Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
showed signs of strength Wednesday as it retook the $64,000 level in early Asian hours, but later retreated, to reverse drawdowns from a day before, with alternative token SuiOutside of majors, memecoins and layer-1 token bets have led gains in the crypto market on continual demand and positive sentiment among traders. Sui Network’sjumped 16% in the past 24 hours to extend weekly gains to nearly 50%, while dog-themed memecoins jumped over 5% on average.
Expectations that the U.S. Federal Reserve will cut its benchmark interest rate by another 50 basis points at its November meeting is currently at 50% on Polymarket, while the possibility of a 25 bps cut is at 44%. Some traders say the Fed’s move ultimately influences other authorities to take similar steps, leading to a snowball effect.
“The timing of the announcement suggests that the Fed’s policy played a key role in the PBoC’s decision,” Presto Research analysts said in a Wednesday note shared with CoinDesk. “There’s been chatter that what’s holding the PBoC back from being more aggressive in providing monetary stimulus is the risk of it losing efficacy due to capital flight, as CNY’s short-term rate has been below that of the USD since mid-2022.
“It’s becoming clear that the Fed has finally started its rate cut cycle, removing such concerns. This implies that we may see more from the PBoC as the Fed continues to cut rates and the negative rate differential narrows,” they added.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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