Crypto Rallies and Dollar Weakens as Markets Close Out the Week

Crypto markets saw sharp moves on September 25, with altcoins leading gains even as Ether pulled back. Near Protocol surged 11.7% in four hours to reach $5.05, posting an 18.70% gain over 24 hours, while Uniswap climbed 8.26% in four hours to $9.89, up 9.51% on the day with $360,000 in short positions liquidated in the same hour. Ether dipped 1.4% in one hour to $2,696, driven by $5.49 million in long liquidations across Binance, Bybit, and OKX against just $60,000 in short liquidations, though ETH held a 1.78% gain over 24 hours.

The U.S. dollar extended its weakness across major pairs. Dollar/yen fell 0.76% to 157.66, pulling back after a five-day rally that had run into resistance at the 159 level. Morgan Stanley reversed its prior dollar outlook, with a MarketWatch report detailing why the bank changed its position and what it now expects for the currency.

The Indian rupee closed at 95.81 per dollar on Friday, finding modest relief from easing oil prices and a softer dollar, with Reserve Bank of India intervention providing additional support. The one-year forward yield climbed to 3.50%, with a surge in forward premiums expected to cool. Gold remained under pressure, trading below the $4,300 level with bears in control according to technical analysis.