As usual, the cryptocurrency industry saw some remarkable events this past week and is already looking ahead. Some of the events that grabbed the attention of netizens are the Bitcoin (BTC) price trends, talks about a potential interest rate cut from the US Federal Reserve, and Binance listings.
Bitcoin Sees Price Recovery to $60K
The firstborn digital asset, which traded at around $53,000, began to recover as the week progressed. Surprisingly, it rose to $60,000 before returning to its current level. Noteworthy, Bitcoin’s price is currently at $59,839.13, with a 0.24% price dip in the last 24 hours. The surge in the number of coins registered was largely attributed to the increasing demand in the market.Â
Michael Saylor-led MicroStrategy made its largest single acquisition of Bitcoin for the year during the week.Â
The business intelligence and software company purchased an additional 18,300 units of Bitcoin worth $1.11 billion. Based on Bitcoin’s current price, MicroStrategy’s total Bitcoin holding is 244,800 units valued at $14.6 billion.Â
Similarly, Japanese financial leader Metaplanet purchased 38.46 Bitcoin for 300 million Japanese yen, equivalent to $2.1 million. The acquisition brought its total stash to 398.8 Bitcoin, worth $23.8 million. Both MicroStrategy and Metaplanet’s Bitcoin acquisitions are indicators of the increasing demand for the coin.
Binance Outlines its Listings StockpileÂ
Top crypto exchange Binance highlighted a few of its numerous crypto listings, including the newest bets from its Launchpool. Shortly after announcing Hamster Kombat (HMSTR) as its 58th launchpool project, the exchange also added Catizen (CATI) as the 59th launchpool project. Binance also unveiled the listing for Polygon (POL), formerly MATIC.
The announcement caused POL’s price to soar by nearly 15%. Additionally, the exchange rolled out an AERGO listing this week, igniting an upward trajectory in the asset’s price. It did the same with Rocket Pool (RPL), pushing RPL’s price up nearly 30% with the listing. These listings suggest that Binance is committed to cementing its global foothold with enhanced user offerings.
Looking Ahead: The Ultimate Fed Pivot
As a new week unfolds, traders look forward to a 0.5% Federal Reserve interest rate cut at the upcoming FOMC meeting on September 18. This expectation and optimistic view may have fueled the BTC price recovery and the rally in the broader financial market.
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