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Bitcoin (BTC) showed a 'roller coaster' trend as the US Federal Reserve (Fed) announced a 0.5% point interest rate cut at the Federal Open Market Committee (FOMC) held on the 18th (local time). Bitcoin quickly surpassed $61,000 in the early morning of the 19th, but then fell to $59,000 along with other risky assets due to concerns about an economic recession following the Fed's announcement of a sharp interest rate cut.
2. BitGo "Launching a Dollar-Linked Stable Coin"
BitGo, a major cryptocurrency custodian, announced that it will launch a dollar-pegged stablecoin in January next year with the aim of expanding its competitiveness in the cryptocurrency market. BitGo announced that it will launch a new service by launching a stablecoin called 'USDS' that is 100% pegged to short-term U.S. Treasury bonds and cash.
3. British fintech company Revolut announces launch of dollar stablecoin
British fintech firm Revolut has announced that it will launch a dollar-pegged stablecoin for its cross-border banking business. CoinDesk reported on the 18th that sources told CoinDesk that Revolut plans to launch a stablecoin as part of its business expansion following the launch of its own exchange this year. While the exact launch date of Revolut’s stablecoin has not been set yet, the stablecoin will first be a regulated stablecoin.
4. BlackRock: “Customers Are Buying Bitcoin Amid U.S. Debt Crisis”
BlackRock reported in a PPT released on the 18th that BlackRock's clients are purchasing Bitcoin in order to respond to the US debt crisis. BlackRock emphasized that BlackRock's clients are purchasing Bitcoin as a 'hedging asset' for various assets that fluctuate rapidly depending on macroeconomic risk variables due to Bitcoin's unique characteristics.
5. Cynthia Loomis: "US Cryptocurrency Regulations Expected to Pass This Year"
Senator Cynthia Lummis, a pro-cryptocurrency senator, has predicted that a cryptocurrency regulation bill will be passed in the US this year. Speaking at the Financial Market Quality Conference on the 18th, Senator Lummis claimed that the bipartisan cryptocurrency regulation bill currently being worked on in the Senate is making great progress and that it could be passed by the end of the year after filling in the missing details.
Reporter Kwon Seung-won ksw@
