Crypto Market Turbulent Post-FOMC & BoJ Interest Rate Decisions

The crypto realm has closed another week with attention-nabbing developments unfolding across the broader sector. Bitcoin & Altcoins saw increased

The crypto market experienced increased volatility following the U.S. Federal Open Market Committee (FOMC) meeting, where a 50-basis point (bp) interest rate cut was announced. This decision sparked contrasting reactions within the crypto sector, with some suggesting that a rate cut may lead to a market crash.

However, market sentiments remained largely positive as the third quarter (Q3) came to a close, with Q4 being historically bullish for risk assets.

Among the notable events, Binance announced the launch of KDAUSDT USD-Margined perpetual contract, boosting Kadena price by nearly 30%. The exchange also listed Solana Name Service (FIDA), leading to a price surge.

Additionally, TON-based Catizen went live on Binance, and CATI price soared over 30%. UXLINK price saw another significant increase of 110% with the listing of UXLINKUSDT Binance futures.

Other crypto news included Bank of Japan (BoJ) announcing that interest rates would remain unchanged at 0.25%, adding to market speculations.

Furthermore, BNY Mellon received an exemption from the SEC's SAB 121, allowing it to offer crypto custody services.

Bitcoin critic Peter Schiff warned of a potential BTC price crash to $20K, while Ethereum co-founder Vitalik Buterin's transfer of 1.3K ETH sparked discussions on Ethereum price.

Stablecoin issuer Circle announced a collaboration with Sony to bring bridged USDC to Soneium, Layer 2.

Finally, Tesla CEO Elon Musk met with El Salvador president Nayib Bukele to discuss emerging technologies, generating interest worldwide.

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