Hold onto your hats, crypto enthusiasts! Bitcoin's price has rocketed nearly 8% this past week, thanks to some electrifying news from the US Federal Reserve and MicroStrategy.
It’s been a week jam-packed with headlines. The total cryptocurrency market cap surged by almost $140 billion, propelled by gains across the board. Let’s dive into the juicy details.
First off, the long-awaited rate cut is here! The US Federal Reserve announced on Wednesday a 0.5% interest rate reduction, a bold move that sent shockwaves through financial markets, including the crypto world.
Bitcoin’s price shot up like a rocket, hitting $64K the next day. As of now, it’s boasting a 7.9% gain for the week. However, the bulls are struggling to keep the momentum, and sellers are nudging the price back toward $62,000. Keep your eyes peeled this weekend—when liquidity is low, even small trades can make big waves.
And just when you thought things couldn’t get more exciting, Bitcoin’s biggest cheerleader, Michael Saylor, is back with another jaw-dropping buy. MicroStrategy snagged $460 million worth of BTC at $61,750 each. They’re now sitting on a paper profit of nearly $6 billion. Talk about diamond hands!
Meanwhile, Singapore-based crypto exchange BingX had a rough week. A hack on one of its hot wallets led to a reported loss of around $52 million. Ouch!
On the bright side, most altcoins had a fantastic week. Ethereum climbed 6.3%, BNB rose 3.5%, and Solana soared by 10%. However, not everyone joined the party—XRP edged up just 1.8%, and DOGE actually dipped by 0.8%.
With the US Federal Reserve shaking things up and presidential elections looming, the next couple of months promise to be a wild ride!
Here’s a quick snapshot of the market:
– Market Cap: $2.278T
– 24H Vol: $107B
– BTC Dominance: 54.4%
– BTC: $62,629 (+7.9%)
– ETH: $2,522 (+6.3%)
– BNB: $565 (+3.5%)
Stay tuned, because the crypto world is buzzing with excitement and you won't want to miss a beat!
