Fed cuts rates by 25 BPS, Bitcoin spikes above $116K
The leading cryptocurrency is seeing relatively little volatility following the Fed’s most recent interest rate decision.
- Big decision. U.S. Federal Reserve cuts benchmark interest rate by 25 bps
The U.S. Federal Reserve has cut the benchmark interest rate by 25 basis points. Bitcoin, the leading cryptocurrency, is changing hands at $115,997 on the Bitstamp exchange after briefly spiking above the $116,000 level.
The decision is in line with market expectations. All major analysts (except for Standard Chartered and Societe Generale) expected the bank to make such a move. This is the first rate cut implemented by the Fed since December 2024.
- Big expectations. Move was widely anticipated, with only 7% chance of a deeper cut on Kalshi prediction market.
There was only a 7% chance of a higher rate cut than 25 basis points on the Kalshi prediction market ahead of the decision. The Fed and Chairman Jerome Powell previously attracted criticism from high-profile Republicans due to persistent reluctance to make a dovish U-turn with aggressive rate cuts that would boost the economy.
Top trader sends $18 million in Ethereum to Binance
$18 million in Ethereum lands on Binance from wallet linked to famous XRP trader.
- Whale move. 4,001 ETH (≈$18.02M) sent to Binance by wallet linked to DonAlt
One of the most followed crypto traders allegedly just sent 4,001 ETH to the world’s largest cryptocurrency exchange, Binance. That is $18.02 million worth of Ethereum coins gone in one shot, according to Lookonchain.
- Track record. DonAlt famously predicted XRP’s explosive rally from $0.50 to $3.65 last year
The address is connected to trader DonAlt — the same analyst who predicted last year that XRP would rise from $0.50 to $3.65, a move that increased the coin’s price by around 700% to a market cap worth of $180 billion. This time, at the center of the discussion is not XRP but Ethereum.
At around $4,498 per coin, ETH is less than $500 away from the high it reached earlier this month. The token has increased by more than double from last year, when it was trading at under $2,200. Thus, moving $18 million onto the world’s biggest exchange is a big deal.
CME Group to launch XRP and Solana options on futures
CME keeps expanding its cryptocurrency derivatives offerings beyond Bitcoin and Ethereum.
- Launch date. XRP and Solana futures options set to go live Oct. 13
Chicago-based trading behemoth CME Group has announced that it is launching options for XRP futures. They are slated to launch on Oct. 13 (pending regulatory approval). The same product will also be rolled out for Solana futures, according to the Wednesday announcement.
Options on futures will give traders the right to purchase or sell the future contracts tied to these cryptocurrencies at a certain price before or at expiration. The XRP options are specifically aimed at institutions, active traders as well as liquidity providers.
- ETF implications. Analysts say strong futures demand could boost the case for XRP ETFs
CME Group introduced XRP futures back in May (shortly after the Solana-based product). ADVERTISEMENT The product turned out to be extremely successful, becoming the fastest-ever product to reach $1 billion in Some analysts believe that this level of demand could bode well for XRP ETFs. Hence, it is not surprising that XRP options on futures are now viewed as a natural step.