5 Things to Know in Crypto Today: BTC Returns to $22,000
- Bitcoin (BTC) and the crypto market are on target to extend the winning streak to six sessions.
- Fed fear continues to subside, supporting riskier assets, with a pickup in crypto activity evident in the news wires.
- NFT news delivered a solana (SOL) breakout, with Web3 and Starbucks (SBUX) supporting a polygon (MATIC) rally.
Fed Fear Subsides as Markets Look Beyond the September Fed Move
This week, the FOMC blackout period prevents FOMC members from talking until after September 22. With a 75-basis point rate hike baked in, US economic indicators will dictate the appetite for riskier assets in the runup to the September policy decision.
Following last week’s Bank of Canada and ECB rate hikes, the global financial markets appear to have accepted the need for front-loading to bring inflation to target.
The NASDAQ continues to trend upwards, supporting the crypto market, with bitcoin (BTC) returning to $22,000.
However, today’s US CPI report could test investor sentiment. Another spike in US inflation may bring some uncertainty. Before the blackout period, Fed Chair Powell and FOMC members had delivered hawkish chatter and commitment to bring inflation to target at any cost.
Solana (SOL) Leads the Top Ten
On Monday, SOL is up 6.38% to $37.2300. A bullish session saw SOL rally to a day high of $38.4050 before easing back. A return to $40.00 for the first time since August 18 would support a run at the August high of $48.42. However, SOL sits well below the January/2022 high of $179.4975.
Leading the top ten cryptos by market cap, NFT news delivered the SOL breakout session.
Solana-based NFT activity is on the rise. According to Solana News, the most-traded NFT collections over the last 24 hours include, Yoots- Mint Toobs ($426,170), Solana Name Service ($425,491), and Psyker ($273,773).
‘Hello Moon’ also shared some Solana-based NFT numbers overnight, which were SOL price positive.
Web3 Activity Picks Up as Mainstream Players Form New Partnerships
However, Starbucks had more impact on the crypto market, partnering with Polygon (MATIC) to launch an NFT rewards program. On Monday, Starbucks announced a new Web3 experience for its rewards members.
According to the announcement,
“As one of the first companies to integrate NFTs with an industry-leading loyalty program at scale, Starbucks will create an accessible Web3 community that will enable new ways to engage with members and partners (employees).”
In response to the new partnership, MATIC is up 4.10% to $0.9302.
Input Output HK Vasil Hard Fork Updates Show Progress
With the Vasil hard fork date of September 22 rapidly approaching, investor interest in the Input Output HK updates has grown.
As of September 12, updates on the ADA Hard Fork Mass Indicators are as follows:
- Sixteen exchanges are hard fork ready, up from 15 as of September 9.
- Twenty-eight exchanges are in progress, up by one from September 9, with Coinbase and Kraken still reporting upgrades in progress.
- Twenty-seven exchanges have yet to start the upgrade process.
From the top 12 exchanges by liquidity:
- Six exchanges are hard fork ready: AAX, Binance, Bittrue, BKEX, MEXC, and WhiteBit, with four in progress, including Coinbase, HitBTC, Upbit, and XT.com.
- However, two exchanges have yet to start the upgrade process: ChangellyPro and ZB.com.
Investors will be looking for Coinbase and Kraken to complete the upgrade process to deliver ADA price support.
ADA is down 1.6% to $0.501, with ten minutes of the Monday session remaining.
Fidelity Goes Retail with Bitcoin (BTC) Trading Platform
The Wall Street Journal reported that Fidelity Investments plans to offer BTC trading to its retail clients. Fidelity could become another headache for the likes of Coinbase, which have struggled through the crypto winter.