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Cryptocurrency News Articles
Ether (ETH) Surged 11.7% This Week, but the US Economy Remains a Risk
Sep 21, 2024 at 03:00 am
Lower interest rates favor ETH's bullish momentum, but economists remain divided on whether the US Federal Reserve is effectively balancing economic growth
Ether (ETH) price surged over 11.7% between Sept. 17 and Sept. 19, hitting a three-week high of $2,572. Meanwhile, ETH futures open interest also spiked to 4.66 million ETH on Sept. 19, marking the highest level of demand for leveraged positions since January 2023.
However, the recent price gains are also accompanied by a stable Ether futures premium, which has hovered around 6% per year since August. This stability suggests that there is a certain degree of genuine demand for bearish positions on Ether, as the futures premium has stabilized despite the recent price gains.
A combination of an interest rate cut in the United States and robust labor market data led to a broader cryptocurrency market rally of 8.3%, which also helped ETH rally. This momentum also helped the S&P 500 index hit an all-time high on Sept. 19.
Lower interest rates reduce the cost for companies to issue new debt, easing concerns over a potential stock market correction, which could impact cryptocurrency markets. However, economists are still debating whether the U.S. Federal Reserve is effectively balancing economic growth and recession risk.
This ongoing uncertainty has left cryptocurrency investors cautious, questioning whether it's too early to assess the success of the Fed’s monetary strategy, especially after FedEx shares plunged 15% on Sept. 20 following disappointing corporate earnings.
CEO Raj Subramaniam attributed the earnings shortfall to a “weaker industrial economy” and inflationary pressures, which led customers to shift away from priority shipping services, which are typically associated with higher fees. Subramaniam also highlighted a “challenging operating environment” impacting operational margins, as reported by Yahoo Finance.
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