Looking back on the week, the overall stock market and cryptocurrencies performed well. After the Federal Reserve started a cycle of interest rate cuts and China introduced policies to release funds, the Nasdaq China Golden Dragon Index (HXC), which represents Chinese concept stocks, rose by 23.94% for the week. BTC breaks through the 65K neckline, Binance founder Changpeng Zhao CZ confirms regaining freedom on Friday, BNB returns to $600
PCE shows inflation continues to fall
On Friday (9/27), the U.S. Department of Commerce released data showing that the personal consumption expenditures (PCE) price index increased by 2.2% year-on-year in August, slightly lower than market expectations of 2.3%, and down from the previous value of 2.5%; the monthly increase was 0.1%. , slightly lower than the previous value of 0.2%. Core PCE, the Fed's favorite measure of inflation, which excludes energy and food prices, rose 2.7% year-over-year in August, in line with market expectations.
PCE data showed that inflation continued to decline, and U.S. stocks generally rose in early trading. However, it was reported that the Beijing government does not encourage Chinese companies to purchase Huida AI chips. Huida (NVDA) fell 2.13%, which also dragged down the decline of overall semiconductor stocks.
However, looking back on the week, the overall stock market performed well. After the Federal Reserve started a cycle of interest rate cuts and China introduced policies to release funds, the Nasdaq China Golden Dragon Index (HXC), which represents Chinese concept stocks, rose 23.94% for the week.
(Radical money printing to save the economy! China launches the largest economic stimulus package since the epidemic, creating a short-term antidote)
BTC breaks through the 65K neckline level
As optimism spreads in the market, cryptocurrencies have also seen general gains. Bitcoin once rose to $66,498 yesterday, the highest since August, and has risen by more than 10% this month. Bitcoin has fallen an average of 5.9% in September over the past decade, traditionally a bearish month, according to Bloomberg data. Other smaller altcoins have risen even more than 20%, showing that looser financial conditions are encouraging investors to take higher risks in the cryptocurrency market.
(Bloomberg: The interest rate cut pushed Bitcoin to its strongest September rally in a decade, and it is clear that it will only have a chance to break through 65K)
From a technical linear perspective, Bitcoin has indeed broken through the neckline level near 65K, but there are still many obstacles above. Whether it can challenge the historical high of $73,798 set in March this year still requires more bullish push.
CZ regains freedom, BNB returns to $600
According to a report in the Wall Street Journal, Binance founder Changpeng Zhao (CZ) regained his freedom on Friday ahead of schedule. Although CZ has resigned as CEO of Binance, as the largest shareholder and a key opinion leader in the currency circle, CZ’s return to the stage still brings a lot of expectations to everyone. BNB also returned to the $600 level yesterday.
(Binance founder CZ was released from prison early on Friday, and Changpeng Zhao will regroup for the healthy development of the currency circle)
Crypto-related stocks have also been outperforming recently, with exchange Coinbase (COIN) and Bitcoin development company MicroStrategy (MSTR) both gaining more than 6% yesterday and posting weekly gains of as much as 11% and 19%.
This article China releases water to create liquidity, Bitcoin stands firm at 65K, and risk assets usher in a bumper week first appeared on Chain News ABMedia.
