Federal Reserve Chairman Powell stated that the outlook for the labor market and inflation faces risks, suggesting that stock valuations are overvalued. After hitting a series of record highs, the stock market took a breather amid a decline in large technology stocks. The crypto market continued its decline, with only BNB (BNB) rising among the top ten cryptocurrencies by market capitalization. Aster, the on-chain derivatives platform frequently promoted by founder CZ, announced its trading rewards program. Yesterday, Aster briefly reached a record high of 2.1625.
Powell said stock valuations are too high, and US stocks fell from their highs
After months of intense pressure from the White House to lower borrowing costs, Federal Reserve officials cut their benchmark interest rate by a quarter percentage point last week and plan two more rate cuts this year.
In his economic speech on Tuesday, Federal Reserve Chair Jerome Powell warned that there is no "risk-free path" as officials try to balance inflation persistently above the Fed's target and signs of labor market weakness. He further expressed concerns about valuations, noting that "equity prices are quite high." Powell also suggested that the path to rate cuts is unclear and that it is a "challenging situation."
Federal Reserve Governor Michelle Bowman urged policymakers to take decisive action to lower interest rates to support the sluggish labor market.
After hitting a series of record highs, U.S. stocks took a breather amid a decline in large technology stocks.
BNB is strong, and ASTER has reached a record high of 2.16
The crypto market continued to decline, with a 24-hour drop of 0.57%, and the overall market capitalization fell to US$3.87 trillion.
The Fear and Greed Index has retested to 40, which is neutral to low.
The Bitcoin ETF saw a massive outflow of $360 million on September 22, while the Ethereum ETF also saw an outflow of $75.95 million.
BNB was the only cryptocurrency to see gains among the top ten cryptocurrencies by market capitalization. After falling below the $1,000 mark yesterday, BNB rallied again. Aster, the on-chain derivatives platform repeatedly promoted by founder CZ, announced that its trading rewards program, Aster Genesis: Stage 2, has officially entered its countdown phase. ASTER reached a record high of $2.1625 yesterday. Although it has fallen back to $1.9 by press time, its market capitalization has reached $3.18 billion, pushing it up to 37th place in the rankings, with a 7-day gain of 2,168%.
DAT sees mixed gains and losses
Digital Asset Finance (DAT) saw mixed gains and losses yesterday.
- MicroStrategy (MSTR): Down 2.43%
- Strive (ASST): Down 18.29%
- Semler Scientific (SMLR): Up 1.87%
- BitMine (BMNR): Down 1.11%
- SharpLink (SBET): Up 2.41%
- Forward Industries (FORD): Up 13.45%
- Upexi (UPXI): Up 1.65%
- DeFi Development (DFDV): Down 3.51%
Among them, Strive and Semler Scientific's stock prices have fluctuated significantly recently due to the substantial premiums in their merger and acquisition conditions.
The article Crypto Market Cap Falls Below 3.9 Trillion, BNB Rises Against the Trend, ASTER Sets New Highs appeared first on ABMedia ABMedia .
