The cryptocurrency world wrapped up another eventful week with notable developments taking place in the overall market. Bitcoin bounced back from a low of $53,000 to hit $60,000 within the last seven days, while Binance made a splash by introducing a variety of new token listings. Here is a quick recap of some of the most headline-grabbing news items from this week that stirred excitement among market participants.
Bitcoin rebounded to $60,000 amid surging institutional interest and macroeconomic events. This upward momentum was mainly driven by the growing demand for the cryptocurrency across various sectors. Institutional investors poured $403.81 million into Bitcoin ETFs in the week leading up to September 13, as reported by Soso Value data, highlighting the increased institutional appetite for Bitcoin. Additionally, Michael Saylor’s MicroStrategy scooped up $1.11 billion worth of BTC, further confirming the growing demand for the digital asset. Japan’s Metaplanet also joined the buying spree this week after publicly announcing their plans to acquire Bitcoin. Concurrently, macroeconomic developments have further fueled Bitcoin’s price movements, supported by the U.S. CPI inflation rate meeting expectations at 0.2% in August and the U.S. PPI slightly exceeding forecasts with a 0.3% uptick. These factors have raised hopes of an imminent Fed rate cut, driving optimism for risk assets like BTC.
Bitcoin closed the week at $60,162, marking a nearly 10% increase over the past seven days.
In parallel, Binance created a buzz by unveiling a multitude of new cryptocurrency listings this week, sparking excitement among traders. Expanding its reach into burgeoning markets, Binance introduced Hamster Kombat (HMSTR) as its 58th launchpool project and Catizen (CATI) as the 59th launchpool project. The exchange also added support for Polygon (POL), formerly MATIC, which led to a 15% surge in POL’s price following the announcement. Furthermore, AERGO and Rocket Pool (RPL) were also listed this week on Binance, resulting in significant price spikes for both assets.
Overall, this week witnessed macroeconomic events influencing market sentiments, while Bitcoin’s price surge was supported by growing demand. Binance continued to strengthen its global presence by enhancing its array of user offerings.