Interest rate cuts may impact Treasury bonds and stablecoins
The Federal Reserve cut interest rates by half a percentage
point, the first reduction since the onset of the pandemic, aiming
to prevent a slowdown in the labor market. With inflation
decreasing, the committee projects further cuts until 2025. Despite
a growing GDP, concerns about employment persist, leading to this
decision. This shift is expected to influence other central banks,
which are already considering similar cuts. Experts like Arthur
Hayes from BitMEX warn that this could diminish demand for
tokenized Treasury bonds. However, Alexander Deschatres from
Standard Chartered believes that stablecoins, with a supply of $170
billion, may mitigate this impact by redirecting investments to
money market tokens. Despite the cut, yields remain attractive
compared to holding stablecoins, while the market for tokenized
bonds is growing rapidly.
Just before the highly anticipated interest rate decision from
the Federal Reserve, the price of Bitcoin (COIN:BTCUSD) fell below
$60,000, down nearly 1% at $59,825. Moments after the Fed announced
the 0.5% cut, Bitcoin rose 0.5% to $60,610 in the last check. Key
resistance levels for Bitcoin are at $61,500 and $61,750.
Former Coinbase executives launch TrueX, innovative stablecoin
exchange
Former Coinbase (NASDAQ:COIN) executives Vishal Gupta and
Patrick McCreary have launched TrueX, a non-custodial exchange
focused on stablecoin trading, unveiled at the Token2049
conference. The platform employs a proprietary matching engine to
optimize trades and uses PayPal USD (COIN:PYUSDUSD) as its standard
currency. TrueX offers a separation between trade execution and
asset custody, enhancing transaction security. The startup raised
$9 million in funding from various investors, including Paxos and
the Solana Foundation.
River launches proof of reserves to enhance Bitcoin transparency
River, a Bitcoin exchange in the U.S., has introduced the River
Proof of Reserves, allowing clients to verify that their Bitcoin
assets are fully reserved. Following failures of exchanges like
FTX, this measure aims to boost trust. CEO Alex Leishman emphasized
that this initiative sets a new standard for transparency, with
River currently securing over $800 million in Bitcoin for its
clients.
SIX considers launching cryptocurrency platform for institutional
investors
According to the Financial Times, the Swiss stock exchange SIX
is exploring the launch of a cryptocurrency trading platform in
Europe. Targeted at institutional investors, the platform would
support spot and derivative trading. SIX aims to leverage its
reputation and Switzerland’s favorable regulations to attract major
investors. This move increases competition with dominant exchanges
like Coinbase and Binance, which account for approximately 70% of
the crypto market’s spot volume.
WisdomTree advances real asset tokenization with new platform
WisdomTree has launched WisdomTree Connect, a platform for
tokenizing real-world assets aimed at businesses and institutions.
Complementing the WisdomTree Prime app, the new platform allows
users to hold tokenized funds in digital wallets using dollars or
the USD Coin stablecoin (COIN:USDCUSD). Initially, tokens will be
minted on the Ethereum blockchain, with plans to include other
blockchains. This initiative aims to integrate traditional and
decentralized finance, expanding access to digital financial
products for businesses and consumers.
Monerium launches EURe, first euro stablecoin in the Cosmos
ecosystem via Noble
Fintech Monerium has launched EURe, the first euro-backed
stablecoin in the Cosmos ecosystem, utilizing the Noble blockchain.
EURe is backed by euro deposits and integrated with the SEPA
system, enabling instant transfers between bank accounts on-chain.
Monerium, regulated under the EU’s MiCA framework, has been a
pioneer in issuing electronic money on blockchains since 2019.
Noble, which also issues USDC from Circle, facilitates
interoperability among over 90 blockchains in Cosmos, promoting
liquidity and fast transfers, with $280 million in assets and over
$3 billion in transfer volume.
Bitcoin ETFs see significant inflows, while Ethereum experiences
outflows
On September 17, Bitcoin ETFs attracted $186.8 million, led by
Fidelity (AMEX:FBTC) with $56.6 million, Bitwise (AMEX:BITB) with
$45.4 million, and Ark (COIN:ARKB) with $42.2 million. VanEck
(AMEX:HODL) and Invesco (AMEX:BTCO) also contributed positively.
Meanwhile, Ethereum ETFs reported net outflows of $15.1 million on
Tuesday, with Grayscale (AMEX:ETHE) seeing a withdrawal of $17.9
million, partially offset by a smaller inflow of $2.8 million from
Grayscale Mini Trust (AMEX:ETH).
Leveraged ETFs from MicroStrategy increase exposure to crypto
market
REX Shares and Tuttle Capital have launched two new leveraged
ETFs, providing 2x long and short exposure to MicroStrategy’s stock
(NASDAQ:MSTR). These ETFs follow the success of a similar fund from
Defiance launched in August that attracted strong demand. With
these launches, investors gain more tools to expose themselves to
the volatility and growth of MicroStrategy in the cryptocurrency
market.
TRON drives growth with increased transactions and Tether usage
The TRON blockchain recorded 225 million transactions and $220
million in fees last month, along with 14.1 million active users.
Growth was fueled by increased Tether (COIN:USDTUSD) transfers and
the success of SunPump, a meme coin creation platform. Despite
facing challenges in DeFi, TRON (COIN:TRXUSD) continues to expand
its capabilities with infrastructure improvements and fee
reductions.
Solana faces criticism over inflation and bot activity on its
network
Solana, one of the most promising blockchains, has faced
criticism for its high inflation and bot activity, according to a
report from Cointelegraph Magazine. While the inflation rate has
decreased from 8% to 5% since 2021, concerns remain about the
sustainability of its economic model. Bot activity has also
inflated transaction volume, with many critics questioning the
authenticity of the network’s demand. Solana (COIN:SOLUSD)
continues to adjust its inflation and governance model to maintain
long-term sustainability.
CleanSpark expands Bitcoin mining with new acquisitions in
Mississippi
CleanSpark (NASDAQ:CLSK) has acquired two new Bitcoin mining
sites in Clinton, Mississippi, for $5.775 million, increasing its
capacity to 60.5 MW. The new sites support S21 Pro miners and will
provide a combined hash rate of 1 exahash per second. The company
plans further expansion, targeting 37 EH/s by the end of 2024 and
50 EH/s in 2025.
Advances in ZK technology drive scalability in blockchains
The month marked a significant advancement in zero-knowledge
(ZK) proofs. Polygon Labs acquired VPUs from Fabric Cryptography to
enhance ZK verification, while Succinct Labs, alongside Optimism,
introduced a framework for migrating optimistic rollups to ZK in an
hour. Additionally, RiscZero announced plans to be the distributed
computing layer for blockchains. These developments accelerate
scalability and privacy, paving the way for proof singularity and
greater adoption of blockchain technology.
Michelle Bond pleads not guilty to campaign finance charges
Michelle Bond, former partner of Ryan Salame, pleaded not guilty
to four campaign finance-related charges in a New York court.
During the September 17 hearing, she contested charges of
conspiracy and illegal contributions, claiming Salame, former
co-CEO of FTX, funded her campaign with $400,000. Salame has
already pleaded guilty and faces a 90-month prison sentence. Bond,
who launched a cryptocurrency think tank, remains free on $1
million bail.
Infinex reaches $40 million in NFT sales in four days
Infinex’s new NFT collection, called Patron, raised over $40
million in sales within the first four days, despite a slowdown in
the NFT market. With over 74% of the tokens sold, Infinex hopes to
attract even more investors. The NFTs are available in three price
tiers, and early participants include major industry names. This
success comes as blue-chip NFT collections, like CryptoPunks and
Bored Ape Yacht Club, face significant declines in their
valuations.
Borderless Capital launches $100 million fund for decentralized
infrastructure
Borderless Capital has announced its third fund, dedicated to
decentralized physical infrastructure networks (DePIN), with a
total of $100 million. The fund aims to invest in blockchain
projects focused on building and maintaining global physical
infrastructure. Led by Álvaro Gracia and Sean Carey, the fund has
the support of Peaq, Solana Foundation, Jump Crypto, and IoTeX.
DePIN allows individuals to contribute resources to decentralized
networks and be rewarded with tokens, promising to revolutionize
critical infrastructure.
Dragonfly Capital seeks $500 million for new crypto-focused fund
Dragonfly Capital, a cryptocurrency venture capital firm, aims
to raise $500 million for its fourth fund, focusing on early-stage
projects. Dragonfly has already secured $250 million and plans to
double that amount by early 2025. Although the goal is smaller than
that of the previous fund, the move reflects ongoing optimism in
the sector, even after recent challenges in the crypto market.
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