Bitcoin Tops $64K, Fed Cuts Rates, Saylor Expands BTC Holdings

The past week has been filled with significant news. Throughout this period, the overall cryptocurrency market capitalization surged by nearly $140 billion. This uptick was driven by impressive gains seen across most coins, so let’s delve deeper.

To start with, the long-awaited interest rate cut has finally come to pass. On Wednesday, the US Federal Reserve declared a reduction of 0.5% in interest rates, a notable shift that reverberated throughout all financial markets, including the crypto sector.

In response to the announcement, Bitcoin’s value skyrocketed, hitting $64K the following day. As of this writing, its weekly increase stands at 7.9%. However, it’s important to note that bulls have struggled to maintain this upward trend, and sellers are currently trying to drive the price back towards $62,000. Weekend trading may present interesting dynamics due to thinner liquidity, where small trades can have outsized impacts.

In another surprising development, one of Bitcoin’s most enthusiastic advocates has made headlines.

Michael Saylor revealed on Friday that his company, MicroStrategy, made another substantial Bitcoin purchase, acquiring $460 million worth at an average price of $61,750. Currently, the company holds paper profits nearing $6 billion, translating to a staggering 60% gain. Truly a testament to Saylor’s diamond hands.

On a less favorable note, the well-known Singapore-based crypto exchange BingX has reportedly suffered a hacking incident. One of its hot wallets was breached, resulting in an estimated loss of about $52 million.

Overall, the week has been quite positive for many altcoins as well. Ethereum saw a 6.3% gain, BNB increased by 3.5%, and SOL jumped by 10%. Conversely, some coins failed to capitalize on the momentum; XRP only rose by 1.8%, while DOGE actually declined by 0.8% over the week.

With the US Federal Reserve following through on its commitment to alter its fiscal policies and the impending presidential elections in November, we are poised for an eventful couple of months ahead!

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 Must-Read Crypto Headlines

Federal Reserve Cuts Interest Rates by 0.5%, Bitcoin Surges Past $60K. The eagerly awaited interest rate cut has arrived! The US Federal Reserve has reduced rates by 0.5%, marking the first decrease in roughly four years. The markets reacted positively, with Bitcoin jumping to $64K shortly after.

MicroStrategy Plans to Raise Additional $700M, Potentially for More Bitcoin. The largest corporate Bitcoin holder, MicroStrategy, has announced the intention to raise another $700 million. While $500 million of this will be allocated to settle existing debt and redeem outstanding senior secured notes, the remainder may be aimed at acquiring more BTC.

BingX Exchange Hacked: Over $52M Reported Stolen from Hot Wallet. The popular Singapore-based crypto exchange BingX has fallen victim to a hot wallet exploit, impacting multiple blockchains. Experts estimate the total losses to exceed $52 million. Withdrawals and transfers have been halted as a result.

Solana Unveils New Seeker Crypto Smartphone. Building on the success of its previous model, Solana has launched the “Solana Seeker” smartphone. This device is designed as a Web3 device, integrating innovative hardware choices with tailored software.

Central Banks Expected to Consider Rate Cuts: Could Bitcoin Hit $100K? With the US Federal Reserve announcing rate cuts, it is anticipated that many other central banks may follow suit. This prospect could spell positive news for Bitcoin and the broader cryptocurrency market.

Three Bullish Indicators for Bitcoin’s Price as Uptober Approaches. Traditionally, October is seen as a favorable month for Bitcoin, with many in the community dubbing it “Uptober.” Here are three bullish indicators that might lead to further price increases for Bitcoin.

Charts

This week, we provide chart analyses for Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the full price analysis.