Following its recent rally during the past week, Bitcoin trades above $63,000. At the moment of writing this article, BTC is up by almost 1% in the past 24 hours.
Current Bitcoin Price
Earlier, the coin managed to surpass the $64,000 level, ahead of a slight correction. Last week, Bitcoin debuted a price rally ahead of the FOMC meeting which continued after the US Fed decided to cut interest rates by 50 bps.
Top 8 Events This Week
Here are the most important events of the week, potentially affecting Bitcoin and the crypto market: 1. The US House of Representatives will hold a “Committee of the Whole” hearing today with the participation of the SEC. (September 23) 2. The Australian Federal Reserve announces interest rate resolution. (September 24) 3. US initial jobless claims for the week will be released. (September 26) 4. ECB President Christine Lagarde’s welcome speech will take place at the 8th Annual ESRB Meeting. (September 26) 5. The Fed governor, Jerome Powell will have an important speech. (September 26) 6. The US Core PCE price index for August will be released. (September 27) 7. The US Final University of Michigan Consumer Sentiment Index for September will be released. (September 27) 8. Binance’s Changpeng Zhao will be released from prison and reintegrated into society. (September 29).
Crypto Market Outlook
In their X post, Greeks.live highlighted that the 50 bps interest rate cut on September 18 has encouraged the crypto market and new projects are starting to appear. The main term IV is currently at a low level, with the layout of some medium and long-term cost-effectiveness. Also, historically, October and the overall Q4 have been bullish for Bitcoin and crypto. CZ’s release from prison this week is an extremely important event for the entire crypto industry and it’s been recently highlighted by CryptoQuant’s founder and CEO, Ky Young Ju. He highlighted the importance of CZ whom he calls the most influential figure in the crypto industry, addressing his release from prison after four months of detention. He also mentioned Binance, the crypto exchange without which the crypto industry would not have attracted the immense global liquidity it benefits from today.
Overall, there are various reasons to remain optimistic about the crypto industry as we get closer to Q4 2024.
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