This week was full of exciting events in financial markets, especially in the crypto world. One of the biggest moments came when the US Federal Reserve, the main banking system in the US (learn more here), decided to lower interest rates for the third time this year.
Bitcoin’s Price Action
Let’s start with what happened to Bitcoin (BTC) before this big news. At the start of the month, Bitcoin’s price tried to reach $94,000 a few times but couldn’t stay there. Instead, it dropped to below $88,000 last week, as it couldn’t hold the important $90,000 level.
The drop didn’t last long, though. Bitcoin’s price went back above $90,000 pretty quickly. On Tuesday, just one day before the Federal Reserve’s meeting, Bitcoin went on a strong upward move and hit $94,500. This was the highest it had been in several weeks!
But soon after, it dropped again. On Wednesday, after the Federal Reserve announced they were cutting rates by 25 basis points (a small percentage), Bitcoin went back up to $94,500. Even then, it couldn’t hold that level and fell to $89,500.
Once again, buyers stepped in, pushing Bitcoin back above $90,000. By the end of the week, it had even climbed past $92,000. Overall, Bitcoin ended the week with a small 1.1% price increase.
Other Cryptocurrencies
Compared to Bitcoin’s slight rise, some other cryptocurrencies saw bigger moves. One notable one is Zcash (ZEC), which is known for its focus on private and secure transactions. ZEC saw a big jump of over 18% this week, reaching $460.
On the other hand, a cryptocurrency called HYPE dropped by more than 7% this week.
Market Overview
Here’s an update on the total cryptocurrency market: the total market value (market cap) is $3.230 trillion. The total money traded in 24 hours is $129 billion, and Bitcoin makes up 57% of the market’s total value. Here’s the pricing for some of the top coins:
- Bitcoin (BTC): $92,350 (+1.1%)
- Ethereum (ETH): $3,240 (+3.6%)
- Ripple (XRP): $2.04 (-1.3%)
Big Crypto News of the Week
Here are the top stories that made headlines this week:
1. Terra Founder Sentenced to 15 Years in Prison
The Terra blockchain experienced a massive crash in 2022, causing many people to lose money. After years of legal battles, its founder Do Kwon was sentenced to 15 years in a US court.
2. YouTube Accepts Stablecoin Payments
Google’s YouTube, one of the most popular video-sharing platforms, now allows payments with PayPal’s stablecoin, known as PYSUD. However, only PayPal will handle the digital currency part; YouTube won’t manage or store any crypto personally.
3. Satoshi Nakamoto Statue at NYSE
A new statue honoring Satoshi Nakamoto, the mysterious creator of Bitcoin, was installed at the New York Stock Exchange (NYSE). This was done by a company called Twenty One Capital, symbolizing a connection between new technologies and traditional systems.
4. Coinbase Expands with Solana Support
Coinbase, the biggest cryptocurrency exchange in the US, now offers support for decentralized trading on Solana within its app. This lets its 100 million users access Solana-based tokens more easily.
5. Massive Bitcoin Purchase by Strategy
The world’s largest corporate holder of Bitcoin bought 10,624 more bitcoins this week. They spent over $960 million, making their total Bitcoin holdings 660,624 BTC. This shows continued confidence in the digital currency by big businesses.
6. HashKey Prepares for IPO
HashKey Holdings, a cryptocurrency exchange, is planning to go public with an IPO (Initial Public Offering) in Hong Kong. This would make it the first regulated crypto exchange to take such a step in Hong Kong.
Further Analysis
This week, charts and price analyses are available for cryptocurrencies like Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid. Click here to see the full breakdown.
That wraps up our weekly crypto overview. Stay tuned for more updates!