell its $3.4 billion worth of crypto assets.
- The selling is capped at $100 million per week, extendable to $200 million.
- Crypto prices remain stable despite the FTX liquidation.
U.S. Annual Inflation Rate Accelerates
- The U.S. consumer price index (CPI) release showed an acceleration in the annual inflation rate in August.
- The core CPI, which excludes food and energy prices, posed a deceleration.
- U.S. stock futures traded higher after Wall Street closed mixed on Wednesday.
Federal Reserve’s Monetary Policy
- Analysts expect the Federal Reserve to make no further interest rate hikes in this monetary tightening cycle.
- The CME FedWatch Tool predicts a 97% chance of no change in the current interest rate in the upcoming meeting.