As a seasoned researcher with years of experience in following the cryptocurrency market, I must admit that the past seven days have been a rollercoaster ride. The surge in the total cryptocurrency market capitalization by almost $140 billion is nothing short of remarkable.
Over the last week, there’s been an abundance of news. Notably, the overall value of the cryptocurrency market has increased by nearly $140 billion. This surge is primarily due to substantial growth experienced by most coins, so let’s delve deeper into this development.
To start off, the much-awaited reduction in interest rates has officially occurred. On Wednesday, the U.S. Federal Reserve made this announcement, reducing rates by 0.5%. This significant decision caused waves throughout all financial sectors, with cryptocurrencies being among those affected as well.
On the day following the news, Bitcoin‘s price skyrocketed to $64,000, marking a 7.9% increase for the week at that moment. However, the bullish trend didn’t last as the bears are now trying to drive the price down towards $62,000. It’s advisable to monitor the markets over the weekend when liquidity tends to be lower, and smaller trades can have a greater impact on prices.
That said, one of Bitcoin’s most vocal proponents didn’t fail to surprise us.
On Friday, Michael Saylor’s company, MicroStrategy, made another significant purchase of Bitcoin, investing approximately $460 million at around $61,750 per coin. This latest move has boosted the company’s paper profits to almost $6 billion, representing a substantial 60% gain. Truly, Saylor is holding onto his Bitcoins like a diamond!
In other distressing reports, it appears that BingX, a well-known cryptocurrency exchange based in Singapore, has allegedly suffered a cyber attack. It’s said that one of their ‘hot wallets’ has been breached, resulting in an estimated theft of approximately $52 million.
In summary, the majority of altcoins have experienced a positive trend this week. Ethereum saw a 6.3% increase, Binance Coin rose by 3.5%, Solana climbed 10%, among others. However, some cryptocurrencies like XRP and Dogecoin didn’t fully benefit from the rise, with XRP gaining just 1.8% and DOGE even falling 0.8%. Others have followed a similar pattern.
Over the coming months, it seems we’re buckling up for an exciting, unpredictable period. The U.S. Federal Reserve is following through on its promise and adopting a new monetary strategy, while the upcoming presidential elections in November add another layer of uncertainty to the mix. So, get ready for quite a rollercoaster!
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
The eagerly awaited interest rate decrease has been officially announced! After almost four years, the United States Federal Reserve lowered rates by 0.5%. This move was welcomed in the market, causing the Bitcoin price to spike to an impressive $64K shortly afterward.
“MicroStrategy, the biggest company holding Bitcoin, has plans to gather an additional $700 million. About half of this amount ($500 million) is intended to settle current debts and retire senior secured notes, but the rest could potentially be used to purchase even more Bitcoin.
As a researcher, I’m reporting that I recently experienced an unfortunate incident with my hot wallet on BingX, the well-known cryptocurrency exchange based in Singapore. The exploit affected multiple blockchains, leading to a significant loss estimated at over $52 million. In response, the platform has temporarily halted all withdrawal and transfer activities while investigations continue.
In their latest development, Solana unveils specifics about its upcoming smartphone model dubbed “Solana Seeker.” This successor boasts an innovative design as a Web3 device, integrating intriguing hardware configurations together with tailored software.
It appears that several central banks, including the U.S. Federal Reserve, could lower their interest rates soon. This situation has led some investors to speculate that such a move might favor Bitcoin and other digital currencies, potentially driving Bitcoin’s price up to $100K.
As we move into October, also known as “Uptober” due to its historically positive impact on Bitcoin’s price, here are three optimistic indicators that could potentially drive further growth in the value of Bitcoin:
Charts
As a seasoned crypto investor with years of market experience under my belt, I’ve always been intrigued by the ever-evolving world of digital currencies. This week, I’d like to share my analysis on Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for a comprehensive price breakdown.
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2024-09-20 17:35