Recap
- Crypto assets dipped overnight into Monday, with the steepest declines occurring after 0500UTC. By 07:22 these were among the major coins declining:
- Bitcoin (BTC) -2.2%
- Ether (ETH) -5.7%
- Solana (SOL) -5.5%
- The US Federal Reserve cut its interest rate by 25 basis points, bringing the target range to 4.00–4.25%, citing concerns over slowing economic activity and persistent inflation. In contrast, the Bank of England and the Bank of Japan have kept their rates at 4% and 0.5% respectively.
- The US Securities and Exchange Commission approved new rules to streamline approvals of crypto ETFs (Exchange-Traded Funds), reducing the timeline for compliant products from 240 to a maximum of 75 days and allowing exchanges to list spot crypto ETFs without individual review. The first US-listed spot ETFs for Dogecoin (DOJE) and XRP (XRPR) launched on 18 Sept, with combined first-day trading volume of $54.7 million.
- Michael Saylor and industry leaders lobbied US lawmakers for a Strategic Bitcoin Reserve bill, proposing government acquisition of 1 million BTC over five years, reflecting growing corporate and national interest in Bitcoin as a reserve asset.
Top Gainers
- ASTER (Aster) +263%
- DEXE (DeXe) +64%
- IP (Story) +41%
Top Losers
- PUMP (Pump.fun) -18%
- SPX (SPX6900) -14%
- ENA (Ethena) -13%
Market Metrics
- Total Market Cap: $4.02T (-0.3% vs last week)
- BTC Dominance: 57.2% (vs 57.0% last week)
- Fear and Greed Index: 48/100 (vs 52 last week)
- Alt Season Index: 61/100 (vs 71 last week)
This week, we'll be monitoring (all times UTC):
Monday 22 September
Central banks
- 16:00 Fed governor Miran speech: Stephen Miran, confirmed to the Federal Reserve Board last week, speaks on Non-Monetary Forces and Appropriate Monetary Policy at the Economic Club of New York Luncheon, New York. He remains in post (on leave) as chair of the White House Council of Economic Advisers and was the strongest advocate for further slashing of rates at last week's Fed FOMC meeting.
Tuesday 23 September
Economic data
- 08:00 Germany ifo Business Climate Index: At the last report, the gauge rose to 89 in August, the highest level since May 2024. A reading above/below the consensus estimate of 89.5 of this important economic development indicator could raise investors' interest in the ability of Europe's largest economy to revive lacklustre growth in the region.
Central banks
- 16:35 Fed Chair Jerome Powell Speech: Powell addresses the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon, Warwick, R.I. on the Fed's Economic Outlook. His remarks will be closely monitored so close after last week's rate-cutting announcement.
Government
- UNGA General Debate: Heads of state and government join the UN General Assembly meetings to discuss global issues and make public statements.
Thursday 25 September
Economic data
- 12:30 GDP Growth Rate QoQ Final: Forecast to 3.3%. A downside miss could weigh on risk sentiment and crypto via growth concerns, while an upside surprise would support the “soft-landing” narrative and risk assets.
Friday 26 September
Economic data
- 12:30 Core PCE Price Index MoM Aug: The Fed’s preferred inflation gauge. A lower-than-expected print would strengthen rate-cut expectations and may support crypto assets, while a hotter reading could dampen momentum by encouraging the Fed to keep monetary policy tighter for longer.
