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Here’s what happened in crypto today – Bitcoin, Solana, and more!

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The last 48 hours have been very interesting for the crypto-space!

Here’s what happened in crypto today - Bitcoin, Solana, and more!

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  • BTC bounced back to $58k after slower August inflation data
  • Alameda/FTX unstaked over $23 million SOL as repayment for victims gets closer

Bitcoin [BTC] bounced back on Thursday after slower August inflation data. The US CPI (Consumer Price Index) hiked 0.2% last month and met analysts’ expectations. However, the core CPI was slightly hotter at 0.3%, above the forecasted 0.2%. The data tipped BTC’s price to decline to $55.5k on the charts. 

The drop preceded investors’ risk-off mode, as BTC saw $750 million outflows from exchanges on 10 September – A day before the CPI data was even released. 

Crypto today

Source: BTCUSD, TradingView

However, the world’s largest digital asset reversed itself and was valued at $58k at press time. Reacting to the post-CPI move, Joshua Kang, Head of Trading at Mozaik Capital, noted that the market will focus on next week’s FOMC (Federal Open Market Committee) meeting. He said,

“I think we can use the dips to scale slowly. There may be some volatility before or after the FOMC, but volume should drive a sustained move up in October.”

Following the slower CPI, the market seemed to be pricing a 85% chance of a 25-basis-point (bps) Fed interest rate cut in the next FOMC meeting. 

Crypto today FOMC

Source: CME FedWatch

According to crypto trading firm QCP Capital, demand surged for Bitcoin and painted a bullish outlook for Q4 post-CPI data. The firm said

“Options activity reflects this, with growing demand for Calls with Oct-Dec expiries.”

Alameda/FTX unstake $23.75M SOL

A wallet associated with Alameda/FTX redeemed 177,693 SOL from Solana PoS staking and still had $951 million SOL staked. The move came on the back of FTX’s repayment for victims edging closer. 

Although FTX has reportedly sold most of its SOL through OTC (over-the-counter) markets, EmberCN, a market analyst suggested that the unstaked SOL could hit central exchanges soon.

If so, this could put downward pressure on SOL. At press time, the altcoin was trading at $134, slightly above its yearly support of $128. 

Crypto today

Source: SOL/USD, TradingView

Swift unveils support for digital asset transfers

Finally, Swift will support regulated digital and real-world tokenized asset transfers as part of its “global interoperability strategy.” Part of the firm’s statement read

“Our vision is for our members to be able to use their Swift connection to transact interchangeably using both existing and emerging asset and currency types.”

The update follows a series of blockchain payment experiments last year involving Chainlink, Ethereum, and many banks, including BNY Mellon. The move will allow buyers to settle and exchange tokenized assets in real time through the Swift network. 

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Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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