Good morning!
Crypto markets, led by Bitcoin (BTC), stumbled back into the red despite the Fed minutes hinting at more rate cuts, largely attributed to the persistent strength of the U.S. Dollar Index (DXY), which is dimming the appeal of USD-denominated assets.
Traders are also on hold amidst the U.S. government shutdown, anxiously awaiting Fed Chair Jerome Powell’s speech today for policy direction. On the geopolitical front, a potential Israel-Hamas peace deal brought a glimmer of hope, though oil prices remain cautious.
Key crypto-specific news included Coinbase launching in-app DEX trading for most U.S. users, Helius's plan to acquire at least 5% of Solana's (SOL) supply, and Binance's new Meme Rush platform capitalizing on Chinese-language memecoins.
Meanwhile, traditional markets saw Gold hold strong above $4,000, and J.P. Morgan CEO Jamie Dimon warned he is "far more worried than others" about a potential major stock market drop. Technical analysis showed Ether (ETH) invalidating a bullish pattern, suggesting sellers have regained control.
Stay alert!
