The cryptocurrency markets displayed a relatively flat performance after the Federal Reserve announced a 50-basis-point interest rate cut, a move that typically makes risk assets, including cryptocurrencies, more attractive.
Bitcoin, the leading cryptocurrency, attempted to break through a crucial trend line, with a close above $61,500 potentially indicating a resumption of the bull market.
Crypto chart analyst Ali Martinez expressed optimism, stating that a successful close above this level could signal the beginning of an “Uptober” rally.
Institutional interest in Bitcoin remains strong.
HODL15Capital reported that US Bitcoin ETFs continued to purchase more than 100% of newly mined BTC, highlighting the increasing institutional adoption of the cryptocurrency.
However, some market indicators suggest caution.
IntoTheBlock data revealed an 8% decline in large transaction volume and a 4% increase in daily active addresses, while Coinglass data showed that $124 million worth of cryptocurrency positions were liquidated over the past 24 hours.
Amidst the market fluctuations, several notable developments occurred in the crypto space:
* Revolut, a global financial technology company, announced plans to launch its own stablecoin, emphasizing their commitment to “banking without borders.”
* JPMorgan CEO Jamie Dimon acknowledged the bank’s involvement with blockchain technology, stating that they are “one of the bigger users” while maintaining his skepticism towards cryptocurrencies.
* The Ethereum co-founder, Vitalik Buterin, predicted Donald Trump as the “favorite” in the upcoming “Crypto Hamster Kombat” – a blockchain-based game.
* MicroStrategy, a business intelligence firm, raised $875 million in convertible notes to further increase its Bitcoin holdings.
* Shiba Inu’s development team announced the imminent launch of K9 Finance liquid staking on the Shibarium blockchain, potentially leading to increased SHIB token burns.
