Leading cryptocurrencies surged following the Federal Open Market Committee’s decision to implement a 25 basis point rate cut. Bitcoin maintained strength at $117,300, while Ethereum climbed 2% to $4,580. Solana demonstrated notable momentum, advancing 5% to $247 after Forward Industries unveiled a $4 billion automated market maker initiative. Binance Coin achieved a historic milestone, surpassing the $1,000 threshold for the first time amid bullish market sentiment.
Altcoins exhibited robust performance, with PENGU, SPX, and AVAX leading gains at 14%, 11%, and 10% respectively. HYPE token reached a new all-time high of $59 on Wednesday. Despite the broader rally, Bitcoin ETFs recorded $51 million in net outflows, ending a seven-day inflow streak. Ethereum ETFs similarly experienced outflows.
Significant industry developments emerged as Moneygram announced a partnership with Crossmint to integrate stablecoins, potentially impacting 50 million customers across 200 countries. Kraken and Circle revealed collaboration to expand stablecoin accessibility through USDC and EURC integration. Regulatory advancements included the New York Department of Financial Services directing banks to implement blockchain analytics for enhanced AML and sanctions compliance, while the SEC approved a new listing standard expected to streamline future crypto ETF approvals.
