#BinanceTurns8 Binance Research announces that the cryptocurrency market has experienced an 8.0% increase in total capitalization, driven by the positive sentiment resulting from the Federal Reserve's decision to lower the federal funds rate and the improvement in U.S. labor market data.

The People's Bank of China has also cut interest rates and the reserve requirement ratio to counter deflationary pressures, injecting 1 trillion yuan into the banking system. These favorable global macroeconomic developments have led to gains in major capital markets and the crypto market. However, upcoming economic reports and central bank policies remain to be monitored.

Wrapped Bitcoin ("wBTC") continues to maintain a strong presence in the market, with weekly transactions reaching historical highs and a holding of over 65% of the market share. This comes despite controversies surrounding its new “multijurisdictional and multi-institutional” custody model and increasing competition in a market that now has over 20 players.