Binance Research: September cryptocurrency monthly market cap increased by 8%, macroeconomic environment may support an increase in October

ChainCatcher message, according to a report released by Binance Research, in September 2024, driven by the positive development of the global economy, the cryptocurrency market grew by 8%. The Federal Reserve lowered interest rates to 4.75%-5%, improving investor sentiment. Additionally, the People's Bank of China injected 1 trillion yuan into the banking system to address deflationary pressures and boost consumer confidence. These measures supported the rise of the U.S. and Chinese stock markets, which in turn propelled the cryptocurrency market's increase in October.

On September 27, in response to deflationary pressures and a sluggish real estate market, the People's Bank of China lowered the seven-day reverse repurchase rate by 20 basis points and reduced the reserve requirement ratio by 50 basis points. This move injected 1 trillion yuan (approximately 142.5 billion USD) into the banking system to boost consumer confidence. A favorable macroeconomic environment stimulated the rise of major stock markets in the U.S. and China, further supporting the increase of the cryptocurrency market in October. However, it remains crucial to closely monitor future economic reports and central bank actions.