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Top 10 News of the Week
1. Powell: The committee is not in a hurry to cut interest rates quickly link
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.
2. IMF puts pressure on El Salvador to change its Bitcoin regulations link
The International Monetary Fund (IMF) has once again called on El Salvador to scale back its Bitcoin policy and overhaul the regulatory framework surrounding digital assets in a press release on Oct. 3. Without going into specifics about the proposed regulatory shift, IMF Communications Director Julie Kozack provided the following statement: “We recommend narrowing the scope of Bitcoin laws, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.” Ever since El Salvador legalized Bitcoin as legal tender in 2021, the IMF has been asking it to abandon Bitcoin in favor of traditional financial infrastructure.
3. Japan’s new Prime Minister Shigeru Ishiba believes blockchain and NFT can boost regional economy link
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.
4. CZ's first post after release: Binance seems to be doing well without me link
Binance co-founder CZ posted for the first time after his release. He said: "The food tastes so good, and it's a luxury to eat more than one serving of fruit a day! I know some of you may have a lot of questions. But I can't give all the answers. Let me calm down and figure out what to do next. There are always more opportunities in the future than in the past. Giggle Academy is progressing well and will be a very important part of my life in the next few years. In addition, I will continue to invest in blockchain/decentralized technology, artificial intelligence, and biotechnology. I am a long-term investor and care about impact rather than returns. I will also invest more time and money in charity (and education). I am still writing a book and I am about 2/3 done. Writing a book is much more laborious than I expected, but I will stick to it. Binance seems to be doing well without me, which is great. This is every founder's dream. Stay tuned. See you during the meeting."
5. BlackRock executives: Ethereum ETF performance will be difficult to match Bitcoin ETF in the short term link
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."
6. Bitcoin miners’ revenue in September was $816 million, the lowest in the past year link
In September, Bitcoin miners' revenue was US$816 million in US dollars, the lowest in the past year. Among them, the revenue from Bitcoin network transaction fees that month was only US$13.86 million, the lowest since the birth of BRC-20 in March 2023.
7. Bitwise files S-1 filing for first XRP exchange-traded fund (ETF) link
Bitwise has filed the first S-1 application for an XRP exchange-traded fund (ETF), becoming the first company to apply for an XRP-based spot ETF. The application was submitted to the U.S. Securities and Exchange Commission on Wednesday morning. Bitwise CEO Hunter Horsley said XRP is one of the most recognizable and enduring assets in the crypto space and has the potential to attract mainstream investors.
8. If FTX's restructuring plan is approved, debtors with claims less than $50,000 may start receiving compensation by the end of 2024 link
According to the latest FTX bankruptcy filing, the next court hearing to confirm the reorganization plan will be held on October 7, 2024. If the plan is approved, creditors with claims of less than $50,000 may begin to receive compensation at the end of 2024. Creditors with large claims may have to wait until the first or second quarter of 2025 to receive compensation. Some creditors have requested compensation in crypto assets rather than cash, so the plan faces some opposition.
9. More than a dozen blockchain companies accidentally hired IT workers from North Korea link
North Korea infiltrated the crypto industry by forging identities, and more than a dozen blockchain companies inadvertently hired IT employees from North Korea, including well-known projects such as Cosmos Hub, Injective, Fantom, Sushi, and Yearn Finance. The investigation found that these North Korean employees successfully passed interviews and background checks with false identities and transferred their salaries to blockchain addresses associated with the North Korean government. It is estimated that North Korean IT workers raise up to $600 million for the country's regime each year, partly to fund its nuclear weapons program. In addition, some companies that hired North Korean employees were hacked afterwards, including Sushi, which had $3 million stolen in 2021 due to malicious code.
10. Coinbase: Q4 crypto market expected to be positive due to US rate cuts and China's massive stimulus measures link
Coinbase Institutional's latest report points out that the crypto market is expected to perform positively in the fourth quarter of 2024 due to the US interest rate cuts and China's massive stimulus measures. Bitcoin has a strong outlook, but Ethereum faces challenges from rising transaction fees and limited impact of spot ETFs. Solana and other L1 networks are more focused on scalability and transaction efficiency, and improvements in decentralized exchanges and blockchain infrastructure bring positive signals to the crypto space.
Key financing events
Binance Labs announces investment in ZKsync extension chain Sophon link
OpenAI completes $6.6 billion in new funding at a $157 billion valuation link
Metaverse project SecondLive announces $12 million in funding link
Restaking Network Mind Network announces completion of $10 million Pre-A round of financing link
Solana DePIN project Mawari Network completes $10.8 million in strategic financing link
Yuanbi Technology announced the completion of $7.8 million in Series A1 financing link
Decentralized 3D map project MeshMap completes $4 million in financing link
Layer, a full-stack decentralized development tool developer, announced the completion of a $6 million seed round of financing link
For more industry funding events, please visit crypto-fundraising.info.
