There’s been no shortage of news over the past seven days. During this period, the total cryptocurrency market capitalization managed to add close to $140 billion. This happened on the back of significant gains charted by the majority of coins, so let’s take a closer look.
First things first, the long-anticipated rate cut is now a fact. The US Federal Reserve announced on Wednesday that it is decreasing interest rates by 0.5%, a considerable move that sent ripples across all financial markets, and crypto was no exception.
Bitcoin’s price exploded on the news and reached $64K on the day after. This brings its total gains for the weeks to 7.9%, at the time of this writing. It’s worth noting that the bulls were unable to sustain the positive momentum and the sellers are currently attempting to push the price back toward $62,000. It’s worth keeping an eye on the markets over the weekend when the liquidity is generally thinner and smaller sums can cause larger moves.
That said, one of Bitcoin’s most vocal proponents didn’t fail to surprise us.
Michael Saylor announced Friday another whopping Bitcoin buy. His company – MicroStrategy – bought $460 million worth of BTC priced at $61,750. The company is currently sitting on paper profits of almost $6 billion. That’s a 60% gain. Diamond hand Saylor, indeed.
Elsewhere, in unfortunate news, the popular Singapore-based crypto exchange BingX has apparently been hacked. One of its hot wallets was compromised, leading to a reported loss of around $52 million.
All in all, the week has been favorable for most of the altcoins as well. Ethereum has gained 6.3%, BNB – 3.5%, SOL – 10.%, and so forth. Of course, there are those which failed to capitalize on the move such as XRP, which is only up 1.8%, DOGE, which is actually losing 0.8% during the week and so forth.
With the US Federal Reserve staying true to its word and essentially reversing its fiscal approach, as well as the incoming presidential elections in November, we’re sure in for a wild ride in the next couple of months!
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 You Better Not Miss
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% in the first reduction in more or less four years. The markets reacted positively to the news, with the BTC price surging to $64K after it.
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 and redeem outstanding senior secured notes, the remaining might go for 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. Experts are estimating the total loss to be 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 has introduced a new smartphone called “Solana Seeker.” It’s designed as a Web3 device and combines interesting hardware decisions in conjunction 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. Many believe this will 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. It’s no coincidence that many in the community are referring to it as “Uptober.” Here are three bullish signals that may provide for additional increases in Bitcoin’s price.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.