Rates Cut, Powell Speaks, And Crypto Yawns

Crypto market undecided on how to perceive the rate cut

OVERVIEW

Rates Cut, Powell Speaks, And Crypto Yawns

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

Source: Santiment

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

Source: TradingView

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. 📈 

A MODERN INVESTOR CONFERENCE
Unlock The Latest Trends In Investing & Alternative Data 🔓

Stocktoberfest is back with an intimate event for executives, influencers, and the most active investors in financial markets on October 20-22. 🤝

Network with industry thought leaders like Howard Lindzon, Michael Batnick, Brian Shannon, Michael Parekh, and many more during the 2-day palooza.

Less than 20 tickets remain, so grab your seat now, and we'll see you in beautiful Coronado, CA! 😎

Subscribe to keep reading

This content is free, but you must be subscribed to The Litepaper to continue reading.

I consent to receive newsletters via email. Sign Up Terms of Service.

Already a subscriber?Sign In.Not now