1. Federal Reserve Chairman Powell said that if the economy continues to develop along its current track, two more 25 basis point interest rate cuts are expected this year, and policies will be gradually adjusted based on data.
2. Federal Reserve Board Governor Goolsbee said that lowering interest rates is a "top priority", emphasizing that the job market is stable and that the interest rate cut is to maintain economic normalization.
Fed's Goolsbee said that lowering interest rates is a "top priority" and the Fed cannot wait until the job market weakens before taking action. The job market is stable and sustainable. The Fed is cutting interest rates because the economy has returned to normal. - Original text
3. Many listed companies have continued to increase their holdings of Bitcoin since March, and the frequency of corporate purchases has increased significantly, reaching 32 times this year.
Many listed companies continued to increase their holdings of Bitcoin after it hit a record high in March. According to statistics, MicroStrategy, Block, Metaplanet, Semler Scientific, OneMedNet and British football club Real Bedford FC purchased a total of about 48,836 Bitcoins, with an estimated investment of about US$3.09 billion, currently worth about US$3.1 billion. Since the beginning of this year, the frequency of corporate purchases of Bitcoin has increased significantly, reaching 32 times, far exceeding the 9 times in the whole of last year.
4. MicroStrategy plans its next Bitcoin purchase, which is expected to make its holdings exceed Grayscale's GBTC.
MicroStrategy (MSTR) will soon have a larger Bitcoin (BTC) wallet than Grayscale. - Original article
5. Federal Reserve Board Governor Bowman said that the core inflation rate is still above the 2% target, and further interest rate cuts will be needed to maintain economic stability.
Fed Governor Bowman reiterated his previous comments on monetary policy, saying core inflation remains uncomfortably above the 2% target.
6. Powell pointed out in his speech to the National Association for Business Economics that a 50 basis point interest rate cut would maintain confidence in a strong labor market and inflation moving toward target.
Federal Reserve Chairman Powell said in a speech to the National Association for Business Economics: "The U.S. economy is in good shape, labor market conditions are solid, and the labor market is roughly balanced. The decline in inflation is broad-based, and recent data show further progress in achieving a sustained return to the 2% target. The 50 basis point rate cut reflects growing confidence that appropriate policy adjustments can maintain a strong labor market and inflation toward the target. The revision of gross domestic income (GDI) eliminates the downside risks that the Fed is considering." - Original text
7. CME Federal Reserve Watch data shows that the probability of the Federal Reserve cutting interest rates by 50 basis points in November is seen as a possibility.
8. Bitcoin miner CleanSpark is gradually restoring power supply after Hurricane Helene and is expected to be fully restored on October 4.
CleanSpark shut down 365 MW of power at sites in Georgia and began a phased restoration after Hurricane Helene. CleanSpark has restored 200 MW of power at sites in Georgia, with full restoration expected on October 4. CleanSpark expects the Bitcoin hash rate to reach 28 EH/s once fully operational.
9. At the close of U.S. stocks, the Nasdaq rose 0.38% and the S&P 500 rose 0.42%.
At the close of U.S. stocks, the Dow Jones Industrial Average rose 0.04%, the Nasdaq rose 0.38%, and the S&P 500 rose 0.42%.
10. Bitcoin ETF had a net inflow of 7,111 BTC today, and Ethereum ETF had a net inflow of 9,927 ETH, further demonstrating the market's interest in crypto assets.
Ten Bitcoin ETFs had a net inflow of 7,111 BTC (about $453.42 million) today, of which ARK21Shares had an inflow of 3,085 BTC (about $196.71 million), and currently holds a total of 50,684 BTC (about $3.23 billion). In addition, nine Ethereum ETFs had a net inflow of 9,927 ETH (about $25.95 million), Fidelity had an inflow of 15,750 ETH (about $41.17 million), and currently holds a total of 161,500 ETH (about $422.16 million).
11. Robinhood’s vice president confirmed that there is no plan to launch a stablecoin in the short term and denied speculation about entering the stablecoin market.
Robinhood has denied speculation that the company is entering the stablecoin market, confirming on Monday that Robinhood (HOOD) has no "short-term plans" to launch its own stablecoin. "Right now, we don't have any immediate plans to launch a stablecoin," said Johann Kerbrat, vice president and general manager of Robinhood Crypto. "Rumors are always interesting, but we don't really spend time on them." - Original text
12. A 50 basis point rate cut by the Federal Reserve will result in a reduction of $625 million in interest income per year for issuers of U.S. dollar stablecoins.
According to a new report from CCData, the stablecoin industry will have to bear a significant loss in interest income after the Federal Reserve’s latest rate cut. The top five centralized stablecoin issuers hold nearly $125 billion in U.S. Treasuries, accounting for nearly 80.2% of their reserve funds. Every 50 basis point rate cut by the Federal Reserve will result in a loss of $625 million in interest income per year for U.S. dollar stablecoin issuers. Data shows that Tether holds nearly $93.2 billion in U.S. Treasuries and repurchase agreements, which contributed most of its $5.2 billion net profit in the first half of 2024. The second largest stablecoin USDC holds $28.7 billion worth of U.S. Treasuries through its Circle Reserve Fund, while FDUSD, PYUSD, and TUSD hold U.S. Treasury assets worth $1.83 billion, $634 million, and $502 million, respectively. -Original text
13. ANZ Bank has joined the Project Guardian program led by the Monetary Authority of Singapore to explore the application of tokenization of physical assets in the financial market.
Australia and New Zealand Banking Group (ANZ) announced on September 30, 2024 that it has officially joined the Project Guardian program led by the Monetary Authority of Singapore (MAS). The program aims to "explore the wider application of physical asset tokenization in financial markets." It is reported that ANZ will work with Chainlink Labs and ADDX to focus on "interoperability between private blockchains to enable the exchange of physical asset tokens such as commercial paper." Mark Evans, head of ANZ Singapore Branch, said that the bank is committed to "accelerating the development of a stable and secure digital asset ecosystem to meet the future needs of customers in the region." Project Guardian began in 2022 and is a public-private partnership tokenization experiment program aimed at testing the tokenization of physical assets. Participating entities include the UK Financial Conduct Authority (FCA), the Swiss Financial Market Supervisory Authority (FINMA) and the Japanese Financial Services Agency (FSA), as well as financial institutions such as Deutsche Bank, Citibank and Apollo Global Management. The project is exploring tokenization applications in fixed income, wealth management and foreign exchange. -Original text
14. CleanSpark CEO predicts that Bitcoin will reach a peak of nearly $200,000 in the next 18 months.
CleanSpark CEO Zach Bradford said in an interview with Bernstein that he expects Bitcoin to peak at nearly $200,000 in the next 18 months. Bradford also pointed out that miners who focus on Bitcoin are currently undervalued and believes that Bitcoin prices may rise after the US election. CleanSpark has held 97% of mined Bitcoin since June 2023 and currently holds nearly 8,000 BTC.
15. OpenPayd has brought in senior executives from crypto broker FalconX to further strengthen its cryptocurrency business.
Banking-as-a-Service (BaaS) platform OpenPayd announced the introduction of two senior executives, Lux Thiagarajah and Richard Usher, from cryptocurrency broker FalconX. Thiagarajah will serve as director of growth, while Usher will serve as director of trading. It is worth noting that the two will remain in contact with FalconX as consultants to assist it in expanding its foreign exchange trading business. Thiagarajah served as head of commercial foreign exchange at FalconX, and previously served as chief revenue officer at crypto payment company BCB Group, and worked at investment banks such as JPMorgan Chase and HSBC. Usher was previously the head of foreign exchange trading at FalconX and was responsible for over-the-counter trading at BCB. He also worked at JPMorgan Chase and Royal Bank of Scotland. -Original text
16. Ohio senators introduced a bill requiring state and local governments to accept cryptocurrencies as a form of tax payment.
Ohio Senator Niraj Antani has introduced a bill that would require Ohio and all local governments to accept cryptocurrency as a form of payment for state and local taxes. The bill covers not only Bitcoin, but other cryptocurrencies as well. Ohio became the first state in the U.S. to accept cryptocurrency for tax payments in November 2018, but suspended the practice in November 2019 due to legal issues. Antani believes that since the State Depository Board has failed to act, the legislature will now push for this policy. In addition, the bill explicitly allows state universities and state pension funds to invest in cryptocurrencies. -Original text
The above is a selection of hot topics in the past 24 hours. For faster news, please download AICoin (aicoin.com)
