On September 17, the Federal Reserve cut interest rates by 25 basis points.

• Jerome Powell acknowledged that employment can no longer be considered “very strong.”
• While mass layoffs aren’t happening, companies are creating fewer new jobs, a signal of potential economic softening.

Despite this, markets remain bullish. With one rate cut already behind us and expectations of two more this year, investors see this as insurance against restrictive monetary policy. Risk assets are gaining momentum, and the rally may continue into the next quarter—though much will depend on the pace of employment weakening.

In the U.S., the first altcoin ETFs launched to strong demand:

• XRP ETF: $37M in trading volume
• Dogecoin ETF: $17M in trading volume

This successful debut is seen as a positive signal for broader ETF approvals under the 1933 Act, a regulatory framework institutions prefer. Analysts view this as another step toward crypto’s mainstream integration.

Stocks are showing impressive growth:

• Intel surged more than 30% after a major investment from Nvidia.
• The Dow Jones closed above 46,000 points for the first time in history.
• Both the NASDAQ and small-cap indices also reached new records.

Meanwhile:

• The U.S. dollar strengthened.
• Bond yields continued climbing.
• Gold came under pressure.
• Oil declined again amid expectations of higher OPEC+ supply.

The crypto market is riding a wave of inflows:

• Bitcoin ETFs: +$163M
• Ethereum ETFs: +$213M

In just two days, total inflows exceeded $1.5B, further boosting optimism and supporting price momentum across the sector.

Traditional markets are breaking records, while crypto is buoyed by ETF inflows and the arrival of altcoin ETFs. However, with volatility running high, the coming days could be decisive in setting the direction for both traditional and digital assets.