As a seasoned researcher with years of experience navigating the crypto market, I must admit this week has been nothing short of a rollercoaster ride. The U.S. Fed’s interest rate cut and the BoJ’s decision to keep rates unchanged have sent shockwaves across the sector, causing Bitcoin’s price to fluctuate wildly. It’s like trying to predict the weather with no more than a Ouija board!
The crypto realm has closed another week with attention-nabbing developments unfolding across the broader sector. Bitcoin & Altcoins saw increased turbulence after the U.S. FOMC meeting this month, whereas the BoJ announced unchanged interest rates, adding to speculations. Simultaneously, in light of key market events, BTC price fluctuated, driving the broader volatility.
Crypto Market Turbulent Post-FOMC & BoJ Interest Rate Decisions
Significantly, the U.S. Federal Reserve’s recent decision to lower interest rates by 0.5% has, in contrast, triggered volatility within the cryptocurrency market. After a turbulent week, the price of Bitcoin ended at approximately $63,000, representing an increase from $59,000 over the past seven days.
In the meantime, the Bank of Japan held its key interest rate steady at 0.25%, fueling discussions among investors about potential shifts in market prices.
In the wake of the Federal Reserve’s interest rate reductions, the apprehensions among investors have escalated even more. At the Token2049 event, BitMEX co-founder, Arthur Hayes, cautioned that these rate cuts could potentially lead to a downfall in the cryptocurrency market.
As the third quarter comes to a close, there’s an overall positive outlook in the market because historically, the fourth quarter tends to be favorable for riskier assets.
Binance Uncurtains A Stockpile Of Listings
This week, the significant crypto exchange Binance broadened its backing for various tokens, and as a result, one of these tokens, Kadena, experienced a nearly 30% surge in value. Specifically, Binance introduced a KDAUSDT USD-Margined perpetual contract this week, which positively impacted the price of Kadena.
Furthermore, the addition of Solana Name Service (FIDA) to another exchange’s roster led to a surge in the token’s price. Additionally, Catizen, which operates on TON, debuted on the same exchange this week, causing CATI’s value to skyrocket by more than 30%. Meanwhile, UXLINK saw its weekly gains reach 110% following its listing on Binance’s futures market. All in all, Binance has attracted considerable attention with its recent wave of listings this week.
Other News From Around The Globe
Meanwhile, some other buzzworthy crypto headlines for this week are:
This week, exemption from SEC’s SAB 121 was granted to Mellon, enabling them to provide cryptocurrency storage solutions as a banking service.
This week, Bitcoin skeptic Peter Schiff predicted a potential drop in Bitcoin’s value to $20,000, causing concern among crypto investors. Simultaneously, Ethereum co-creator Vitalik Buterin moved 1,300 ETH, leading to discussions about the possible price trend of Ethereum within the cryptocurrency community.
At the same time, Circle, a leading stablecoin company, revealed its partnership with Sony for integrating USDC (USD Coin) into Soneium, a Layer 2 solution. Furthermore, American tycoon Elon Musk held talks with El Salvador’s President Nayib Bukele on advancements in technology this week. Together, these events have sparked ripples worldwide.
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2024-09-22 09:32