Crypto Weekly (Sept 16 – Sept 22): Markets Rally After Fed Rate Cut

The crypto market last week witnessed Bitcoin rally strongly, reaching $64,000 thanks to the Fed's decision to cut interest rates after 4 years of waiting.

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Crypto Market Recap of Last Week

In the third week of September 2024, Bitcoin experienced significant growth, with its price rising from $57,570 to surpass $64,000 (a 9% increase). This price surge was largely driven by the Fed’s announcement of a 50-basis point interest rate cut, marking the first rate cut in four years. This news had a profound impact not only on the financial markets but also extended to the crypto market, helping Bitcoin recover swiftly.

Bitcoin’s strong recovery also led to price increases in many Altcoins, with standout growth seen in the AI and Layer-1 sectors.

Top 10 Gainers of the Week

Top 10 Losers of the Week

Key News

This Week’s Token Unlock Schedule

Here are some notable projects unlocking tokens this week:

$VENOM (12.67%) – $25.11 million
$YGG (3.69%) – $6.57 million
$AGIX (1.62%) – $5.73 million
$FET (0.14%) – $5.61 million
$ENA (0.78%) – $3.80 million
$GAL (0.33%) – $0.98 million

Macroeconomic News for This Week

This week, we’ll be paying special attention to news on Wednesday:

At 12:30 PM UTC on September 25, 2024 (Wednesday), the U.S. GDP report and Initial Jobless Claims data will be released.

Just 50 minutes later, at 1:20 PM, Fed Chair Powell will deliver an important speech. This is a must-watch event, as it will contain crucial information that could impact the markets.

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