Crypto Weekly (19/08 – 24/08): Fed Confirms Interest Rate Cut, Market Recovers

Crypto Market Recap: Last Week

Last week, the market experienced a fairly positive recovery driven by optimistic signals, particularly the news that the U.S. Federal Reserve confirmed a rate cut next month, sparking excitement across the entire financial market. The crypto market followed suit, with Bitcoin making a strong recovery from $57,800 to a high of $65,000, marking nearly a 10% increase.

Additionally, news of Binance’s former CEO (CZ) being released from prison on September 29 has fueled investor expectations for a strong market rally by the end of the year.

Bitcoin’s impressive recovery has also lifted several altcoins, especially those on the BNB Chain network, which saw significant gains last week: ALPACA (165%), CHESS (55%), VIDT (144%), BSW (66%).

Moreover, memecoins backed by Justin Sun’s team continue to make waves, propelling several memecoins to market capitalizations ranging from tens to hundreds of millions of USD.

Top 10 Gainers of the Week

Top 10 Losers of the Week

Key News of the Week

• Hamster Kombat Airdrop at Risk Due to Internal Conflict
• SEC Forces Withdrawal of Solana ETF Proposals
• Binance Announces DOGS (DOGS) on Binance Launchpool
• Nigerian Government Moves to Tax Cryptocurrency Transactions
• Binance Labs Invests in Corn, a DeFi Project for Bitcoin
• A Whale Loses 55 Million DAI in a Phishing Scam
• Grayscale Launches Investment Fund for AVAX

Token Unlocks This Week

Some projects to keep an eye on with token unlocks this week:

• Optimism unlocks $49 million
• Zeta unlocks $33.6 million
• SUI unlocks $83 million

Macro News of the Week

This week, there are only two significant news items to watch for on Thursday, August 22:

• At 12:30 PM (UTC), the Gross Domestic Product (GDP) figures will be released. If the actual data surpasses expectations, it will be positive for the USD; otherwise, it may exert downward pressure.
• At the same time, the Jobless Claims data will also be announced. If the actual figures are higher than expected, it will be negative for the USD; otherwise, it could be a positive signal.