Bitcoin's price dipped approximately 2.5% to around $90,121 following the Federal Reserve's third consecutive 25 basis point rate cut. This decline comes as traders had already priced in the cut, reflecting a cautious sentiment in the market despite the potential for a bullish breakout above the $100,000 mark if support levels hold. Analysts note that Bitcoin has formed a double-bottom pattern around the $83,000 support zone, indicating a possible mid-term trend reversal. However, the market remains fragile, with concerns about inflation and growth potentially capping any significant upward movement.
Spot Ethereum ETFs experienced their largest single-day inflow in six weeks, attracting $177.6 million as investors rotate within the crypto market. This surge in institutional interest comes as Bitcoin's performance stabilizes, prompting investors who initially entered via Bitcoin to broaden their exposure to altcoins. In contrast, Solana ETFs have seen a decline in accumulation, with recent inflows significantly lower than previous weeks. However, analysts suggest that a favorable macroeconomic environment, particularly following the Fed's rate cut, could reignite interest in Solana and other altcoins.
SpaceX has moved $94 million in Bitcoin this week, continuing a trend of large weekly transfers that has seen the company amass nearly $370 million in BTC. This activity underscores the growing trend of corporate treasuries accumulating Bitcoin as a strategic asset. Additionally, GameStop reported a $9.2 million decline in the valuation of its Bitcoin treasury over the past three months, reflecting the volatility in the crypto market. This situation highlights the risks associated with holding significant amounts of Bitcoin as part of corporate financial strategies.
The recent Fed rate cut has provided a temporary boost to equities, yet the crypto market remains under pressure as Bitcoin struggles to maintain its footing. Analysts suggest that the lack of fresh liquidity, particularly in stablecoin inflows, is a critical factor hindering Bitcoin's ability to rally. As the market digests the implications of the Fed's decisions, the focus will be on whether Bitcoin can reclaim key support levels and attract renewed interest from institutional investors. The upcoming weeks will be crucial for determining the trajectory of both Bitcoin and the broader crypto market.
SpaceX moved more than $94 million in Bitcoin on Wednesday, according to on-chain data, as the firm reportedly prepares for a potentially record-breaking IPO in 2026. The transfers involved around 1,021 BTC in total, broken into amounts of 407 BTC and 614 BTC. SpaceX holds about $765 million worth of Bitcoin and has been moving around $100 million of BTC every week.
The startup named Surf has raised $15 million and claims that over 300,000 people are using its platform, which has generated more than a million search results.
According to a report by Sygnum, nearly half of Asia Pacific's high net worth individuals (HNWIs) now allocate over 10% of their portfolios to cryptocurrencies. This trend reflects a growing acceptance of digital assets as a core investment strategy, with median holdings reported between 10% and 20%, and a weighted average near 17%. A significant 87% of over 270 surveyed investors already hold digital assets, indicating a shift from speculative investments to viewing crypto as a long-term wealth preservation tool.
The Federal Reserve has implemented a 0.25% rate cut, marking the third consecutive reduction. This decision comes amid ongoing concerns regarding inflation and economic growth, which may impact Bitcoin's price stability, currently constrained under $100,000. The Fed's actions are closely watched by crypto investors, as they can influence market dynamics significantly.
The American Federation of Teachers (AFT) has expressed strong opposition to the Responsible Financial Innovation Act (RFIA), warning that it could weaken investor protections and expose teachers' pension funds to higher risks. The union, representing over 1.8 million educators, argues that the proposed changes would legitimize crypto markets without adequate regulatory clarity, potentially leading to increased fraud and financial instability.
Norges Bank has concluded that there is currently no need for a central bank digital currency (CBDC), stating that the existing payment system remains efficient and secure. This decision follows extensive research and reflects a cautious approach to digital currency adoption, although the bank remains open to future developments that may necessitate a CBDC introduction.
US federal prosecutors have charged a 26-year-old Canadian citizen, Nathan Gauvin, in connection with a $42 million fraud scheme. Gauvin lured individuals on the social media platform Discord, directing investors to put their money into Gray Digital Capital Management Inc. and its Gray Fund products. In total, Gauvin fraudulently raised more than $42 million from Gray Digital investors and obtained more than $800,000 in credit from lenders. Gauvin gave false information to a fintech firm to secure $800,000 in credit, which he then used for personal expenses, including payments for a private club in London.
The US SEC has also filed for securities fraud charges against him, noting that he continued to submit false documents during regulatory investigations. Authorities arrested Gauvin in England on Wednesday on a provisional arrest warrant.
The hacker spent 19,479 USDT to buy 21.16 million of the tokens, making around $55,000 from the subsequent pump, according to Lookonchain.
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