The Fed cut interest rates by 50 basis points, a bold start to the rate cut cycle
On September 19, the Federal Reserve started a rate cut cycle, lowering the federal funds rate by 50 basis points to 4.75%-5.00%, the first rate cut since March 2020. Nick Timiraos, a reporter for the Wall Street Journal known as the "Federal Reserve's mouthpiece," said that the Fed's 50BP rate cut marked a bold start to the rate cut. According to statistics, the last time the Fed cut interest rates by 50 basis points was in March 2020, and since then, Bitcoin has risen by more than 10 times.
Related reading:
An article to understand the key points of Powell's hawkish press conference (Chinese and English)
Trump's crypto project World Liberty Financial, 63% of WLFI tokens will be sold to the public
On September 17, Trump’s crypto project World Liberty Financial (WLFI) stated in a live broadcast that 63% of WLFI tokens will be sold to the public, 17% will be used for user rewards, and the remaining 20% will be used for the team.
Related reading: Trump family DeFi project confirms coin issuance, Trump once again talks about his recognition of Crypto (with full text of speech)
This week, the US Bitcoin ETF had a net inflow of 6,578.89 BTC, and the Ethereum ETF had a net outflow of 11,461.21 ETH
According to Coinglass data, this week, the U.S. spot Bitcoin ETF had a net inflow of 6,578.89 BTC (about $414 million), and the spot Ethereum ETF had a net outflow of 11,461.21 ETH (about $29.66 million).
CZ will be released from prison on September 29
On September 16, according to the official website of the U.S. Federal Bureau of Prisons, a 47-year-old Asian man named "CHANGPENG ZHAO" will be released on September 29, 2024. According to a Bloomberg report in June, Binance founder CZ went to a federal prison in California to begin a four-month sentence.
Binance responds to "insider trading rumors": verified to be "a false incident", valid reports can receive rewards of 100,000 to 500,000 US dollars
On September 17, Binance Chinese official issued a statement saying that a screenshot of a KOL (Vic TALK) community circulating in the Chinese community recently triggered a discussion about Binance's "rat warehouse". After official verification, it was finally confirmed to be an "oolong incident". The several coin listing information mentioned was based on the "win rate" of speculation. The information came from a secondary trader and was not insider information. Binance stated that any behavior involving leakage or corruption will be dealt with seriously once verified. You are welcome to report any clues about coin listing or other forms of corruption at any time. After verification, if it involves Binance internal personnel, the official will provide a reward of 10 to 5 million US dollars while protecting the reporter's personal information.
The RMB exchange rate against the US dollar rose and approached the 7.0 mark, and the highest price on the Binance platform was only 6.98
On September 21, as the Federal Reserve released a signal of interest rate cuts, the RMB exchange rate showed a strong upward trend. As of 4:59 on September 21, the offshore RMB against the US dollar was 7.0421, up 295 points from the previous trading day. At the close of 16:30 on September 20, the onshore RMB against the US dollar was 7.0552, up 108 points. The highest price of USDT to CNY on the Binance platform was only 6.98 yuan.
BNB Chain announced integration with Telegram; will launch Telegram mini-program game Moonbix, the date will be announced as soon as possible
On September 18, Binance customer support team announced that its upcoming Telegram mini-program game Moonbix was accidentally leaked before the planned release date. The product is still being fine-tuned and the official release date will be announced as soon as possible. On September 20, BNB Chain was integrated with the messaging application Telegram. With Telegram robot wallets such as CodexField Wallet and UXUY Wallet, users can send, receive, and interact with dApps in Telegram chats. These wallets can serve as a convenient portal to the BNB Chain ecosystem, enabling users to fully manage their assets directly in Telegram.
Binance launched Neiro (NEIRO), Turbo (TURBO) and Baby Doge Coin (100000BABYDOGE), driving up the price of NEIRO
According to the official announcement, Binance will launch spot trading of Neiro (NEIRO), Turbo (TURBO) and Baby Doge Coin (100000BABYDOGE) at 18:00 (UTC+8) on September 16, 2024. Withdrawals will be available at 18:00 (UTC+8) on September 17, 2024. Subsequently, the price of Neiro rose rapidly, with an increase of more than 680% in half an hour, and the market value exceeded 116 million US dollars.
Related reading: NEIRO: who is better, reviewing the journey of Binance’s new coin NEIRO, which increased 600 times in one month!
One of the major updates of Ethereum, Pectra upgrade will make changes to gas fees, validator rights, etc.
On September 21, Ethereum core developers decided to split the network's next major upgrade, Pectra, into at least two parts, with the first update set to be released around February 2025. Currently, gas fees on Ethereum, Base, Arbitrum, Optimism, and other second-layer networks must be paid in ETH, regardless of what token is transferred. A proposal included in the first part of Pectra, EIP-7702, will effectively end this requirement, allowing users to pay gas fees with other more versatile cryptocurrencies. Another improvement is EIP-7251, which will allow Ethereum stakers to receive rewards for more than 32 ETH staked. For example, users who currently stake 40 ETH cannot currently receive income or voting rights from an additional 8 ETH. This will significantly reduce the bandwidth requirements of the entire Ethereum network.
Aleo Announces Token Economics, 34% Allocated to Early Backers
On September 17, the programmable privacy network Aleo announced its token economics, and there will be 1.5 billion Aleo tokens at the launch of the mainnet. After the mainnet is launched, the consensus algorithm will automatically generate tokens to reward provers and stakers. Among them: 34% is allocated to early supporters; 25% is allocated to grants, ecosystem contributors and education; 17% is allocated to employees and project contributors; 16% is allocated to the Aleo Foundation and Provable; 8% is allocated to strategic partners. Staking and proof rewards increase the supply of tokens in circulation by about 75% in ten years (from 1.5 billion to more than 2.6 billion). The inflation rate will gradually decrease from 13.5% in the first year to 1.6% in the tenth year.
Bitcoin's market capitalization rose to 58.47% of the total crypto market, the highest since April 2021
According to SolanaFloor, Bitcoin's market capitalization rose to 58.47% of the total crypto market, its highest level since April 2021.
Louisiana State Government Officially Accepts Cryptocurrency Payments
Louisiana has officially begun accepting cryptocurrency payments, becoming the latest state in the U.S. to embrace digital currencies, according to Decrypt. State Treasurer John Fleming announced that residents can now use Bitcoin, Bitcoin Lightning Network, and USDC to pay for various state government services. Louisiana has received its first cryptocurrency payment through the Bitcoin Lightning Network to pay a fine from the wildlife and fisheries department.
U.S. stocks hit a new record high, MicroStrategy rose 9.04%
Wall Street traders bet that the Federal Reserve will be able to achieve a soft landing, which has stimulated a rebound in riskier areas of the market and U.S. stocks have hit new highs. The S&P 500 rose 1.7% on Thursday, setting its 39th record high since 2024 and extending its gains this year to around 20%. The Nasdaq 100 rose 2.6%. The S&P 500 broke through 5,700 points and the Dow Jones Industrial Average broke through 42,000 points, both setting new highs. In terms of cryptocurrency concept stocks, Coinbase rose 3.44% and MicroStrategy rose 9.04%.
MicroStrategy bought about 7,420 bitcoins for about $458.2 million in September
According to Tree News, MicroStrategy bought about 7,420 bitcoins in September for about $458.2 million.
So far in September, 10 new projects have been launched on BNB Chain, covering DeFi, games and other tracks
New projects launched on BNB Chain since September include: DeFi: Contango, ReHold, RNDM, SOFA; Games: DogeGoal AI, Tashi Protocol; AI: http:// Memehub.AI ; Infrastructure: Reclaim Protocol, Webacy; DeSoc: SELF Crypto.
The number of BTC exchange deposit addresses is at its lowest point since 2016
Leon Waidmann, head of research at the Onchain Foundation, said in a post on X that based on CryptoQuant data, the number of BTC exchange deposit addresses is at its lowest level since 2016. This shows that few people are willing to send their BTC to exchanges and sell them.
Three people were sentenced by the Hubei court in China for setting up a "community" pyramid scheme in the name of investing in virtual currency
On September 19, the Zhongxiang City Procuratorate of Hubei Province prosecuted Chen and three others for organizing and leading pyramid schemes. After a judgment in accordance with the law, Chen and three others were convicted of organizing and leading pyramid schemes and were sentenced to three years in prison, suspended for five years, and fined RMB 350,000. The police investigation found that a pyramid scheme organization headed by Chen, Ding, and Fu decided to issue self-created virtual currency to obtain income. "The three agreed on the promotion model, reward system, profit distribution mechanism and other matters, and went to other places to find Lu, the head of a software design company, to develop a virtual currency software APP. In February 2022, the APP was officially launched. On February 19 of the same year, Chen and three others held a press conference for the APP, and called on friends to participate in the virtual currency project. At the same time, they established a pyramid scheme organization "XX Community" in the name of investing in virtual currency projects.
This week's hot articles
Crypto Talk: Under the background of interest rate cuts, we review the recent meme hotspots of the three major public chains
The crypto market is picking up, with the small currency $Neiro soaring nearly 30 times after listing on Binance. The demand for on-chain activities on Ethereum is high, and popular meme projects include $FIGHT, $BURGER, and $MISHA. $BURGER was launched because Trump used Bitcoin to buy cheeseburgers, and its market value soared 600 times in a short period of time. $MISHA was inspired by the dog raised by the co-founder of Ethereum, and its market value exceeded 10 million US dollars after it went online. This article will review several hot meme projects on the three major public chains from the perspectives of transaction volume, fund pool size, and recent popularity.
He Yi responded to the anxiety in the crypto and the rumors about listing coins: Binance needs to reconcile and does not have absolute say
Binance has launched multiple Meme coins, sparking heated discussions about "Binance insider trading". The US SEC accused Binance of not being a registered securities provider, and Binance co-founder responded that compliance is needed in the crypto field. Binance hopes to serve one billion users, and its development is still ongoing. Its products are not just trading, but also Earn, Square, Pay, Web3 wallet, etc. Binance seriously considers community opinions, and the listing criteria include user needs, project durability and business logic. Cryptocurrency has become a hot topic in the US election, and projects with solid business logic and income are more popular. Binance has strict preventive measures in the listing process and insider trading. If corruption is found, it can be reported and a high bonus can be obtained. The author believes that he is not gifted, and hopes to inspire investors and entrepreneurs to think.
How will the US election, which everyone is talking about, affect the crypto market?
Politics has a significant impact on the state apparatus and individuals, institutions, and businesses, and the crypto market is no exception. The Bitcoin halving and the US election have little impact on the crypto market, and in the long run, they have little impact on prices. Crypto companies donate to US politicians to influence policies and protect their own interests. Historical data shows that both Republican and Democratic presidential candidates have brought bull markets to the crypto market. In the short term, the election results may have an impact on the crypto market, but in the long run, the industry's own development and the Fed's decisions are more decisive. Polymarket has attracted much attention as a betting platform, and its forecast data has also received widespread attention. After the election, markets such as news, culture, and sports will become more popular tracks, but the crypto industry will not change significantly. In terms of market conditions, the long-term impact is not significant, but it will still bring short-term fluctuations at important time nodes.
The Fed’s 50 basis point rate cut ignites the crypto market: Bitcoin leads the gains, ETF inflows surge, is the bull market restarting?
The Federal Reserve cut interest rates by 50 basis points, bringing new vitality to the sluggish cryptocurrency market. Bitcoin prices rose, public chain sectors rose across the board, and NEIRO hit a new high. The interest rate cut is beneficial to the risk asset market, and it is expected that there will be room for another 70 basis points of interest rate cuts this year. Bitcoin spot ETFs continue to attract capital inflows, and market confidence has rebounded. Historical data shows that Bitcoin has achieved positive returns in the past nine years except October 2018. The market expects that a new round of bull market is about to start, and Bitcoin may become the preferred asset for investors to fight inflation and seek safe havens.
NEIRO: The real and fake NEIRO are better or worse. Review of Binance’s new coin NEIRO’s 600-fold increase in one month!
Binance exchange launched NEIRO tokens, with a 24-hour trading volume of $500 million and a market value that hit new highs. NEIRO and NEIROETH are from the same source Ethereum, and it seems that they are just capitalized, but the two communities are tit-for-tat, complaining that the other is a fake, and the crypto community is in turmoil for a while. With Binance launching NEIRO and its contract, the dispute between the communities seems to have finally been resolved. This article will review the development of NEIRO in the past month.
Vitalik made a stern statement: Layer 2 that does not meet the standards before the end of the year will no longer be considered a second-layer network!
So far, six Ethereum Layer 2 networks have reached Phase 1, while most of the others are still in the early stages. Ethereum co-founder Vitalik Buterin said that if a network does not enter Phase 1 by the end of the year, it will no longer be considered a Layer 2 network. The recent Velocore attack has raised questions about the speed of decentralization, with critics arguing that networks that rely on Ethereum for security should not suspend block production. Currently, networks that have entered Phase 1 include Arbitrum One and Optimism, which use fraud proofs and zero-knowledge verification to ensure transaction validity. Others such as Base and ZKsync Era are still under evaluation, and future developments will affect the trust and status of the Ethereum ecosystem.
He Yi: Binance has no intention to guide the trend towards Meme
Binance co-founder He Yi mentioned three types of projects on the market: small games, infrastructure projects and Memecoin. Binance will try its best to provide a variety of tokens, but investment is risky, so it is recommended to do research before buying or selling. They will also pay attention to other types of projects and welcome recommendations of excellent currencies.
TON Ecosystem Game Explosive Product: The Team Behind Catizen and the Dream of 900 Million Game Users
Catizen is a super casual cat-raising game based on the Telegram ecosystem, which has attracted more than 1 million players. As of press time, there are 7 million daily active users, more than 2.76 million on-chain users, and more than 36.58 million on-chain transactions. On September 20, Catizen will be listed on several well-known exchanges, and the token CATI will also usher in a broader market. The team comes from Pinduoduo, WeChat mini-games and casual games, with revenue close to $30 million. The team has received investment from many institutions and plans to use the funds to further develop Catizen and grow the community. The CATI token will be listed on exchanges on September 20, and users can participate in Launchpool and earn income by staking tokens. Catizen has cooperated with platforms such as OKX and Bybit to introduce millions of users, and has cooperated with Mantle to create representative games. Follow the Catizen Game Center to learn about supported games.
SUI leads the way! With a growth rate of 28%, Circle plans to introduce USDC into the Sui network, accelerating the arrival of the cross-chain era
The Sui network will soon support the native UDSC stablecoin, announced by Circle issuer. This will improve Sui's usability, security and interoperability through the Cross-Chain Transfer Protocol (CCTP). UDSC is a major stablecoin that runs on 15 blockchain networks. Its launch will provide the Sui community with seamless access to digital currencies and consolidate its position as an industry leader.
