Fed's Shocking Rate Cut Sparks Crypto Frenzy: Bitcoin Soars as Institutions Dive In!
Let's break down the big moves and look ahead to what's coming up in crypto and finance.
Introduction
Welcome to this week's Sunday Recap! Let's break down the big moves and look ahead to what's coming up in crypto and finance.
Key Events of the Week
Fed Cuts Rates:
50 basis point cut (from 5% to 4.5%)
First cut since March 2020
Bitcoin jumped to $64,000 on the news
Bitcoin ETF Action:
Total inflows: $397.2 million for the week
Fidelity (FBTC) led with $56.6 million in a single day
Bitcoin price range: $57,800 to $64,000
MicroStrategy's Bitcoin Move:
Plans to raise $700 million for more Bitcoin
Current holdings: 252,220 BTC (worth $15.85 billion)
Average purchase price: $39,266
Ethereum Struggles:
ETH/BTC ratio below 0.04
Lowest point since April 2021
Sparked debates on Ethereum's future
Solana's Big Week:
Breakpoint conference in Singapore
Firedancer update announced
New projects launching on Solana
What to Watch Next Week
Market Reaction: How will crypto and stocks respond to the rate cut?
Q4 Kick-off: Historically a strong period for crypto. Will the trend continue?
Regulation News: Any updates from SEC or other regulators?
Layer 2 Growth: Keep an eye on Arbitrum, Optimism, and Base metrics
Conclusion
It's been a week of big moves and bigger questions. The Fed's rate cut has set the stage for an interesting Q4. Stay informed, manage your risks, and remember – in crypto, anything can happen!
Questions or thoughts? Drop them below!