Binance Research: Cryptocurrency market value increased by 8% in September, and the macroeconomic environment may support an increase in October

According to a report released by Binance Research, in September 2024, driven by positive developments in the global economy, the monthly market value of cryptocurrencies increased by 8%. The Federal Reserve lowered interest rates to 4.75%-5%, improving investor sentiment. In addition, the People's Bank of China injected 1 trillion yuan into the banking system to cope with deflationary pressures and boost consumer confidence. These measures supported the rise of US and A shares, which in turn drove the rise of the cryptocurrency market in October. On September 27, in response to deflationary pressures and the sluggish real estate market, the People's Bank of China cut the seven-day reverse repurchase rate by 20 basis points and the reserve requirement ratio by 50 basis points. This move injected 1 trillion yuan (about 142.5 billion US dollars) into the banking system to boost consumer confidence. The favorable macroeconomic environment stimulated the rise of major stock markets such as the United States and China, further supporting the rise of the cryptocurrency market in October, but it is still critical to keep a close eye on future economic reports and central bank actions.