Bitcoin Strength Continues on U.S, China Easing; Floki Bot Crosses Trading Milestone

BTC is up 1% as it trades near $64K during the Asia business day.

Polymarket traders are giving a 50% chance that the Fed makes another 50 bps cut.

Bitcoin (BTC) showed signs of strength Wednesday as it retook the $64,000 level in early Asian hours, but later retreated, to reverse drawdowns from a day before, with alternative token Sui (SUI) leading gains in the broader market.

BTC added 1% in the past 24 hours, data from CoinDesk Indices shows, while Solana‘s (SOL) jumped 3% to lead gains among major tokens. Ether (ETH) was flat on the day amid signs of a fallout with institutional investors, while BNB Chain’s (BNB) showed signs of reversals after a 10% rally in the past seven days.

The broad-based CoinDesk 20 (CD20) index, a measure of the price performance of the largest tokens by market capitalization, was up 2.4%.

Outside of majors, memecoins and layer-1 token bets have led gains in the crypto market on continual demand and positive sentiment among traders. Sui Networks (SUI) jumped 16% in the past 24 hours to extend weekly gains to nearly 50%, while dog-themed memecoins jumped over 5% on average.

Flokis FLOKI tokens zoomed 16% over the past week as its speedy and cheap trading bot crossed $75 million in volumes and crossed $1 million in net fees - with part of that amount now put aside to buy and burn FLOKI from the open market.

Developers also said late Tuesday that Flokis metaverse game Valhalla had signed a multi-year partnership with esports organization Alliance to boost users and visibility ahead of its release in November.

Looking Ahead

Bitcoin traders have received a boost in the past week as countries from the U.S. to China are easing monetary policy to combat a slowdown in thier economies - setting the bedrock for what can be a rush to riskier bets in the coming months.

Expectations that the U.S. Federal Reserve will cut its benchmark interest rate by another 50 basis points at its November meeting is currently at 50% on Polymarket, while the possibility of a 25 bps cut is at 44%.

Some traders say the Feds move ultimately influences other authorities to take similar steps, leading to a snowball effect.