Overview

Bitcoin (BTC) climbed above $62,000 following the Federal Reserve's decision to cut interest rates by 50 basis points, marking the first rate cut since the COVID-19 pandemic. The FOMC projects further rate cuts of 2 full percentage points by 2026. Meanwhile, the meme token market has been energized by a rally in cat-themed tokens, with POPCAT up 23.86% in 24 hours. Additionally, Aleo, a zero-knowledge Layer-1 blockchain, has launched its mainnet, offering new opportunities for developers to build privacy-centric decentralized applications.

Daily Macro:

Bitcoin Market Performance: Bitcoin (BTC) climbed above the $62,000 mark following the Federal Reserve's decision to cut interest rates.

ETF Performance: Ahead of the Fed's rate decision, BTC ETFs recorded a net outflow of $52.7 million, while Ethereum (ETH) ETFs experienced a $14.7 million outflow.

Macroeconomic Data: The Federal Open Market Committee (FOMC) announced a 50 basis point cut to the federal funds rate, bringing it down to the 4.75% - 5.00% range. This marks the first rate cut since the COVID-19 pandemic era.

“The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance,” the post-meeting statement said.

The updated "dot plot" points to another 50 basis points of rate cuts by the end of 2024, followed by a full percentage point of reductions in 2025, and another 50 basis points in 2026. In short, the FOMC anticipates a further 2% cut in rates from current levels over the next two years.

Daily Focus

Cat Meme Tokens Rally

Reason for Focus: The surge in cat-themed meme tokens continues to capture market attention. Among them, $POPCAT is only 13% below its all-time high, further fueling enthusiasm within the Cat Meme sector.

Related Token Performance (24H):

POPCAT: +23.86%

MEW: +6.00%

MOG: +9.50%

CAT: +0.42%

MICHI: +16.45%

BDC: +51.60%

NUB: +20.46%

Market Outlook: While dog-themed meme tokens have historically dominated this space, the growing momentum behind cat-themed tokens suggests a shift in investor sentiment. The rally in the cat meme token market could drive further speculative capital into this niche, potentially leading to additional upside.

Next Focus

Aleo Network Launches Mainnet

Reason for Focus: Aleo, a privacy-focused Layer-1 blockchain designed with zero-knowledge (ZK) cryptography, has officially launched its mainnet. Aleo aims to empower developers to build decentralized applications that offer enhanced privacy and scalability.

How to Participate: To explore Aleo’s ecosystem and discover projects being built on the network, users and builders may visit the official Aleo website.

BTC Surpassed $62,000 after Fed’s Rate Cut; Cat Memes Rally and Aleo’s Mainnet is Live