Weekly Crypto Market Wrap September 16-22, 2024
Time to dive into the Crypto World’s news of the past week. Here’s a short digest.
- Solana is clearly gearing up for a new surge. The company is set to release its new crypto phone, Seeker, in 2025, and Play Solana will launch a portable gaming device called "PSG1" (Play Solana Gen1), which bears a strong resemblance to Tetris. Nintendo, make some room!
- Bitcoin, having taken the initiative from the bears, decided to rise in price again but ultimately hit the price range of $64-65k. Now analysts are wondering – will the price continue to rise to $67-69k, or are we facing a correctional drop to $60k? Quite the intrigue.
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However, many analysts agree that even if we see a correction, it will likely be a local one, followed by a bull run. Perhaps that's why various investment firms and companies are so actively preparing for market growth. For example, MicroStrategy raised $1.01 billion through a bond issuance with a 0.625% interest rate and a maturity date in 2028. Meanwhile, institutional clients of Commerzbank can now buy BTC and ETH through the bank's app.
Meanwhile, the SEC has approved options for BlackRock's Spot Bitcoin ETF. Do we even need to mention how significant this event is?
A major event from last week was the Fed's interest rate cut by a whole 0.5%. Many expected a reduction of just 0.25%, but it seems the overall economy is struggling enough that a more significant move was necessary. It's time to support market growth ahead of the U.S. elections, and after that, it might not matter as much.
And the world-renowned author-investor Robert Kiyosaki predicted an explosive rise in gold prices following the Fed's rate cut, and that’s exactly what happened. A true analyst! Maybe it's time to reread his bestseller.
The battle between stablecoin giants for crypto investors continues. Circle has reached an agreement to launch USDC on Sony's blockchain. Yes, the very same gaming company with an audience estimated at 123 million users. Well, all is fair in war.
The most notable event from last week was the Token2049 conference, which we had the chance to attend. It was very exciting, with lots of activities and interesting presentations, including a song by Vitalik Buterin. Vitalik, you're the best!
The adoption of cryptocurrencies in the U.S. is progressing with increasing confidence. While Trump buys burgers with Bitcoin at a crypto event in New York, the state of Louisiana has accepted its first crypto payment for government services. And this is just the beginning.
- We can’t miss the Kaspa news. We have launched an activity with the reduced rates on Kaspa via our Twitter / X.
- Upcoming major token unlocks:
That’s it for today, see you next Monday!
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
