The crypto realm has closed another week with attention-nabbing developments unfolding across the broader sector. Bitcoin & Altcoins saw increased turbulence after the U.S. FOMC meeting this month, whereas the BoJ announced unchanged interest rates, adding to speculations. Simultaneously, in light of key market events, BTC price fluctuated, driving the broader volatility.
Crypto Market Turbulent Post-FOMC & BoJ Interest Rate Decisions
Notably, the U.S. Fed’s latest decision of an interest rate cut by 50 bp has conversely sparked price fluctuations within the crypto sector. After riding a rollercoaster ride, BTC price closed this week at $63K, up from $59K in the past seven days.
Meanwhile, the Bank of Japan announced unchanged interest rates at 0.25%, adding to speculations on the market’s future price movements.
BitMEX co-founder’s remarks in the aftermath of the Fed’s rate cuts have raised further investor concerns. Talking at Token2049, Arthur Hayes warned that a rate cut may cause the crypto market to crash.
However, as Q3 ends, market sentiments remain optimistic due to Q4 being seasonally bullish for risk assets.
Binance Uncurtains A Stockpile Of Listings
Simultaneously, this week saw cryptocurrency exchange behemoth Binance expanding support for several tokens. The CEX launched KDAUSDT USD-Margined perpetual contract this week, pushing Kadena price up nearly 30%.
Moreover, the exchange listed Solana Name Service (FIDA) in another mover, causing the token’s price to pump. Also, TON-based Catizen went live on the exchange this week, with even CATI price soaring over 30%. UXLINK, another token, extended its weekly gains to 110% on UXLINKUSDT Binance futures listing. Altogether, the CEX giant Binance has garnered significant attention with its stockpile of listings this week.
Other News From Around The Globe
Meanwhile, some other buzzworthy crypto headlines for this week are:
BY Mellon was exempted from the SEC‘s SAB 121 this week, allowing the bank to offer crypto custody services.
Also, this week saw Bitcoin critic Peter Schiff warning of a BTC price crash to $20K looming over the digital asset horizon. Meanwhile, Ethereum co-founder Vitalik Buterin transferred a whopping 1.3K ETH, sparking speculations over Ethereum’s price among cryptocurrency enthusiasts.
Simultaneously, stablecoin giant Circle announced collaboration with Sony to bring bridged USDC to Soneium, Layer 2. In addition, American billionaire Elon Musk met El Salvador president Nayib Bukele this week to talk about emerging technologies. These developments collectively have set off waves across the globe.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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