1. Powell: The committee is not in a hurry to cut interest rates quickly
Federal Reserve Chairman Jerome Powell said on Monday that Fed officials are in no rush to cut interest rates again. Powell noted that while the labor market remains solid and inflation is gradually declining, the Fed is not expected to repeat the large-scale rate cuts this month (September) at the next two meetings. "If the economy performs as expected, it will mean two more rate cuts this year," he said, adding that the federal funds rate will be "lowered by 50 basis points" by the end of the year.
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2. QCP: October is usually a bull market month, and Bitcoin prices may break through historical highs
QCP Capital's latest report points out that historical data shows that October is usually a bull market month. In the past 9 Octobers, Bitcoin has risen by an average of 22.9%. If the increase this year is similar, the price of Bitcoin will break through $78,000, setting a new record high. Although Ethereum also performed well in October, its average return in October over the past 8 years was about 5%. However, a large number of Ethereum October call options were observed this morning. In addition, spot ETF inflows continue to remain positive, and the funding rate of perpetual contracts is close to the level during the first quarter bull market.
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3. BlackRock executives: Ethereum ETF will not be able to match Bitcoin ETF in the short term
Mitchnick admitted that BlackRock's Ethereum ETF's performance so far has been "less impressive" compared to the Bitcoin ETF. But he urged the audience to compare ETHA to ETFs overall: "It's very rare for an ETF like Ethereum to reach $1 billion in AUM in seven weeks. In most cases, it takes many years for a new ETF to reach that size." Mitchnick said: "I think the investment narrative of Ethereum is not easy for many investors to digest, which is a big reason why we are so committed to the educational journey with many of our clients. So you wouldn't expect them to be as large as Bitcoin in terms of flow and AUM. But it's still a good start."
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4. Binance: Risk warning for tokens with significant changes in token economics
Binance is taking action to increase transparency for tokens with significant changes in tokenomics and supply. Starting October 1, 2024, Binance will introduce risk warning banners and pop-up notifications on the platform for the following tokens: Travala (AVA) Chiliz (CHZ) Enjin Coin (ENJ) IOTA (IOTA) Lisk (LSK) Metal DAO (MTL) Orion (ORN) Self Chain (SLF) Solar (SXP) Vanar Chain (VANRY).
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5. Japan’s new Prime Minister Shigeru Ishiba believes blockchain and NFT can boost regional economy
Japan's new Prime Minister Shigeru Ishiba has revealed policies supporting blockchain and NFTs, and will appoint Masaaki Taira, the current head of the Liberal Democratic Party's Web3 Working Group, as the government's new Minister of Digital Affairs. According to official policy documents from Ishiba's office and CoinPost, he believes that blockchain and NFTs can help boost regional economies, "Using blockchain technology, NFTs, etc., we will seek to maximize the value of a large number of simulated local products, such as food and tourism experiences. We will do this by restoring their value to global prices." In addition, Taira has previously talked about plans to use NFTs to increase the visibility of Japanese intellectual property assets.
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