Market Set For Rate Cuts and DOGS Leads Memecoins

The cryptocurrency market is showing a natural reluctance amidst hopes for U.S. interest rate cuts, analysts say. 

On Tuesday, QCP Capital stressed out that any dip in equities and crypto will likely be “short-lived” as the U.S. Federal Reserve is inclined to cut interest rates. 

"Increased liquidity will eventually push risk assets higher,” QCP Capital wrote in an investor note. “We are finally on the cusp of a rate-cutting cycle."   

Last week, at the Jackson Hole economic symposium, Fed chair Jerome Powell hinted that the central bank could begin cutting interest rates as soon as next month. 

"The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” Powell stated. 

As emphasized by QCP, the market has entered a high volatility zone, with a majority of assets trading sideways. Bitcoin (BTC) keeps exchanging hands in the $59,000 range after yesterday’s decline. 

The latter has seen a slight increase in buying pressure, as evidenced by 3.30% growth in the last 24 hours. ETH ETF has also shown positive netflow, contrary to BTC ETF negative $105.19 million netflow.

DOGS Enters Top-10 Memecoins

The TON Ecosystem has definitely seen better days. Aside from Durov’s arrest, Toncoin’s performance was also disrupted by outages in The Open Network. In the meantime, Telegram’s CEO bailout has revived TON’s projects – Toncoin and the newly-launched DOGS. 

Toncoin has added 4% to its price in the last 24 hours. This performance was perceived as a silver lining for TON investors, especially after a 20% decline following the detention of Pavel Durov in France.