HONG KONG, Oct. 15, 2024 — has released its comprehensive report on the cryptocurrency market for September 2024. This month was marked by a notable rebound in the cryptocurrency market, driven by significant policy changes and technological advancements.
Federal Reserve’s 50 Basis Point Rate Cut
The Federal Reserve’s decision to lower interest rates by 50 basis points paved the way for a surge in cryptocurrencies. This accommodative policy stance, echoed by the European Central Bank and Bank of England, reversed earlier market declines and infused optimism into the crypto market.
Bitcoin Bounded Back
Bitcoin opened the month at $52,700 and experienced a dramatic increase following the Fed’s announcement, reaching a high of $66,000 before settling at $63,300 by month’s end. This impressive gain of over 20% has put Bitcoin in a position to challenge the key $70,000 resistance level.
Recession Risks
The Federal Reserve projected a higher unemployment rate and maintained its GDP growth estimates of 2% for both 2025 and 2026. The inflation outlook remained manageable, contributing to a sense of stability that bolstered investor confidence. Market analysts are closely monitoring the USD/JPY currency pair, as a key indicator of global liquidity flows that could influence crypto markets.
Launch of Fractal Bitcoin Mainnet
Technological innovations played a significant role in September’s crypto narrative. The launch of the Fractal Bitcoin Mainnet on September 9th marked a notable advancement in Bitcoin‘s ecosystem. The support from ViaBTC mining pool made CoinEx the first to list the native FB token, further emphasizing the potential of this innovation.
Ton Ecosystem Faced Challenges
However, not all developments in the crypto space were positive. The TON ecosystem encountered challenges as new tokens like CATI and HMSTR underperformed after launch, raising concerns about the sustainability of certain blockchain-based economic models.
Meme Token Fever
September also saw a resurgence of meme tokens, fueled largely by viral trends on social media platforms. Animal-themed tokens, such as Moo Deng, PESTO (penguins), and OMOCI (frogs) caught the attention of traders, particularly on the Solana blockchain.
Market Optimism
Despite these fluctuations, overall market sentiment remained positive, as evidenced by the substantial inflow of $2.9 billion into stablecoins by the end of September. Looking ahead, the crypto community is preparing for an eventful October, with economic data releases and the U.S. elections looming as potential catalysts for the next wave of market activity.
Conclusion
In conclusion, the combination of favorable macroeconomic policies, groundbreaking technological innovations, and evolving market trends made September an important month for the crypto market in 2024.
About CoinEx
Established in 2017, is a global cryptocurrency exchange dedicated to making crypto trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 10 million users across 200+ countries and regions.
CoinEx Research remains committed to providing in-depth analyses and insights into the evolving cryptocurrency market, helping investors navigate through the complexities and opportunities that lie ahead.
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SOURCE CoinEx Global