The crypto market is experiencing a pullback as traders anxiously await key economic reports and the Federal Reserve’s upcoming interest rate decision.
Current State of the Crypto Market
The crypto market is under pressure as traders await key economic reports and the Federal Reserve’s decision on interest rates. Bitcoin slid by 3% to below $58,500, dragging the total crypto market cap down by 4.5% over the weekend. This decline reflects ongoing uncertainty about the U.S. economic outlook and the Fed’s expected rate cut.
Rise of Sui Network
Despite the subdued market, Sui, often referred to as the 'Solana killer,' has witnessed significant gains, surpassing Aptos to become the 27th largest crypto asset by market cap. Sui’s price surged by 137% from its low last month, reaching a peak of $1.10 on September 15. Additionally, open interest in Sui futures hit a record $295 million, signaling strong investor demand.
Bitcoin's Price Action and Fed’s Decision
Bitcoin has been trading within a range of $57,000 to $60,000 as traders anticipate U.S. economic data and the upcoming Federal Reserve decision on interest rates.
The crypto market continues to fluctuate as it awaits economic updates and Fed decisions, while individual coins like Sui show significant growth.
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