Over the past seven days, the total cryptocurrency market capitalization surged by nearly $140 billion, driven by significant gains across most coins. Let’s take a closer look at the key events.
First, the long-awaited rate cut is now a reality. The US Federal Reserve announced a 0.5% decrease in interest rates on Wednesday, a significant move that affected all financial markets, including crypto.
Bitcoin’s price skyrocketed following the news, reaching $64K the next day. This marks a 7.9% gain for the week at the time of writing. However, the bulls struggled to maintain momentum, and sellers are now trying to push the price back toward $62,000. It’s crucial to monitor the markets over the weekend when liquidity is generally thinner, and smaller sums can trigger larger moves.
One of Bitcoin’s prominent supporters, Michael Saylor, surprised us again. On Friday, his company, MicroStrategy, purchased $460 million worth of BTC at $61,750 each. The company is currently sitting on paper profits of almost $6 billion, a 60% gain.
In unfortunate news, the popular Singapore-based crypto exchange BingX was hacked. A hot wallet was compromised, resulting in a reported loss of around $52 million.
Overall, the week has been favorable for most altcoins. Ethereum gained 6.3%, BNB 3.5%, and SOL 10%. However, some coins, like XRP, which is only up 1.8%, and DOGE, which is down 0.8%, didn’t fare as well.
Market Data:
Market Cap: $2.278T | 24H Vol: $107B | BTC Dominance: 54.4%
BTC: $62,629 (+7.9%) | ETH: $2,522 (+6.3%) | BNB: $565 (+3.5%)
This Week’s Crypto Headlines:
**Federal Reserve Announces 0.5% Interest Rate Cut, Bitcoin Soars Above $60K.** The long-anticipated rate cut is finally here! The US Federal Reserve decreased the rates by 0.5%, the first reduction in nearly four years. The markets reacted positively, with BTC surging to $64K after the announcement.
**MicroStrategy to Raise Another $700M, Might Buy More Bitcoin.** The largest corporate Bitcoin HODLer, MicroStrategy, announced plans to raise another $700 million. Although $500 million of that will be used to pay off existing debt, the remaining might go towards buying more BTC.
**Singapore Crypto Exchange BingX Suffers Hot Wallet Exploit, Over $52M Reportedly Stolen.** Popular Singapore-based cryptocurrency exchange BingX suffered a hot wallet exploit. The attack affected several blockchains, with total losses estimated at over $52 million. Withdrawals and transfers have been suspended.
**Solana Reveals Details of Its New Seeker Crypto Smartphone.** After the success of its previous iteration, Solana introduced a new smartphone called “Solana Seeker.” It’s designed as a Web3 device, combining interesting hardware decisions with specialized software.
**All These Central Banks May Cut Rates Soon: Bitcoin (BTC) Price to $100K?** The US Federal Reserve has announced its decision to cut interest rates, and many other central banks are expected to follow suit. This could spell good news for Bitcoin and the rest of the cryptocurrency market.
**3 Bullish Signals for Bitcoin’s Price as Uptober Approaches.** October is traditionally a good month for Bitcoin, often referred to as “Uptober.” Here are three bullish signals that may drive further increases in Bitcoin’s price.
Charts:
This week, we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana.
Twitter: “🚀 #Bitcoin pumps to $64K after Fed cuts rates! Michael Saylor buys more BTC. Read this week’s crypto recap! #cryptocurrency #BTC #crypto”
