The cryptocurrency markets have shown little movement in the wake of the Federal Reserve's announcement of a 50 basis points cut, which has made risk assets more attractive to investors. Data from IntoTheBlock highlights an 8% decline in large transaction volume alongside a 4% increase in daily active addresses. Additionally, a significant rise in transactions exceeding $100,000 was recorded, going from 7,579 to 8,280 in a single day, while exchanges netflows saw a reduction of 238%.
Coinglass data reveals that 56,823 traders were liquidated in the past 24 hours, amounting to a total of $124 million in losses. HODL15Capital has noted a trend where U.S. Bitcoin ETFs are buying more than 100% of newly mined BTC, with 2,921 Bitcoin being purchased compared to the 450 mined on a particular day. Revolut's plan to launch a stablecoin reflects their belief in "banking without borders," underlining their commitment to incorporating cryptocurrencies into their services.
Prominent figures in the financial industry, like Jamie Dimon of JPMorgan, have made statements regarding blockchain technology and cryptocurrencies. Dimon referred to cryptocurrencies as a "pet rock," even though JPMorgan is recognized as one of the major users of blockchain technology. The Ethereum co-founder expressed a view on the 2024 U.S. presidential race, favoring Donald Trump over Kamala Harris for the crypto industry's interests.
In the gaming space, Hamster Kombat's intention to develop a game development ecosystem aims to introduce more users to Web3. Additionally, the Shiba Inu team's announcement of launching K9 Finance Liquid Staking on Shibarium suggests a potential acceleration in SHIB burns. The cryptocurrency analyst, Ali Martinez, has provided insights indicating that a close above $61,500 could signal a resurgence in the bull market, referring to the possibility of an "Uptober." The upcoming Future of Digital Assets event by Benzinga is expected to delve into Bitcoin's role as an institutional asset class.