Cryptocurrency Market Analysis [September 9]

Bitcoin is at last week's high levels and currently surpassing $110,000. Looking at the last two weeks, it rebounded from a bottom near $107,000 and is rising in the short term.

Not a dramatic rebound, but the last two weeks have seemed relatively quiet.

As always, Strategy has been continuing to purchase Bitcoin recently as well.

Next is Ethereum. Last week, an ETF saw a large outflow, and the downtrend continues.

It gives the impression of a clean stair-step descent from a high at the end of August, with lower highs and lower lows.

Similar to Bitcoin, there are no big moves observed.

Are they waiting to see the timing of a rate cut in September?

In the recent market, SOL and XRP rose somewhat.

Holding cryptocurrencies as part of corporate financial strategy continues, and this week you can also see news about holdings beyond Bitcoin, Ethereum, and Solana.

This trend seems likely to continue for a while.

Combined with the timing of rate cuts, the synergistic effect seems quite significant.

Last weekend, the employment report showed worse-than-expected job data, and the cryptocurrency market rose slightly as a result.

This is likely due to last month's high unemployment figures and the results suggesting renewed expectations for a September end-of-month Fed rate cut.

Not only the magnitude of the cut but also if rate cuts continue through the year could provide a strong tailwind for cryptocurrencies.

For now, the market is still unstable with unclear direction, but it seems to be cautiously watching rate cuts.

And we should also watch what happens with ETF approvals for SOL and XRP at the same time.

Additionally, last week's ETF market saw ETH experience large outflows, while Bitcoin saw relatively steady inflows.

◯ BitMine’s strategic ETH purchases

BitMine (BMNR) announced that, riding the wave of recent Ethereum purchases, its holdings of crypto assets and cash have surpassed $9.2 billion. The company currently holds over 2 million ETH, making it the largest Ethereum holder among companies and the second-largest holding overall in the crypto space after Strategy. — bankless

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Speaking of BitMine, Chairman Tom Lee is famous, and recently they have been accumulating more ETH.

This BitMine recently invested in eighco Holdings, which in turn invested in another Ethereum-related currency.

Although there is no explicit reason given for why that currency was purchased, it is an intriguing development.

Ethereum had risen significantly a few months ago, and this BitMine news seemed to coincide with continued upside, which may have contributed to the momentum.

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(This article has been distributed since 2016)