0xScope Newsletter #61: Using AI to Assess Fed Rate Impact on Bitcoin
0xScope Newsletter #61: Using AI to Assess Fed Rate Impact on Bitcoin
Also: 0xScope is happy to report that 99.69% of $mSCOPE reward winners chose to keep their stakes in our future asset launches.
Thank You For Supporting 0xScope’s $mSCOPE
We’re proud to report that among all the participants who joined our successful AI Fest, a whopping 99.69% chose to retain their $mSCOPE rewards. We see this as concrete evidence that the 0xScope community supports the Web3 + AI vision that we’re building.
In addition, we’d like to show our appreciation for our community’s continued engagement with the 0xScope team. We’ve completed the processing of refund requests on AI Trading fees spent during the 0xScope x Mantle AI Fest on September 20. Thanks to all who joined our campaign, and stay tuned for more exciting updates from 0xScope!
0xScope Analysts Use AI to Assess the Impact of Fed Rate Changes to Bitcoin
Following the Federal Reserve's recent interest rate cut, crypto markets have seen renewed vitality, sparking optimism across the digital asset space. Utilizing the sophisticated AI-driven insights provided by Scopechat, the 0xScope team explored how digital assets like Bitcoin reacted to the latest economic developments.
Here are some of our latest findings:
During the Fed Fund Rate cut of 50 basis points (bps) on September 18, Bitcoin went up by 2.40%, from $60,314 to $61,760.
Following an extended period of interest rate hikes, the first rate cut often correlates with a substantial increase in Bitcoin's price. That’s exactly what happened during the recent rate cut, as well as a similar instance back in July 30-31, 2019, when Bitcoin rose by 5.81% following a 25 bps cut.
The rate cut did not have a significant impact on the open interest of BTC perpetual markets. In fact, the open interest slightly increased from $30B to $35B.
Many large institutions benefited from their Bitcoin transactions prior to the rate cut. Microstrategy recently purchased 18K $BTC before the cut, and this transaction resulted in about $55M of profit for the company.
Read this article for more details.
On-chain Data
CEX assets’ $3.7B boost highlights a bullish week.
September has been good for CEX assets, with this week’s $3.7B growth following up the $9.4B gains previously recorded over the first half of the month. Bitcoin is gradually getting close to $65,000 levels, while most altcoins have been in the green over the past week. Exchanges that benefited the most from this boost are Bitget (+14.10%) and HTX (7.21%), and while most of the other exchanges registered modest changes to their net assets, Binance US suffered a 27.21% loss to net asset values.
Upcoming token unlocks for $OP, $ZETA
This week, watch out for the unlocking of $41.07M worth of $OP tokens on September 29, followed by a $34.21M unlock for $ZETA on October 1.
If you're a supporter of these tokens, please be mindful of potential price fluctuations in the days to come, and follow the 0xScope Twitter account for more information.
Company Announcements
Subscribe to Scopechat Pro
Scopechat Pro is our new membership system for a next-level AI-powered crypto trading experience. With Scopechat Pro, you can enjoy the following benefits for as little as $14/month for the annual plan!
Subscribe to Scopechat Pro today! Pay using your credit card, Scopepoints, or crypto (we support Ethereum, Arbitrum, Base, and Optimism networks).
Be the Next 0xScope Ambassador!
0xScope is looking for talent! Passionate about growing your community and showcasing your investigation skills? Become a 0xScope Ambassador, lead the charge, and get a chance to be featured here! If you think you are a good fit or know somebody who is, please reach out at hr@0xscope.com.
Quick Bites
Bitcoin jumps over $64K on China stimulus; IBIT options could provide longer-term boost - LINK
US spot Bitcoin ETFs post fifth straight day of inflows worth $105.8 million - LINK
BlackRock Bitcoin ETF posts September's biggest daily inflow of over $180M - LINK
Tokenized asset market to hit $10T by 2030: Chainlink report - LINK
Hamster Kombat token goes live for trading with airdrop to 131 million user accounts - LINK
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