As a seasoned researcher with over a decade of experience in the cryptocurrency market, I’ve seen my fair share of volatility and unexpected turns. The recent surge in Toncoin (TON) whale activity, coupled with the broader market sell-off, has piqued my curiosity more than ever.
In the past day, there’s been a notable jump in large-scale transactions involving Toncoin (TON), as the volume of these transactions has grown by approximately 80%.
Based on information from IntoTheBlock, Toncoin recorded approximately 1.68 billion TON, equivalent to $9.75 billion, in high transaction volume, signifying an impressive 80% rise. This surge takes place during a broader market downturn, as indicated by 405 million dollars in crypto liquidations according to CoinGlass data.
After hitting a new high of $108,000, Bitcoin momentarily paused, as traders speculate an upcoming reduction in Federal Reserve interest rates. At the moment of printing, the leading cryptocurrency by market value was being traded around $104,930, representing a 2.29% decrease for the day.
Just as anticipated, Bitcoin’s decline has led to substantial losses for alternative cryptocurrencies, often called altcoins, with some experiencing losses that are just as high as Bitcoin’s. Similarly, Toncoin (TON) dipped by 6.22%, closing at $5.71 in the past 24 hours.
As a researcher, I’m anticipating that the Federal Reserve might lower interest rates by another quarter-point this coming Wednesday. However, the picture of monetary policy for next year appears more uncertain, primarily because of robust U.S. economic expansion and growing apprehensions about inflation.
What’s ahead for markets?
Market participants are eagerly awaiting the announcement of the Federal Reserve’s upcoming monetary decision, set for 2:00 p.m. ET on Wednesday. It is widely believed that the Fed will lower interest rates by a quarter percent, signifying the third such decrease in a row.
To this point, the Federal Reserve has reduced interest rates by a combined 0.75 percentage points. Initially, they decreased it by 0.50% in September, and subsequently, they lowered it further by an additional 0.25% in November.
Attention will also be focused on the statement released following the meeting and the press conference led by Federal Reserve Chair Jerome Powell. These events could offer valuable insights into the thoughts of policymakers regarding economic policy and the current state of the economy as a whole.
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2024-12-18 18:21