Bitcoin's gains have come to a halt, causing the ETH/BTC exchange rate to hit a new low since April 2021
Bitcoin has been declining since early Monday morning, with a minimum drop of $58420, a decrease of about 3%, recovering most of the weekend's gains. Once again, the frequently appearing 'arches' in September have been drawn.
At the same time, the performance of Ethereum has been dismal, with a drop of about 5% to below $2300, and the exchange rate of ETH/BTC trading pairs hitting a new low since April 2021.
Some on chain data also indicates that Giant Whale's confidence in Ethereum seems to be wavering, continuously reducing its exposure to Ethereum.
On the other hand, a crucial decision on US Federal Reserve interest rates will be made this Wednesday, and the market generally expects the Fed to initiate a rate cut cycle at this meeting. However, the market is still uncertain about the extent of the rate cut. According to data from Fed Watch, there is currently a 59% probability of the market expecting a two yard rate cut.
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