In the crypto market report covering the week of October 14 – 21, prepared by the ICRYPEX Research team, we compiled current developments regarding crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: October 14, 2024.
Weekly Crypto Market Report Overview for October 14
The cryptocurrency sector has been busy this past week, with both global macroeconomic developments and industry-specific news.
Inflation and growth data from China drew attention with their impact on the global economy, with September CPI data falling below expectations at 0.4%, while PPI fell by 2.8%. This indicated that deflationary pressures in the Chinese economy continued and prices continued to fall. In Europe, CPI in France fell by 1.3%, falling above expectations. Eurozone CPI was announced as 1.7%, and the European Central Bank continued its efforts to control inflation by keeping the interest rate steady at 3.25%. Data released in the US were generally positive; core retail sales increased by 0.5%, while unemployment claims came in line with expectations, signaling continued strong economic activity.
In the crypto sector, the postponement of payments to Mt. Gox creditors to 2025 was an expected development in the market. Although this situation delays liquidity in the market in the short term, it can have significant effects in the long term. The Avalanche Foundation’s repurchase of 2 million AVAX tokens from Luna Foundation Guard supported the upward movements in the AVAX price. In addition, the announcement by US Vice President Kamala Harris that she supports the establishment of a regulatory framework for cryptocurrencies created a positive atmosphere in the markets. Tether’s expansion plans in commodity trading and traditional finance were also evaluated as an important step that could contribute to the diversification of financial services in the sector.
Other notable developments in the sector included Ripple’s steps towards the launch of its RLUSD stablecoin and Tesla’s transfer of its Bitcoin assets to new addresses. Tesla’s move was perceived as a possible sale preparation, creating short-term uncertainty in the markets. Marathon Digital’s evaluation of growth opportunities by taking out a $200 million loan showed that strategic growth continues in the Bitcoin mining sector. PayPal’s PYUSD stablecoin, on the other hand, lost 40% of its value due to the supply reduction in Solana, but showed signs of recovery. These developments reveal that competition and adaptation in crypto markets continue rapidly.
Those who want to get more comprehensive information about the week covering October 14 – 21 can review the Weekly Crypto Market Reports: October 14, 2024.
