In the crypto market report covering the week of September 30 – October 7, 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: September 30, 2024.
Weekly Crypto Market Report Overview for September 30
We see that cryptocurrencies completed the week, which was full of quite negative developments, where geopolitical tensions increased and the possibility of interest rate cuts decreased in macro data, quite strongly and positively. We see that the expected selling pressure did not occur, especially after the data received on Friday, and we closed the week above the $62,500 region. In this process, the announcements of financial giants such as PayPal, Visa, SWIFT, Citi to increase their digital asset adaptation and Donald Trump’s lead in the polls were also factors that helped cryptocurrencies stay strong.
Bitcoin, which closed its weekly trading at $62,800 after falling below $60,000, saw an accumulation movement around $55,000, which increased investor appetite for medium-term targets at $60,000. This week, only Ethereum remained slightly weaker, despite Bitcoin and even altcoins pulling back.
Ethereum, which retreated to $ 2340 levels, completed the week below $ 2440, and despite the rise, we see that it could not rise to the $ 2530 – $ 2560 region. During this process, Bitcoin dominance remained constant at 58% levels, rising from 57.20% to 58.50% throughout the week and completing the week at 58.05% levels. The total market value, on the other hand, reacted well after testing the $ 2 trillion level and returned to the $ 2.15 trillion region.
For altcoins, the headline that left its mark on the week came from the Ripple – SEC case. The SEC objected to the $125 million penalty decision, causing the lawsuit process to be extended. This caused XRP pricing to pull back to 0.52 levels. Although the claim that FTX will start refunds is another exciting piece of news, it is known that this news is false. It is claimed that the court decision regarding FTX’s applications regarding payment plans may be announced this week.
In this week’s story, the PPI – CPI data from the US may be decisive. Apart from the negative news that may come from Israel – Iran, this seems to be the only data that will drag the markets. We think that the direction is upward in cryptocurrencies and that the $65,000 – $66,000 area may be tested again if there is no negative effect from the headlines we mentioned. In negative scenarios, the $62,500 and $61,000 levels will be critical areas for Bitcoin.
Those who want to get more comprehensive information about the week covering September 30 – October 7 can review the Weekly Crypto Market Reports: September 30, 2024.
