VBIT Hong Kong
This is a historical news review. Interpret prices and views in their original context.
The macroeconomic background in October 2024
During October 2024 volatility, investors watched economic and policy changes affecting cryptoassets. Market trend reports said Fed rate cuts had lifted confidence, but investors remained cautious about a possible soft landing or slowdown. Bitcoin and Ethereum fluctuated; Bitcoin's fall below $66,000 attracted particular attention.
After an 8% increase in total market capitalisation in September, the early-October correction reflected liquidity changes and macroeconomic reports. The People's Bank of China lowered reverse-repo rates and reserve requirements, injecting RMB 1 trillion and further influencing crypto market growth. Whether the stimulus would provide lasting support remained uncertain.
Short-term Bitcoin and Ethereum movements
The report suggested Bitcoin might fall further in the short term. It had recovered to $69,000 before declining again amid SEC action and global uncertainty. Short-term investors were expected to drive near-term movements, while analysts also anticipated a possible test of $75,000 in the following weeks.
Ethereum layer-2 upgrades and new stablecoins
Ethereum's scaling roadmap, The Surge, drew attention for its aim to improve scalability and address high fees. Developments such as cooperation between TON and Curve Finance were also advancing the ecosystem, particularly stablecoin exchange innovation.
Market outlook and future developments
Although NFTs remained weak, DeFi grew significantly. TVL on blockchains such as Sui rose more than 60%, indicating demand for decentralised applications. The report stressed following emerging blockchain technologies and policy developments affecting major cryptoassets when considering future opportunities.
Historical market views and current trades
Past prices, policy expectations and technical discussion cannot replace the quote for a particular trade. To prepare to buy BTC, read the Guide to Buying BTC with HKD Cash. If you already hold BTC and wish to sell, see the BTC to HKD Service.
