As a seasoned crypto investor with a decade of experience under my belt, I must admit that this week has been nothing short of exhilarating. The rollercoaster ride that is the crypto market never ceases to amaze me, and this week was no exception.
This week in the world of cryptocurrency saw some exciting events as the broader market witnessed significant developments. Bitcoin managed to bounce back from a low of $53K and reached $60K over the past seven days. Meanwhile, Binance has made several announcements about new token listings. Here’s a quick rundown of some of the week’s top stories that have sparked a flurry of activity among investors.
Bitcoin Regains $60K Amid Rising Institutional Demand & Macro Events
Earlier mentioned, the leading cryptocurrency has bounced back from a low of $53,000 this week and surpassed $60,000. This upward trend can mainly be attributed to growing interest in the digital asset among investors.
Last week saw a total investment of approximately $403.81 million in Bitcoin Exchange-Traded Funds (ETFs), according to data from Soso Value, indicating a growing institutional interest. Additionally, MicroStrategy, led by Michael Saylor, acquired around $1.11 billion worth of Bitcoin this week, which underscores the escalating demand for this digital asset.
This week, it was announced that Metaplanet from Japan also purchased Bitcoin, joining others in doing so. Meanwhile, significant economic events have been contributing to Bitcoin’s rising value.
In August, the U.S. Consumer Price Index (CPI) inflation matched predictions with a 0.2% rise. However, the Producer Price Index (PPI) in the U.S. edged slightly above forecasts, growing by 0.3%. These figures have fueled speculation about an upcoming Federal Reserve interest rate reduction. Taken together, these economic indicators have ignited optimism towards riskier investments like Bitcoin, as evidenced by its recent market behavior.
BTC price rested at $60,162 as the week closed, a nearly 10% upswing in the past seven days.
Binance Announces A Stockpile of Crypto Listings
This week, the major player in the crypto exchange world, Binance, revealed multiple new listings, causing excitement among market enthusiasts.
Moving forward with ventures in growing marketplaces, Binance unveiled Hamster Kombat (HMSTR) as its 58th Launchpad project this week. At the same time, they also introduced Catizen (CATI) as their 59th Launchpad project on the exchange.
Furthermore, CoinEx added numerous listings for Polygon, previously known as MATIC, thereby endorsing the tokenomic change. This move led to a significant surge in Polygon’s price by approximately 15%, following the Binance announcement.
Additionally, just as we’ve seen, AERGO was listed on the platform this week, leading to a surge in its value. Furthermore, Rocket Pool (RPL) was also added to their list of investments this week, resulting in a nearly 30% increase in RPL’s price.
This week primarily witnessed significant macroeconomic occurrences influencing market feelings, while the price of Bitcoin rebounded due to increased interest. Furthermore, Binance solidified its presence worldwide by upgrading its services for users.
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2024-09-15 08:50