Crypto Week Ahead: Bitcoin Sees Some Gains Due As US Central Banks Lower Borrowing Costs

Crypto Week Ahead: Over the past seven days, Bitcoin (BTC) price achieved a high of $66,331.70.

Bitcoin (BTC) over the latter half of the past week, has managed to see some much-needed gains, sending the price to as high as $66,000, before settling down to $64,000 at the time of writing. It is largely believed that the lowering of borrowing costs for US central banks as well as the People’s Bank of China, has led to a boost in BTC price.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. 

This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (September 23), the overall crypto market cap stood at $2.24 trillion. BTC price stood at around $63,700. ETH price stood at around $2,600.

A week later, the overall market cap rose to $2.28 trillion.

DeFi's total volume stands at $4.14 billion, at 6.67 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $55.61 billion, at 89.52 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Neutral’ with 56 points (out of 100).

BTC dominance, at the time of writing, stood at 56.01 percent.

Over the past seven days, Bitcoin achieved a high of $66,331.70 (on September 27) and a low of $62,808.95 (September 26).

Ethereum, on the other hand, saw a high of $2,722.01 (September 27) and a low of $2,560.98 (September 26).

Crypto Events To Note

PayPal has announced a new feature allowing US businesses to buy, sell, and hold cryptocurrency directly from their accounts. This move follows growing market acceptance of digital currencies, particularly after the US Securities and Exchange Commission (SEC) approved bitcoin exchange-traded funds earlier this year.

Jose Fernandez da Ponte, PayPal's Senior Vice President for Blockchain and Digital Currencies, noted that business owners are eager to access the same crypto services available to individual consumers, reflecting the increasing demand for crypto integration in commerce.

With this update, PayPal aims to further bridge the gap between cryptocurrency and mainstream business use.

Furthermore, a cryptocurrency investor has made headlines by turning a modest ₹1 lakh investment into a staggering Rs 100 crore in just two weeks, thanks to the skyrocketing value of the Moo Deng memecoin.

According to Lookonchain, a blockchain tracking account on X (formerly Twitter), the investor bought $1,300 worth of Moo Deng coins on September 10. By September 28, the price of the memecoin had surged, propelling the investment’s value to over $12 million.

The phenomenal rise in Moo Deng’s value has captured attention across the crypto world, with many pointing to its massive returns within such a short timeframe.

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, "As we enter October, historically a strong month for crypto, Bitcoin is well-positioned to target the $70,000 mark. Central banks, including the Fed, ECB, and China’s PBOC, lowered borrowing costs in September, signaling a favorable economic outlook and boosting Bitcoin’s price. All signs point to Bitcoin gaining further momentum in the coming weeks.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.