There\u2019s 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\u2019s take a closer look.<\/p>\n
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.<\/p>\n
Bitcoin\u2019s 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\u2019s 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\u2019s worth keeping an eye on the markets over the weekend when the liquidity is generally thinner and smaller sums can cause larger moves.<\/p>\n
That said, one of Bitcoin\u2019s most vocal proponents didn\u2019t fail to surprise us.<\/p>\n
Michael Saylor announced Friday another whopping Bitcoin buy. His company \u2013 MicroStrategy \u2013 bought $460 million worth of BTC priced at $61,750. The company is currently sitting on paper profits of almost $6 billion. That\u2019s a 60% gain. Diamond hand Saylor, indeed.<\/p>\n
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.<\/p>\n
All in all, the week has been favorable for most of the altcoins as well. Ethereum has gained 6.3%, BNB \u2013 3.5%, SOL \u2013 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.<\/p>\n
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\u2019re sure in for a wild ride in the next couple of months!<\/p>\n
Market Cap: $2.278T | 24H Vol: $107B | BTC Dominance: 54.4%<\/p>\n
BTC: $62,629(+7.9%) | ETH: $2,522(+6.3%) | BNB: $565 (+3.5%)<\/p>\n
<\/a><\/p>\n Federal Reserve Announces 0.5% Interest Rate Cut, Bitcoin Soars Above $60K.\u00a0<\/strong>The long-anticipated rate cut is finally here! The US Federal Reserve decreased<\/a> 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.<\/p>\n MicroStrategy to Raise Another $700M, Might Buy More Bitcoin.\u00a0<\/strong>The largest corporate Bitcoin HODLer, MicroStrategy, announced<\/a> 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.<\/p>\n Singapore Crypto Exchange BingX Suffers Hot Wallet Exploit, Over $52M Reportedly Stolen.\u00a0<\/strong>Popular Singapore-based cryptocurrency exchange BingX suffered<\/a> 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.<\/p>\n Solana Reveals Details of Its New Seeker Crypto Smartphone.\u00a0<\/strong>After the success of its previous iteration, Solana has introduced<\/a> a new smartphone called \u201cSolana Seeker.\u201d It\u2019s designed as a Web3 device and combines interesting hardware decisions in conjunction with specialized software.<\/p>\n All These Central Banks May Cut Rates Soon: Bitcoin (BTC) Price to $100K?\u00a0<\/strong>The US Federal Reserve has announced its decision to cut interest rates, and many other central banks are\u00a0expected to follow suit. Many believe this will<\/span>\u00a0spell good news for Bitcoin and the rest of the cryptocurrency market.<\/p>\n 3 Bullish Signals for Bitcoin\u2019s Price as Uptober Approaches.<\/strong> October is traditionally a good month for Bitcoin. It\u2019s no coincidence that many in the community are referring to it as \u201cUptober.\u201d Here are three<\/a> bullish signals that may provide for additional increases in Bitcoin\u2019s price.<\/p>\n This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana \u2013 click here for the complete price analysis.<\/a><\/p>\n The post Bitcoin Pumps to $64K, Fed Cuts Rates, Saylor Buys More BTC: This Week\u2019s Recap<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" There\u2019s 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\u2019s take a closer look. First things first, the long-anticipated rate cut is now […]<\/p>\n","protected":false},"author":0,"featured_media":8381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8380"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8380"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/8381"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}This Week\u2019s Crypto Headlines You Better Not Miss<\/h2>\n
Charts<\/h2>\n
![<\/a><\/p>\nThis Week\u2019s Crypto Headlines You Better Not Miss<\/h2>\nFederal Reserve Announces 0.5% Interest Rate Cut, Bitcoin Soars Above $60K.\u00a0<\/strong>The long-anticipated rate cut is finally here! The US Federal Reserve decreased<\/a> 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.<\/p>\nMicroStrategy to Raise Another $700M, Might Buy More Bitcoin.\u00a0<\/strong>The largest corporate Bitcoin HODLer, MicroStrategy, announced<\/a> 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.<\/p>\nSingapore Crypto Exchange BingX Suffers Hot Wallet Exploit, Over $52M Reportedly Stolen.\u00a0<\/strong>Popular Singapore-based cryptocurrency exchange BingX suffered<\/a> 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.<\/p>\nSolana Reveals Details of Its New Seeker Crypto Smartphone.\u00a0<\/strong>After the success of its previous iteration, Solana has introduced<\/a> a new smartphone called \u201cSolana Seeker.\u201d It\u2019s designed as a Web3 device and combines interesting hardware decisions in conjunction with specialized software.<\/p>\nAll These Central Banks May Cut Rates Soon: Bitcoin (BTC) Price to $100K?\u00a0<\/strong>The US Federal Reserve has announced its decision to cut interest rates, and many other central banks are\u00a0expected to follow suit. Many believe this will<\/span>\u00a0spell good news for Bitcoin and the rest of the cryptocurrency market.<\/p>\n3 Bullish Signals for Bitcoin\u2019s Price as Uptober Approaches.<\/strong> October is traditionally a good month for Bitcoin. It\u2019s no coincidence that many in the community are referring to it as \u201cUptober.\u201d Here are three<\/a> bullish signals that may provide for additional increases in Bitcoin\u2019s price.<\/p>\nCharts<\/h2>\nThis week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana \u2013 click here for the complete price analysis.<\/a><\/p>\nThe post Bitcoin Pumps to $64K, Fed Cuts Rates, Saylor Buys More BTC: This Week\u2019s Recap<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"There\u2019s 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\u2019s take a closer look. First things first, the long-anticipated rate cut is now […]<\/p>\n","protected":false},"author":0,"featured_media":8381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8380"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8380"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/8380\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/8381"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8380"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8380"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8380"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2023\/12\/market_update_cover.jpg\"){kind=link}