- XRP and DOGE led gains among major cryptocurrencies as new Grayscale ETFs prepared to launch.
- Traders anticipated that upcoming U.S. economic data might prompt the Federal Reserve to lower interest rates in December.
- Open interest in Bitcoin dropped sharply, a signal analysts say often coincides with market-clearing events.
- Ethereum and Solana underperformed, with prices falling and retail sentiment turning bearish.
The cryptocurrency market recovered on Monday, with XRP and DOGE outperforming other large tokens. This momentum came ahead of the launch of new Grayscale exchange-traded funds (ETFs) later in the day. Investors expressed optimism that upcoming U.S. macroeconomic data, expected later in the week, could encourage the Federal Reserve to consider a rate cut in December. As of Monday, the CME Fed Watch Tool indicated a 75% likelihood of a 0.25% rate cut in December, according to the CME Fed Watch Tool.
Bitcoin traded steadily near $86,000 in early morning trading, supporting a broader market rebound above the $3 trillion mark. Over the past 24 hours, Bitcoin’s price rose by 0.2%. Retail sentiment, tracked on Stocktwits, shifted from bearish to neutral, with conversation levels remaining high. According to an analyst at CryptoQuant, the cryptocurrency’s open interest saw its sharpest 30-day decline in this cycle, a pattern described as typical during market-clearing phases. After last week’s high volatility, liquidations dropped to approximately $220 million in the past day from over $2 billion previously, based on CoinGlass figures.
Among major tokens, XRP led with a 1.4% price increase to around $2.06. Retail sentiment showed a bullish trend, accompanied by heightened discussion. Dogecoin (DOGE) followed with a 1.1% rise; however, retail sentiment turned bearish while chatter intensified. Both tokens traded actively ahead of two new ETF listings: the Grayscale Dogecoin ETF on the New York Stock Exchange and a spot product for XRP.
While XRP and DOGE gained, Ethereum (ETH) registered the largest decline among major tokens. Its value slipped 0.4% to about $2,797, with retail sentiment and discussion both turning bearish. Solana (SOL) fell by 0.2% to roughly $129, while retail sentiment around Solana was described as extremely bearish, though conversation levels stayed normal.
A recent U.S. government shutdown has complicated the Federal Reserve’s outlook for rate decisions. The U.S. Bureau of Labor Statistics announced the cancellation of October’s consumer price report due to incomplete data collection. Traders are now watching for U.S. retail sales and producer price numbers later this week for more clues on inflation and demand.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Cardano Dev Resigns After Hoskinson Backs FBI Probe
- Massive Shai Hulud JavaScript Attack Hits 400+ Packages, Crypto APIs
- China Surpasses Reports, Buys Record Gold to Challenge USD
- Bitcoin Rises to $86.7K Amid Rate Cut Hopes; Grayscale ETFs Approved
- Grayscale Launches Dogecoin and XRP ETFs Amid Crypto Market Slump
