The cryptocurrency market surged over the past week, adding nearly $140 billion in total market capitalization. This growth was fueled by significant gains across the majority of coins, most notably following the U.S. Federal Reserve’s announcement of a 0.5% interest rate cut on Wednesday.
Bitcoin Soars After Fed Rate Cut
Bitcoin reacted strongly to the rate cut, soaring to $64,000, marking a 7.9% weekly gain. However, bulls faced resistance, and sellers have been attempting to push the price back toward $62,000. With thinner weekend liquidity, larger price swings are possible, so market watchers should remain vigilant.
MicroStrategy’s Bitcoin Buy
In another major development, Michael Saylor’s MicroStrategy purchased an additional $460 million worth of BTC at $61,750 per coin, bringing the company’s paper profits to nearly $6 billion—a 60% gain. True to his “diamond hands” approach, Saylor remains one of Bitcoin’s most vocal advocates.
BingX Exchange Hack
Meanwhile, Singapore-based crypto exchange BingX faced unfortunate news as one of its hot wallets was hacked, resulting in a loss of $52 million.
Altcoins Post Strong Gains
The week was favorable for altcoins as well, with Ethereum gaining 6.3%, BNB rising 3.5%, and Solana (SOL) jumping 10%. However, not all altcoins shared the same fate—XRP saw a modest 1.8% rise, while DOGE actually fell 0.8%.
With the Fed’s fiscal reversal and the upcoming U.S. presidential elections, the crypto markets are gearing up for potentially volatile months ahead.
