- BTC rallied back to $58k following the release of slower inflation data for August
- Alameda/FTX have unstaked over $23 million in SOL as compensation for victims approaches
Bitcoin [BTC] saw a rebound on Thursday following the slower inflation figures for August. The US CPI (Consumer Price Index) increased by 0.2% last month, aligning with analysts’ projections. However, the core CPI was a bit higher at 0.3%, surpassing the predicted 0.2%. This data led to a dip in BTC’s price to $55.5k.
The decrease came as investors adopted a risk-averse stance, with BTC experiencing $750 million outflows from exchanges on September 10 – just a day prior to the CPI announcement.
Source: BTCUSD, TradingView
However, the leading digital asset made a recovery and was trading at $58k at the time of writing. Responding to the post-CPI trend, Joshua Kang, Head of Trading at Mozaik Capital, observed that the market is now anticipating next week’s FOMC (Federal Open Market Committee) meeting. He stated,
“I believe that we can utilize the dips to accumulate gradually. There could be some fluctuations leading up to or following the FOMC, but trading volume should drive a sustained rise in October.”
In the wake of the slower CPI announcement, the market seemed to be pricing in an 85% probability of a 25-basis-point (bps) cut in the Fed interest rate in the upcoming FOMC meeting.
Source: CME FedWatch
Crypto trading firm QCP Capital reported an upsurge in Bitcoin demand, indicating a bullish sentiment for Q4 following the CPI release. The company remarked,
“Options trading reflects this, showing an increase in demand for Calls set to expire from October to December.”
Alameda/FTX unstaked $23.75M SOL
A wallet linked to Alameda/FTX redeemed 177,693 SOL from Solana PoS staking, while still holding $951 million SOL staked. This action coincided with FTX’s progress towards compensation for victims.
Although FTX has reportedly liquidated most of its SOL through OTC (over-the-counter) transactions, market analyst EmberCN suggested that the unstaked SOL could soon move to central exchanges.
If that happens, it may apply downward pressure on SOL. At press time, the altcoin was trading at $134, slightly above its annual support level of $128.
Source: SOL/USD, TradingView
Swift launches support for digital asset transfers
Lastly, Swift has announced support for regulated digital and real-world tokenized asset transfers as part of its “global interoperability strategy.” In a statement, the firm noted,
“Our vision is for our members to leverage their Swift connection to transact seamlessly with both traditional and emerging assets and currencies.”
This update follows various blockchain payment trials conducted last year involving Chainlink, Ethereum, and several banks including BNY Mellon. The initiative will enable buyers to settle and exchange tokenized assets in real-time via the Swift network.
