Bitcoin Approaches $64 Thousand, Memecoins Are on the Rise

Bitcoin (BTC) is nearing $64,000 ahead of a busy US data week in which the Federal Reserve will release FOMC minutes and data for September tracking economic growth.

BTC rose 3 percent, sparking a market-wide bounce that saw major cryptocurrencies from ether (ETH) to dogecoin (DOGE) jump as much as 4 percent. CoinDesk 20 (CD20) Index gained 3.26 percent. Frog-themed Pepe (PEPE) rose 14 percent.

The Bureau of Labor Statistics (BLS) will release the unadjusted CPI annual rate in September, the PPI annual rate in September, and the number of initial unemployment claims for the week ending October 5.

Among Asian stocks, the technology-heavy Hang Seng index increased by 3% and Korea’s KOSPI increased by 1%. The People’s Bank of China, the country’s central bank, has boosted sentiment in the region by announcing various stimulus measures over the past two weeks. China is expected to announce more measures to revive the economy at a press conference on Tuesday morning local time.

Bittensor’s TAO led gains among mid-cap tokens with market caps under $5 billion, with a 14% increase. While the category on CoinGecko increased by 7.5%, AI tokens such as (NEAR) and Internet Computer (ICP) also turned green.

Memecoins rose over the weekend. Posts related to the “memecoin supercycle” trended throughout the weekend, with views suggesting that Memecoins will lead the next crypto bull market.

Solana-based popcat (POPCAT) and Ethereum-based mog (MOG) rose over 12% in the last 24 hours, while BNB Chain-based simon’s cat (CAT) gained 10% in value.

Lower-volume GIGA, SPX6900 and Fwog, a parody of the US index S&P500, rose more than 20 percent.

A market participant known as Kaiwen0x, who wrote an article about the Memecoin supercycle, stated that they expect a decline in memecoins if Donald Trump wins the 2024 elections. Kaiwen0x noted that Trump could bring regulatory clarity to the US, but this could cause “capital to move towards utility tokens.”