Binance Research: Cryptocurrency market value grew 8% in September, macroeconomic environment may support growth in October

Odaily News According to a report published by Binance Research, the cryptocurrency market grew by 8% in September 2024, driven by positive developments in the global economy. The Federal Reserve cut 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 counter deflationary pressures and boost consumer confidence. These measures supported the rise in US and Chinese stock markets, which in turn drove the rise in 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. The move injected 1 trillion yuan (about $142.5 billion) into the banking system to boost consumer confidence. The favorable macroeconomic environment stimulated the rise in major stock markets such as the United States and China, further supporting the rise in the cryptocurrency market in October. However, it remains critical to keep a close eye on future economic reports and central bank actions.