According to Bloomberg, Bitcoin is expected to have one of the largest September gains in history, driven by the U.S.'s shift to loose monetary policy and a wave of global interest rate cuts. Data shows that Bitcoin has risen by more than 10% this month, while the average decline in September over the past decade was 5.9%. The small-cap token index rose by more than 20%, indicating that a looser financial environment is activating the high-risk part of the crypto market.
● Bitcoin's correlation with the U.S. stock market has reached its highest level in two years
According to BlockBeats, on September 27, according to IntoTheBlock data, this week, BTC's correlation with the U.S. stock market reached its highest level in two years, a level that was only surpassed in the second quarter of 2022.
According to Odaily Planet Daily, crypto asset management company Grayscale has updated its investment strategy and announced 20 cryptocurrencies that are expected to perform significantly by the end of 2024.
Grayscale's research team believes that emerging crypto themes include the rise of decentralized AI platforms, the tokenization of traditional assets, and the continued popularity of Meme coins. This time, it added 6 new altcoins to the top 20 list, including SUI, TAO, OP, HNT, CELO, UMA, and excluded assets such as Render, Mantle, ThorChain, Pendle, Illuvium, and Raydium this quarter.
Grayscale stressed that “our top 20 assets are all highly volatile, should be considered high risk, and are not suitable for all investors.”
● The monthly rate of the US core PCE price index in August was 0.1%, lower than the expected 0.20%
According to BlockBeats, the monthly rate of the US core PCE price index in August was 0.1%, lower than the expected 0.20% and the previous value was 0.20%.
● Fed mouthpiece: The PCE index favored by the Fed is not far from the Fed's target
According to BlockBeats, on September 27, Nick Timiraos, the "Federal Reserve mouthpiece," said that the Fed's preferred inflation indicator, the personal consumption expenditure index (PCE), showed that the index rose by 2.2% in the 12 months ending in August, not far from the Fed's 2% target. A year ago and two years ago, this indicator was 3.4% and 6.6%, respectively. Core PCE (excluding volatile food and energy items) rose 2.7% year-on-year in August. The core inflation rate for the 12 months a year ago was 3.8%, and two years ago it was 5.4%.
● St. Louis Fed President Musalem is optimistic about the economic outlook
According to Jinshi Data on September 28, according to the Financial Times, St. Louis Fed President Musallem acknowledged that the labor market has cooled in recent months, but he remains optimistic about the outlook given the low unemployment rate and underlying economic strength. Musallem supported a rate cut in September. He said the business sector is in "good shape" and overall activity is "robust," adding that large-scale layoffs do not seem "imminent."
However, he acknowledged that risks facing the Fed could require it to cut rates more quickly. "I realize that the economy could be weaker than I currently anticipate, the labor market could be weaker than I currently anticipate," he said. "If that is the case, then a faster pace of rate cuts may be appropriate."
● US SEC accuses Mango Markets of unregistered sale of MNGO tokens
According to BlockBeats, on September 28, the US SEC filed charges against the operating entity of Mango Markets, alleging that it provided and sold MNGO governance tokens without registration.
The SEC complaint alleges that beginning in August 2021, Mango DAO and the Panamanian entity Blockworks Foundation raised more than $70 million from investors around the world through an unregistered offer and sale of MNGO tokens.
The SEC also alleges that Blockworks Foundation and Mango Labs operated as unregistered brokers since at least August 2021, soliciting users to trade securities, providing investment advice and valuations, and assisting customers in opening accounts and handling funds.
