The post Bitcoin Pumps to $64K, Fed Cuts Rates, Saylor Buys More BTC: This Week’s Recap appeared on BitcoinEthereumNews.com.

There’s been no shortage of news over the past seven days. During this period, the total cryptocurrency market capitalization managed to add close to $140 billion. This happened on the back of significant gains charted by the majority of coins, so let’s take a closer look. First things first, the long-anticipated rate cut is now a fact. The US Federal Reserve announced on Wednesday that it is decreasing interest rates by 0.5%, a considerable move that sent ripples across all financial markets, and crypto was no exception. Bitcoin’s price exploded on the news and reached $64K on the day after. This brings its total gains for the weeks to 7.9%, at the time of this writing. It’s worth noting that the bulls were unable to sustain the positive momentum and the sellers are currently attempting to push the price back toward $62,000. It’s worth keeping an eye on the markets over the weekend when the liquidity is generally thinner and smaller sums can cause larger moves. That said, one of Bitcoin’s most vocal proponents didn’t fail to surprise us. Michael Saylor announced Friday another whopping Bitcoin buy. His company – MicroStrategy – bought $460 million worth of BTC priced at $61,750. The company is currently sitting on paper profits of almost $6 billion. That’s a 60% gain. Diamond hand Saylor, indeed. Elsewhere, in unfortunate news, the popular Singapore-based crypto exchange BingX has apparently been hacked. One of its hot wallets was compromised, leading to a reported loss of around $52 million. All in all, the week has been favorable for most of the altcoins as well. Ethereum has gained 6.3%, BNB – 3.5%, SOL – 10.%, and so forth. Of course, there are those which failed to capitalize on the move such as XRP, which is only up 1.8%, DOGE,…

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Filed under: News - @ September 20, 2024 3:20 pm