Weekly Crypto Update: Fed Lowers Rates, Bitcoin Stabilizes at $116,000, Binance Coin Hits $1,000, and XRP ETF Begins Operations
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In the ever-evolving world of cryptocurrencies, a flurry of developments has been taking place over the past few weeks. Here's a roundup of some key events and trends that have caught our attention.
Last week, bitcoin's price struggled below $115,000 but managed to jump to $116,800 following a Federal Reserve interest rate cut. However, the rally seemed to stall, and the digital currency has since lost roughly two grand, struggling to remain above $116,000.
Meanwhile, gold is continuing to build on its historic year and chart new highs against the greenback. On the other hand, bitcoin's rally has shown signs of stagnation, with the bulls intercepting the move and driving bitcoin north to $117,200, only to be pushed south to $114,400 shortly after.
The US Federal Reserve cut interest rates by 25 bps in 2025, and the nomination of Stephen Miran as Chair of the US Federal Reserve on January 1, 2026, sparked controversy due to concerns about Fed independence. Miran's advocacy for aggressive interest rate cuts influenced market expectations, but his exact impact on the crypto market remains unclear from the available data.
Former BitMEX CEO, Arthur Hayes, sees bitcoin potentially reaching $1 million if Trump's Fed nominee is confirmed. Hayes warns that the US government may continue printing money, which could help BTC's rally against the dollar.
In the world of altcoins, Ethereum developers have outlined the next scheduled update, called Fusaka, which should be completed by December in several stages, with the first one launching on October 1.
The total market cap stands at $4.150T, with a 24H volume of $144B and BTC dominance at 55.7%. Bitcoin's 'true top' may have already been in, according to a recent report, and a potential big correction is warned about.
Meanwhile, REX-Osprey's ETFs tracking the performance of DOGE and XRP went live for trading, and both products saw massive demand, especially the one tied to Ripple's native token. As of the latest update, AVAX surged 20%, BNB crossed the $1,000 mark for the first time, and HYPE almost reached $59.
For those interested in a more in-depth analysis of Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid, there's a chart analysis available this week. And for newcomers to the crypto world, there are limited offers from Binance and Bybit. Register a new account on Binance and receive a $600 exclusive welcome offer, or open a $500 FREE position on any coin at Bybit.
However, it's important to remember that the crypto market can be volatile, and investments should be made with caution. Always do your own research before investing.
Stay tuned for more updates as the crypto world continues to evolve.
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