Analysis

At the market open in London, the FTSE 100 Index dropped 0.20%.

Bitcoin (BTC) trades slightly down around $63,800 at the time of writing on Wednesday, consolidating within the $62,000 and $64,700 key levels for the sixth day in a row.

TradingKey - Goldman Sachs forecasts consecutive 25 basis point cuts from November 2024 to June 2025, bringing the federal funds rate to a terminal range of 3.25%–3.5%. Previously, they projected continuous cuts this year and quarterly cuts next year.

Silver consolidates near a multi-month peak touched earlier this Wednesday.

As enthusiasm surrounding the introduction of spot Ethereum and Bitcoin ETFs in the United States continues to grow, Hong Kong has embarked on its journey to establish a spot ETF market for these digital assets. 

EUR/JPY attracts buyers for the second straight day, albeit remains below the weekly top.

Ethereum price is holding gains above the $2,650 resistance. ETH is now consolidating gains and might aim for more gains above $2,700.

Citi hiked its price targets on two Chinese electric vehicle makers, forecasting stronger sales on resilient domestic conditions, despite broader headwinds for the Chinese economy. 

Bitcoin (BTC) and Ripple (XRP) are consolidating between their key levels, reflecting a period of indecision among traders.

GBP/USD extended the ongoing Pound Sterling rally for another consecutive day, crossing the 1.3400 handle and chalking in fresh 30-month highs after the US Dollar broadly weakened on Tuesday.

BNB bullish rally has hit a wall as the $600 resistance level proves to be a formidable barrier. After an impressive upward run, momentum has stalled, and downside pressure is starting to build. 

Investing.com-- The Federal Reserve’s first interest rate cut in over four years quelled market fears of a recession, Goldman Sachs (NYSE:GS) said, with improved risk appetite likely to boost rate-sensitive Asian currencies. 

Bitwise Chief Investment Officer Matt Hougan has recently highlighted a growing trend of top financial advisors “allocating to cryptocurrency” in their portfolios.

EUR/USD cut away bearish sentiment and rallied back into recent highs on Tuesday, taking another unsuccessful run at 1.1200. The Euro itself has little reason to be bid up by traders, but a broad-market weakening in the Greenback is helping to keep Fiber bidding action on the high side.

Investing.com -- Bank of America (NYSE:BAC) double-downgraded Triumph Group (NYSE:TGI) to Underperform from Buy, citing concerns about the company's reliance on uncertain production rates from Boeing (NYSE:BA) and Airbus.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.30 on Wednesday. WTI price edges higher amid the positive development surrounding Chinese stimulus measures and ongoing geopolitical tensions in the Middle East. 

On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Ratio of the short-term holders is currently making a retest that could prove significant for BTC’s price.

Dogecoin holders are working tirelessly to change the crypto’s trajectory after previous weeks of stagnation and disinteresting price action. Notably, on-chain data suggests that large holders of Dogecoin are working on extending a promising price rally last week.

Investing.com -- Tesla's (NASDAQ:TSLA) latest version of its Full Self-Driving software is "suspect" and still requires improvement to ensure Robotaxi operations can be safely undertaken, independent automotive research firm AMCI Testing said in a Tuesday statement.   

The European Central Bank (ECB) governing council member Klaas Knot said on Tuesday that the central bank is likely to continue to cut interest rates at least through the first half of 2025, to a level between 2% and 3%, per Reuters.