Bitcoin Tests $64K Ahead of US Data Week

CoinDesk 20 Index: 1,950.34 +1.51%

Bitcoin (BTC): $62,977.62 +1.55%

Ether (ETH): $2,451.18 +1.29%

S&P 500: 5,751.07 +0.9%

Gold: $2,656.7 +0.22%

Nikkei 225: 39,332.74 +1.8%

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.

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. CoinDesk 20 (CD20) Index gained 3.26 percent.

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.

Metaplanet said it purchased another $6.7 million worth of bitcoin to increase its stock to 639.5 BTC, which is worth about $40.6 million at current prices.

The Tokyo-listed company purchased approximately 108.8 BTC, just below the average price of 9.2 million yen ($61,900) per coin. He spent close to 6 billion yen on what is now the largest cryptocurrency by market cap, paying an average of 9.3 million yen for each. The company has the second-largest bitcoin holdings among listed companies in Asia, after Hong Kong-based technology firm Meitu.

Metaplanet shares rose 7.9% to 988 yen and are up more than 500% since the beginning of the year.

$40,000 bitcoin (BTC) options expiring on November 8, when the US presidential election results will be announced, were the most traded option on Deribit in the last 24 hours. Investors appear to be preparing for volatility that will potentially increase on results day. Source: Velo Data