Fed Rate Cut Bets Lift BTC, TradFi Frets Over Margin Debt: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
The crypto market basked in a sea of green as bitcoin flirted with the $115,000 mark early today, extending its four-day climb from $108,000. The CoinDesk 20 Index enjoyed a neat 2% uptick in the last 24 hours, while ZEC, PI, and ENA dazzled with over 10% gains.
The buzz is all about anticipation for a Fed rate cut this Wednesday and talk of the U.S.-China trade deal, both of which seem to have spurred appetite for risk assets.
The upswing is once again marked by wealth rotation. Short-term holders and big whales are scooping up coins from long-term wallets that’ve been steadily cashing out since BTC prices held strong above $100,000 back in June.
Speaking of big…
