According to a report released by Binance Research, in September 2024, the cryptocurrency market grew by 8%, driven by the positive development of the global economy. The Federal Reserve lowered interest rates to 4.75%-5%, improving investor sentiment. In addition, the People's Bank of China injected 1 trillion yuan into the banking system to cope with deflationary pressures and boost consumer confidence. These measures supported the rise of US and Chinese stock markets, which in turn drove the cryptocurrency market up in October.
On September 27, in response to deflationary pressures and a sluggish real estate market, the People's Bank of China cut the seven-day reverse repurchase rate by 20 basis points and the reserve requirement ratio by 50 basis points. The move injected 1 trillion yuan (about $142.5 billion) into the banking system to boost consumer confidence. The favorable macroeconomic environment has stimulated gains in major stock markets such as the United States and China, further supporting the cryptocurrency market's gains in October. However, it remains critical to keep a close eye on future economic reports and central bank actions.
