BTC is currently trading around $63,500 and ETH around $2,450. Notable gainers in the last 24 hours are POPCAT, SEI, and TIA. The global crypto market cap is $2.29T, up 5.5% over the last day. DeFi Total Value Locked is ~$83b and BTC dominance is around 59%.
Equity and crypto markets are rallying after the Fed cut interest rates by 50 bps yesterday in its first cut since 2020 and first 50 bp cut since 2008. The Fed stated it cut rates as it “gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly balanced.” Importantly, Fed Chair Powell said during the post-meeting press conference that while job growth has slowed, the economy is “solid” and “in good shape.” In addition, the Fed released its Summary of Economic Projections for the first time since June, which called for another 50 bps of cuts through year-end and maintained expectations for another 100 bps of cuts next year. Though the Fed raised its unemployment rate projection, it also maintained its GDP growth expectation and lowered its inflation forecast, which likely enabled it to pull forward the rate cuts. Lastly, despite its economic projections, Powell stressed that future monetary policy actions will be data-dependent and on a meeting-by-meeting basis.
Notable news includes: the Bank of Canada shelved its plans for a retail CBDC; the SEC came under fire from some US lawmakers and crypto industry leaders during a congressional hearing yesterday; Rari Capital settled with the SEC for allegedly operating as an unregistered broker and selling securities through its Fuse platform; global sports brand Puma partnered with web3 mobile game maker UNKJD Soccer for Puma-licensed content within its game; asset manager WisdomTree launched an Ethereum-based platform for tokenized real world assets; Germany’s DZ Bank partnered with Boerse Stuttgard Digital to provide customers with crypto trading and custody services; defunct crypto-friendly bank Silvergate filed for chapter 11 bankruptcy; Circle partnered with real-time payments systems to bring USDC to Mexico and Brazil; the front-end of synthetic dollar protocol Ethena was deactivated after being compromised; Ethereum developers decided to split the upcoming Pectra hard fork into two packages to minimize risks in what was becoming a particularly large and ambitious upgrade; Solana Labs unveiled its second generation web3 smartphone dubbed Seeker; Worldcoin is considering testing facial recognition for its World App; and, Donald Trump purchased hamburgers at New York’s PubKey bar using Bitcoin.
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Author:
Brian Rudick, Senior Strategist | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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