The working week in the financial markets is coming to an end. US inflation slowed to 2.9%, further confirming market participants’ expectations of a Fed rate cut in September.
🔴 The cryptocurrency market fell by 0.48%. The market is not yet ready for sharp movements. Average daily trading volumes have noticeably sagged, compared to last week. On average, the figure held around $65 billion. It is noteworthy that the capitalization of fiat-backed stablecoins has grown by 2.7% since the beginning of August. We seem to be seeing notable accumulation for further coin purchases.
BTC dominance has fallen slightly but is still at its highest point since April 2021 at 57.12%. Gradually, the growth of the indicator is slowing down, and a drop into the neighborhood of 50% will signal the start of the altcoin season.
🟢 The US stock market closes the week in the green zone. The S&P 500 rose by 3.8% and the Nasdaq by more than 5%. The stock market reacted to strong macroeconomic data from the US with booming growth. The good news is good news. The market reacts more predictably to fundamentals. Investors liked the news from the Middle East, and stocks were also helped by a weaker US dollar.
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