CoinEx Daily: BTC Tumbled below $58,000 ahead of Fed’s Rate Decision; Price Divergence in NEIRO

Overview

The crypto market remains under pressure as Bitcoin fell below $58,000 ahead of the Federal Reserve’s rate decision. Key central bank meetings this week, including the Fed, Bank of England, and Bank of Japan, add to the uncertainty, with the FedWatch Tool indicating a 67% chance of a 50 bps rate cut. Meanwhile, NEIROCTO surged 960.30% following a listing on a tier-one exchange, while NEIROETH dropped 41.71%. Additionally, the activation of Ordinals on Fractal opens new opportunities for BRC-20 tokens, though caution is advised due to potential liquidity and volatility risks.

Daily Macro:

Bitcoin Market Performance: Bitcoin continued its downward trajectory, slipping below the $58,000 level as investors await the Federal Reserve's rate decision.

ETF Performance: According to the latest data, Bitcoin ETFs experienced net outflows of $3 million whereas Ethereum ETFs saw net outflows totaling $13.6 million. 

Macroeconomic Data: While the Federal Reserve's two-day meeting will dominate market attention, the Bank of England and the Bank of Japan will also hold their respective policy meetings on Thursday and Friday, adding layers of global economic uncertainty.

Fed Rate Expectations: According to the CME FedWatch Tool, there is a 67% probability of a 50 basis points rate cut and a 33% probability of a 25 basis points cut. 

Japanese Yen Performance: The Japanese yen strengthened beyond 140 against the U.S. dollar on Monday, reaching its highest level since July 2023. 

Daily Focus

 Price Divergence in NEIROCTO and NEIROETH

Reason for Focus: NEIROCTO surged by approximately 10x following its listing on a tier-one exchange. However, confusion arose due to an ambiguous listing announcement involving the same ticker (Neiro) symbol but different capitalization on that exchange, causing significant price volatility between the two tokens.

Related Token Performance (24H): 

NEIROCTO: +960.30%

NEIROETH: -41.71%

Market Outlook: Investors should remain vigilant as prices of NEIRO-branded tokens may continue to experience heightened volatility in the near term. It's crucial to verify the correct contract address before entering a position to avoid confusion and potential losses.

Next Focus

 Activation of Ordinals on Fractal

Reason for Focus: Over the weekend, block 21,000 was mined, officially activating Ordinals on Fractal. This milestone introduces new opportunities for investors to engage with BRC-20 tokens on Fractal.

How to Participate: Investors can now inscribe or position BRC-20 tokens on Fractal, adhering to specific rules designed to avoid conflicts with existing assets on the Bitcoin mainnet. For detailed guidelines, investors are encouraged to check the official Fractal documentation. Caution is advised due to potential liquidity constraints and the volatility of newly inscribed tokens.