OVERVIEW

Rates Cut, Powell Speaks, And Crypto Yawns

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

NEWS
Powell’s “We’re Confident” Act Has Everyone Guessing Again 🤷 

And there it is - a 50 basis point cut. ✂️ 

In his opening statement, Powell said: “We're committed to preserving our economy's strength” which is a stronger the usual comment. Powell casually mentioned how the 50 bps cuts, backed by the entire committee, but still insisted it’s a meeting-by-meeting affair.

Translation: They’re just as clueless as the rest of us. The SEP is their playbook for now, and while they’re not in a rush, they might speed up, slow down, or pause. ⏸️ 

Basically, they’ll do whatever feels right in the moment. Broad support for cuts? Sure. But this ain't your new pace, people. Even Powell made sure to emphasize that—multiple times, in fact.

The crypto market was decidedly undecided for the majority of the day. Even after Powell’s presser, the Total Market Cap performance sat at -0.12%. 🫓 

Bitcoin’s sitting mostly mum at -0.64% for the day, and up +4% for the week.

And Stocktwits sentiment score just moved into bullish territory, so user sentiment is rising. Let’s see what the last two days of the regular trading week bring. 📈 

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