US Fed Cuts Rates, Bitcoin Price Stabilizes Above $90K, ZEC Rules Rally: Your Weekly Crypto Recap

The Fed pushed ahead, but BTC’s price movements disappointed some.

But before we get into the central bank’s decision, let’s recap what happened to the price of BTC prior to that big move. The asset has been rejected a few times since the beginning of the month at $94,000, falling below $88,000 last week after failing to hold the $90,000 support.

However, that nosedive was relatively short and the bulls quickly drove the cryptocurrency to and above that coveted $90,000 level. They made an even more impressive run on Tuesday, just a day before the highly anticipated FOMC meeting, taking BTC to a multi-week high of $94,500.

After an immediate rejection, assets rose again and reached that level again after the US central bank cut rates by another 25 basis points on Wednesday. However, Bitcoin saw little success in this attempt as well, and the subsequent retracement pushed it back to $89,500.

The bulls defended that line and quickly recovered above $90,000, even jumping past $92,000 at the time of writing. This puts it slightly in the green on a weekly basis, with an increase of 1.1%. In contrast, HYPE has fallen by more than 7%, while ZEC has resumed its recovery in the fourth quarter. It is up over 18% weekly from here to $460.

Market data

Market Cap: $3,230T | 24H volume: $129 billion | BTC dominance: 57%

BTC: $92,350 (+1.1%) | ETH: $3,240 (+3.6%) | XRP: $2.04 (-1.3%)

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This week’s Crypto headlines you shouldn’t miss

Terra’s fall is complete: Do Kwon gets 15 years in prison in American court. More than three years after the massive collapse of the Terra ecosystem, its founder, Do Kwon, who was widely believed to be the main culprit behind the crash, was given a fifteen-year prison sentence in a US court.

YouTube enables PayPal Stablecoin payments for content creators. The largest video content sharing platform, Google’s YouTube, has enabled stablecoin payments through PayPal’s PYSUD. However, PayPal’s head of crypto said his company will do all the work as YouTube will not handle digital assets.

Satoshi Nakamoto lands on Wall Street: NYSE unveils new statue. Bitcoin’s anonymous creator, Satoshi Nakamoto, has created another statue in their honor. This time it was listed on the New York Stock Exchange by Twenty One Capital. The NYSE described it as a “shared terrain between emerging systems and established institutions.”

Coinbase Launches Solana DEX Trading to 100 Million Users. The largest US-based cryptocurrency exchange expanded its support for Solana by introducing DEX trading into its application. This will allow more than 100 million Coinbase users to immediately access any token launched on Solana, without having to wait for listings.

Strategy announces a huge Bitcoin purchase, it now contains over 660,000 BTC. After a few weeks of more modest BTC purchases, the cryptocurrency’s largest corporate holder has spent more than $960 million to accumulate another 10,624 bitcoins at an average price of $90,615 per unit. The supply has skyrocketed to a whopping 660,624 BTC.

HashKey aims for historic IPO as Hong Kong bets big on regulated crypto. HashKey Holdings Limited has taken a major step towards becoming the first listed cryptocurrency exchange in Hong Kong by filing for an initial public offering and opening subscriptions to local and international investors.

Charts

This week we have chart analysis of Ethereum, Ripple, Cardano, Binance Coin and Hyperliquid – click here for the full price analysis.