The crypto world has been full of notable developments in the industry over the past week. Bitcoin $62,877 and altcoins saw volatility rise following the US FOMC meeting. Meanwhile, the Bank of Japan’s decision to keep interest rates unchanged fueled speculation. In light of major market events, BTC prices fluctuated, triggering overall volatility.
Crypto After FOMC and BOJ Interest Rate Decisions
The decision of the US Federal Reserve (Fed) to cut interest rates by 50 basis points triggered price fluctuations in the crypto sector. BTC price, which increased by 7% on a weekly basis, climbed from $ 59,000 to $ 63,000 this week.
At the same time, the Bank of Japan’s interest rate has been kept at 0.25%, which has increased speculation about the market’s future price movements. BitMEX co-founder Arthur Hayes made statements that have increased investor concerns following the Fed’s rate cuts. Speaking at Token2049, Hayes warned that the rate cut risks crashing the crypto market.
However, as the third quarter comes to an end, market sentiment remains optimistic due to the seasonally bullish fourth quarter for risk assets.
Binance New Listings and Its Impact on the Market
This week, the largest cryptocurrency exchange by volume, Binance, expanded support for many tokens. The exchange launched the KDAUSDT USD-Central perpetual contract, which increased the price of Kadena by about 30%. Binance also listed the Solana Name Service (FIDA) token, causing the token price to skyrocket. The TON-based Catizen (CATI) also started trading on the exchange this week, and the price of CATI increased by more than 30%.
Another token, UXLINK, extended its weekly gains to 110% after Binance listed its UXLINKUSDT futures. In general, Binance’s listing moves this week have garnered a lot of attention.
Other Crypto News from Around the World
Other notable crypto news from around the world this week include:
- BY Mellon was granted an exemption from the SEC’s SAB 121 this week, allowing the bank to offer crypto custody services.
- Bitcoin critic Peter Schiff has warned cryptocurrency investors about the possibility of a BTC drop to $20,000.
- On the other hand, Ethereum
$2,588Co-founder of , Vitalik Buterin, transferred 1.3K ETH, creating speculation among crypto enthusiasts about the price of Ethereum. - Stablecoin giant Circle has announced a collaboration with Sony to bring bridged USDC to Soneium Layer 2.
- American billionaire Elon Musk met with El Salvador President Nayib Bukele this week to discuss new technologies.
The crypto market continues to experience the direct impact of global economic decisions and major stock exchanges. Central banks’ interest rate decisions and major stock exchanges’ listing activities present both opportunities and risks for investors. These fluctuations in the market require investors to act carefully and consciously.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
