Bitcoin Rises to $64,000, Fed Cuts Rates, Saylor Buys More BTC: This Week’s Roundup

There has been no shortage of news over the past seven days. During this period, the total capitalization of the cryptocurrency market managed to add up to nearly 140 billion dollars. This happened on the back of significant gains for most coins, so let’s take a closer look.

First of all, the long-awaited rate cut is now a fact. The US Federal Reserve announced on Wednesday that it is cutting interest rates by 0.5%, a sizeable move that sent ripple effects across financial markets, and crypto was no exception.

Bitcoin price exploded on the news and hit $64,000 the next day. This brings their total gains for the weeks to 7.9%, at the time of writing. It is worth noting that the bulls were unable to sustain the positive momentum and sellers are currently trying to push the price back towards $62,000. It’s worth keeping an eye on the markets over the weekend, when liquidity is generally tighter and smaller sums can lead to bigger moves.

That said, one of Bitcoin’s most vocal advocates never failed to amaze us.

Michael Saylor announced another huge Bitcoin purchase on Friday. His company, MicroStrategy, bought $460 million worth of BTC at a price of $61,750. The company currently has earnings on paper of nearly $6 billion. That’s a 60% gain. Saylor diamond hand, indeed.

Elsewhere, in unfortunate news, the popular Singapore-based crypto exchange BingX appears to have been hacked. One of its hot wallets was compromised, resulting in a reported loss of around $52 million.

All in all, the week has also been favorable for most altcoins. Ethereum has gained 6.3%, BNB – 3.5%, SOL – 10.% and so on. Of course, there are those who have failed to capitalize on the move, such as XRP which is only up 1.8%, DOGE which is actually losing 0.8% for the week and so on.

With the US Federal Reserve staying true to its word and essentially reversing its fiscal approach, as well as the upcoming presidential election in November, we’re sure to be in for a wild ride in the next couple of months!

Market data

Market capitalization: $2.278T | 24 Hour Flight: $107 million | BTC Domain: 54.4%

BTC: $62,629 (+7.9%) | ETH: $2,522 (+6.3%) | BNB: $565 (+3.5%)

This week’s crypto headlines you better not miss

Federal Reserve Announces 0.5% Interest Rate Cut, Bitcoin Rises Above $60,000. The long-awaited rate cut has finally arrived! The US Federal Reserve cut rates by 0.5% in the first cut in more or less four years. Markets reacted positively to the news, with the price of BTC rising to $64,000 afterwards.

MicroStrategy to raise another $700 million, could buy more Bitcoin. Bitcoin’s biggest HODLer, MicroStrategy, announced plans to raise another $700 million. While $500 million will be used to pay down existing debt and redeem outstanding senior secured notes, the rest could be used to buy more BTC.

Singapore crypto exchange BingX suffers hot wallet exploit, more than $52 million allegedly stolen. Popular Singapore-based cryptocurrency exchange BingX suffered a hot wallet exploit. The attack affected several blockchains. Experts estimate that the total loss exceeds 52 million dollars. Withdrawals and transfers have been suspended.

Solana reveals the details of its new Crypto Seeker smartphone. After the success of its previous iteration, Solana has introduced a new smartphone called ‘Solana Seeker’. It is designed as a Web3 device and combines interesting hardware decisions together with specialized software.

All these central banks may cut rates soon: Bitcoin (BTC) price at $100,000? The US Federal Reserve has announced its decision to cut interest rates, and many other central banks are expected to follow suit. Many believe this will mean good news for Bitcoin and the rest of the cryptocurrency market.

3 Bullish Signals for Bitcoin Price as it Approaches. October is traditionally a good month for Bitcoin. It’s no coincidence that many in the community will refer to it as “Uptober.” Here are three bullish signals that may provide further increases in the price of Bitcoin.

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This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Solana – click here for the full price analysis.

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