đ„Digital Asset Investment Firm Canary Funds Launches Canary #HBAR Trust In The US
Canary Funds has launched an investment vehicle called the Canary HBAR Trust in the US to provide institutional investors with exposure to HBAR. The investment vehicle is part of Canary Fundâs goal to pave the way for HBAR exchange-traded funds (ETFs). HBAR is the native digital asset of the Hedera Network. The Hedera Network actively supports asset tokenization, Web3 deployment and application, and NFT issuance. The Trust Fund will require individual investors to meet certain requirements before being accepted.
#Bitcoin breaks $66K as it records its best September in historyđ„đ„
$BTC Bitcoin surged to $66k today, setting a fresh two-month high and marking its best performance ever in September. This rally comes as global economic factors and institutional demand combine to drive the token price upward. Bitcoinâs price increase mirrors the sharp rise in #Chinese stocks, fueled by Chinaâs recent economic stimulus measures. The Shanghai Composite Index recorded its best week since 2008, thanks to the stimulus, which also boosted BTC by 3% week-to-date.
âThis feels frighteningly familiar,â commented trading resource The Kobeissi Letter on the sudden market rise.
In the US, the FEDâs recent 50-basis-point rate cut, announced on September 18, provided further momentum. The S&P 500 has set repeated all-time highs following the announcement, while the Personal Consumption Expenditures (PCE) Index print for August met market expectations.
The next Fed meeting in November could see another rate cut, with the odds of a 50-basis-point cut standing at 52% according to the CME Groupâs FedWatch Tool, further fueling market optimism.
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stands to win big thanks to macroeconomic liquidity driven by both the United States and China, traders say.
In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital joined voices calling for BTC price gains on the back of a âpivotal momentâ for markets.
Global market âoptimismâ follows Chinaâs policy easing Bitcoin is in line to enjoy a period of easy liquidity and risk-on appetite thanks to global central bank monetary policy easing, QCP Capital believes.
Chinaâs central bank, the Peopleâs Bank of China (PBoC), announced a 50-basis-point (bps) cut in its reserve requirement ratios (RRRs) â the amount of funds banks must hold in reserve â this week.
This signals that monetary policy easing, as announced by both the United States Federal Reserve and European Central Bank (ECB), among others, this month, is becoming a global phenomenon. The result is music to the ears of crypto bulls.
âThe 4.15% rally in the Shanghai Composite Index (SSE) today was driven by the PBoCâs significant stimulus measures, marking a pivotal moment for global markets,â QCP wrote, referencing the dayâs Asia trading session stock gains.
âThe 50bps cut in Reserve Requirement Ratios (RRR) freeing up 1 Trillion Yuan for lending, coupled with a 500 Billion Yuan funding program for stock market investment, has sparked optimism across global markets.â QCP forecast a âwave of global easingâ helping facilitate an influx of capital into risk assets.
In the past two weeks, the cryptocurrency market experienced significant growth across most major altcoins, spurred by speculation around the U.S. Federal Reserve rate cuts. During this market rebound, Solana, Dogecoin, and BNB Coin attracted significant investor attention due to their respective developments. However, which among the three could lead the bull run in 2024?
Is the Fed signaling a market crash? Why the 50 bps rate cut feels like 2007 all over againđ«Ł #FED #FedBeigeBook
Why did the Fed cut rates by 50 bps, the largest since 2020? What hidden dangers are they trying to prevent, and could this backfire on the economy?
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Fed drops a âbombâ Stocks and crypto in green Looming concerns surrounding the financial markets Fed drops a âbombâ On Sep. 18, the U.S. Federal Reserve made a move that turned heads across the financial worldâit slashed its benchmark interest rate by 50 basis points (bps), marking the first cut since the pandemic hit in March 2020.
This adjustment brought the rate down to a range of 4.75% to 5%, a larger drop than many analysts had expected. For context, the rate had previously been at a 23-year high, hovering between 5.25% and 5.50%.
The Fedâs decision comes right after some positive news on the inflation front. In August, U.S. consumer price inflation dropped to its lowest point since February 2021, settling at 2.5% â slightly below the forecasted 2.6%.
#TaylorSwift Swift meme coin crashes; here's all you need to knowđšđ„
The internet has a way of making a mockery of almost any event, whether light-hearted or deadly serious.
The most recent expression of this ability occurred in the cryptocurrency markets between September 15 and September 16, when an obscure Taylor Swift-themed meme coin, SWIFTIES, plunged 9.25% from $0.02863 to $0.02417.
The strange link between SWIFTIE and the Trump assassination attempt Such decline can be attributed to a bizarre sequence of events, which first saw Taylor Swift endorse the Democratic candidate, Vice President Kamala Harris, in the wake of the most recent debate.
Then, on the morning of Sunday, September 15, former President Donald Trump posted on his social media platform, Truth Social, simply stating, âI hate Taylor Swift.â
On the other hand, KAMAâs fortunes offer an interesting mirror to the performance of arguably the biggest asset entangled in the Presidential race and its ups and downs â the stock of Trump Media (NASDAQ: DJT).
While the quick collapse of DJT following the September 10 debate may indicate investors were left unimpressed by the Republican candidate, the same can be said about Harrisâ followers â at least within the crypto community â given the Horris meme coinâs price action.
đ„đ„Polygon's POL (MATIC) Token Spikes 15% on Binance Listing #Matic #pol
Polygon's native token POL surged 15% on Friday as crypto exchange giant Binance said it added the token to its platforms, marking the completion of the token's upgrade and rebrand from the longstanding MATIC.
POL jumped to nearly $0.45 from around $0.38 earlier today, hitting its highest price since late August. It has retraced some if its gains recently, but the token is still up 15% over the past 24 hours, outperforming the roughly flat bitcoin (BTC). It also was the best performing asset in the broad-market benchmark CoinDesk 20 Index during this period.
Polygon introduced last week the upgraded version the network's token, POL, migrating from its longstanding token MATIC. The transition also brought some changes in tokenomics, introducing a new token emission rate of 2% annually.
Ethereum stablecoin volume hits record $1.46 trillion as DeFi demand surgesđ„đ„đ„đ„
Ethereum's on-chain stablecoin volume has reached an all-time high of $1.46 trillion, an impressive feat considering the wider market conditions. Stablecoin volumes have more than doubled from $650 billion at the start of the year.
#DAI +0.066%
, the decentralized stablecoin, is leading the charge with a staggering $960 billion in volume. This surge underscores the growing appetite for decentralized finance solutions and could indicate increasing trust in algorithmic stablecoins.
However, when filtered, DAI volume ranks behind #USDT +0.14%
and
#USDC +0.14% , suggesting there is likely wash trading and numerous transfers.
Meanwhile, the new kid on the block, PYUSD +0.11% , is flexing its muscles, growing from $500 million to $2.4 billion. PayPal's incentive programs seem to be paying off, highlighting how traditional finance giants are looking to explore crypto.
USDC and USDT continue to hold their ground, providing the sturdy infrastructure that much of DeFi is built upon.
The growth in stablecoin usage is more hopefully indicative of a maturing ecosystem. Higher stablecoin volumes mean deeper liquidity pools, reducing slippage and improving overall market efficiency.
#FED Officials' Statements Shake the Market: Former US Treasury Secretary Issues Statementđ„đ„
In line with the August nonfarm payrolls report, former US Treasury Secretary Larry Summers suggested the Fed may be approaching a more significant rate cut.
While the report did not indicate serious economic weakness, it added uncertainty to the Fed's decision-making process for interest rate adjustments this month.
âThe data doesnât show any clear signs of economic distress, but it certainly doesnât guarantee economic health,â Summers said in a recent interview. He noted that the probability of a 50 basis point rate cut in September has increased from a month or two ago, and is approaching the probability of a 25 basis point cut.
Speaking recently, FED member Waller hinted that the possibility of a recession had strengthened, causing a sudden drop in the markets.
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