On Wednesday morning, The Federal Reserve shocked the world with a bold 50 basis point cut in interest rates, their first rate cut since March 2020. The wider financial markets reacted positively to the rate cut with Bitcoin now up 7.7% on the 7 day.

It’s always interesting to watch how the institutional investors react but it’s likely the 25-50 bps cut was priced in and we can somewhat see this with strong inflows of over 200m for the week leading up to Wednesday then on the day of the cut we saw 52m outflows, with inflows of 158m resuming again on Thursday.

The euphoria fueled rally is starting to cool off today for the end of the week as people lock in their gains and investors in the US try to enjoy the last of summer. With the US election just around the corner, the markets are likely to start heating up if the previous election cycles are anything to go by.

Bitcoin wasn’t the only digital asset to ride the wave, Ethereum is keeping pace with a 7.6% gain on the weekly. Ethereum creator Vitalik Buterin was seen singing on stage during his talk at the much touted Token2049 in Singapore where a huge chunk of the blockchain and cryptocurrency industry has been connecting, talking and partying it up this week. During his talk, Buterin noted that high transaction fees were among the challenges of mainstream crypto adoption, however transaction fees on Ethereum layer-2 (L2) networks have gone down to “basically zero”. 

Vitalik: An Ethereum Story, the feature documentary chronicling tech visionary Vitalik Buterin and Ethereum’s community of builders as they fight for an open internet accessible to all was released this week. The onchain stream of the film is available here until Oct. 20th.

In breaking news Michael Saylor just announced that MicroStrategy has acquired another 7,420 BTC ~$458.2 million at ~$61,750 per Bitcoin, bringing their total BTC acquired to 252,220.

You too can acquire Bitcoin using your debit or credit card with Metal Pay, click here.