1. The Federal Reserve announced a 50 basis point rate cut
The Federal Reserve announced that it would cut interest rates to 5%, lower than the expected 5.25%, the first rate cut since March 2020. The median forecast shows that there will be two 25 basis point rate cuts in 2024, totaling 100 basis points. Fed Governor Miki Bowman voted against the action, preferring only a 25 basis point cut, the first time a governor has dissented since 2005. Powell said at the press conference that the 50 basis point rate cut will help keep the economy and labor market strong and reflects the Fed's confidence that inflation is moving towards the 2% target.
2.QCP Capital: Market optimism and risk appetite rise
QCP Capital's latest report pointed out that the Federal Reserve announced a 50 basis point rate cut last night, and plans to cut it twice more this year and four more times in 2025. Although Powell remained vague about the scale and rhythm of subsequent rate cuts, the market will pay close attention to the upcoming labor data. At the same time, the spread between the 2-year and 10-year U.S. Treasury bonds has been inverted since July 2022, but has recently risen to +8 basis points, indicating that market optimism and risk appetite have increased. In the options market, implied volatility fell sharply after the FOMC meeting, with BTC falling by 19 volatility points and ETH falling by 18 volatility points. After the FOMC, BTC rose from $59,000 to $62,000, and the price of ETH was about $2,400. The decline in market volatility provides opportunities for investors.
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3. Vitalik: The insurance DAO model is underestimated, and the symmetric model can bring fairer incentives
Ethereum co-founder Vitalik Buterin tweeted that insurance DAOs (decentralized autonomous organizations) are seriously underestimated. Insurance DAOs allow multiple participants facing similar risks to pool funds together and agree to provide protection for any member who suffers the risk. This symmetrical model ensures the balance of incentives. Vitalik pointed out that DAOs can still hire professional claims adjudicators, but since each participant does not know whether he will be a beneficiary next time, the adjudicator has an incentive to remain fair. He also mentioned that similar models have existed in the past and still exist in some places today.
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4. Trump buys burgers with Bitcoin at a New York bar
Trump once again courted the digital asset community on Wednesday, treating supporters to burgers at a bar in New York City, which he paid for with Bitcoin. When he arrived at PubKey, a Bitcoin-themed bar in Greenwich Village near New York University, he was greeted with boos and shouts of "loser." But when he walked into the dimly lit bar, he was greeted with warm applause from Bitcoin enthusiasts and Trump supporters.
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5. A Russian man was arrested for allegedly sending cryptocurrency to the Ukrainian armed forces and charged with treason
A man in the Russian Far Eastern city of Komsomolsk was arrested and charged with treason for allegedly sending cryptocurrency to the Ukrainian armed forces. The man is said to have supported the Ukrainian military through cryptocurrency, and the funds may have been used to purchase weapons, ammunition and uniforms. The arrest video released by the Russian Federal Security Service (FSB) shows that several agents rushed out of the vehicle, pinned the suspect to the ground and arrested him with handcuffs. At present, the case has been classified as treason and is under further investigation.
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6. Chongqing Liangjiang New District police recently cracked a virtual currency theft case involving 400,000 RMB
Chongqing Liangjiang New District police recently uncovered a virtual currency theft case. The three suspects were all employees of a technology company. The virtual currency involved was more than 2.6 million BLAST coins, worth about 400,000 yuan. In June this year, the suspects took advantage of their positions to implant malicious code in the company's computers and stole the address and private key password of the company's virtual wallet. On the evening of June 26, after the suspects received the BLAST coins issued by the game officials in the company's virtual wallet, they immediately transferred the virtual currency to a wallet prepared in advance and quickly cashed out and divided the spoils. At present, the three suspects have been arrested by the police and arrested in accordance with the law on suspicion of theft. The case is under further investigation.
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