The cryptocurrency world witnessed significant developments last week. Bitcoin 
$78,502 and altcoins experienced increased volatility following the U.S. FOMC meeting. Meanwhile, the Bank of Japan’s decision to maintain its interest rates sparked speculation across the market. As key market events unfolded, the price of BTC fluctuated, triggering overall market volatility.
Impact of FOMC and BoJ Interest Rate Decisions on Crypto
The Federal Reserve’s decision to cut interest rates by 50 basis points led to price fluctuations in the cryptocurrency sector. Bitcoin’s price rose by 7% weekly, climbing from $59,000 to $63,000 this week.
Simultaneously, the Bank of Japan’s decision to keep interest rates at 0.25% heightened market speculation regarding future price movements. Arthur Hayes, co-founder of BitMEX, expressed concerns post-Fed’s rate cuts, warning at Token2049 that such a move could risk collapsing the crypto market.
However, with the third quarter ending, market sentiment remains optimistic, as historically, the fourth quarter tends to favor risky assets.
Binance’s New Listings and Their Market Effects
This week, Binance, the largest cryptocurrency exchange by volume, expanded its support for multiple tokens. The exchange launched the KDAUSDT USD-Centered perpetual contract, significantly boosting Kadena’s price by approximately 30%. Additionally, Binance’s listing of the Solana 
$103 Name Service (FIDA) token rapidly increased its price. The TON-based Catizen (CATI) also began trading this week, with CATI’s price experiencing a surge of over 30%.
Another token, UXLINK, saw its weekly gains rise to 110% following its listing on Binance’s UXLINKUSDT futures. Overall, Binance’s recent listing initiatives garnered substantial interest.
Other Global Crypto News
Other notable cryptocurrency news from around the world this week includes:
- BY Mellon was exempted from the SEC’s SAB 121, enabling the bank to offer crypto custody services.
- Bitcoin critic Peter Schiff warned investors of a potential drop in BTC to $20,000.
- Ethereum
$2,487 co-founder Vitalik Buterin created speculation regarding Ethereum’s price by transferring 1.3K ETH. - Stablecoin giant Circle announced a partnership with Sony to bring bridged USDC to the Soneium Layer 2.
- American billionaire Elon Musk met with El Salvador President Nayib Bukele to discuss new technologies.
$The cryptocurrency market continues to feel the direct impact of global economic decisions and actions from major exchanges. Interest rate decisions from central banks and listing activities from large exchanges present both opportunities and risks for investors. These market fluctuations necessitate careful and informed action from investors.
