Bitcoin Surges as Market Prepares for Economic Data Releases

• Bitcoin (BTC) reached $64,000 in early Asian hours, leading to a market-wide jump.
• Asian stocks rose, with Hang Seng index up 3% and Korea's KOSPI up 1%.
• Bittensor's TAO saw a 14% increase in mid-cap tokens, driven by social sentiment and AI growth.
• Memecoins, such as popcat (POPCAT) and mog (MOG), rose over 12% in the past 24 hours.
• Cat-themed memecoins continue to outperform dog-themed ones, attracting riskier memecoin bets.
• Interest in memecoins rises amid low market volatility and negative sentiment around VC-backed tokens.

Summary :
Bitcoin (BTC) approached $64,000 in early Asian trading on Monday, as the market prepared for a busy week of economic data releases from the US. BTC saw a 3% increase, prompting a broader market jump with other major cryptocurrencies such as ether (ETH) and dogecoin (DOGE) rising by as much as 4%. The CoinDesk 20 (CD20), which tracks the largest tokens, also added 3.26%. Additionally, frog-themed Pepe (PEPE) experienced a significant rise of 14%. In terms of upcoming economic data, the Federal Reserve is set to release the FOMC minutes and key economic figures from August that track the growth of the US economy. Meanwhile, the Bureau of Labor Statistics (BLS) will release the unadjusted CPI annual rate in September, the PPI annual rate in September, and the number of initial jobless claims for the week ending October 5. Asian stocks also saw gains, with the tech-heavy Hang Seng index rising by 3% and Korea's KOSPI adding 1%. The People's Bank of China has announced several stimulus measures in recent weeks, which have boosted sentiment in the region. China is expected to announce further measures to stimulate the economy at a press conference on Tuesday. In the cryptocurrency market, mid-cap tokens like Bittensor's TAO saw gains, particularly in the artificial intelligence (AI) sector. Memecoins, which are associated with social sentiment and riskier behavior among crypto traders, also experienced a rise. The so-called "memecoin supercycle" trended on social app X, with coins like popcat (POPCAT), mog (MOG), and simon's cat (CAT) seeing significant jumps. Smaller tokens like GIGA, SPX6900, and Fwog surged by over 20%. Cat-themed memecoins continue to outperform dog-themed ones and remain popular among riskier memecoin bets. This interest in memecoins comes as market volatility remains low in more serious crypto sectors, and negative sentiment grows around tokens backed by venture capital funds. Some market participants believe that if Donald Trump wins the 2024 election, regulatory clarity in the US could cause capital to shift towards utility tokens, potentially impacting memecoins.

Sources :

- Coindesk