Headlines
▌BlackRock: The Federal Reserve is expected to cut interest rates in 2025
Rick Rieder, BlackRock’s chief investment officer for global fixed income, said the Fed will implement two more 25 basis point rate cuts this year, in part to provide relief to the large number of people who are suffering from high borrowing costs. But he also believes the Fed will hold off on cutting rates until 2025 because rates are still too high relative to inflation.
▌Mark Cuban: Harris team actively seeks to engage with the encryption industry
Crypto industry supporters are watching presidential candidate Kamala Harris' public references to "digital assets" during her campaign. Mavericks owner Mark Cuban said the Harris team actively seeks engagement with the crypto industry and listens carefully to industry opinions, which may indicate that Harris plans to distance herself from the Biden administration's crypto policy.
Quotes
As of press time, according to Coingecko data:
BTC’s latest transaction price is $62,102.57, with a daily change of +2.5%;
ETH's most recent trading price is $2,422.70, with a daily change of +3.4%;
BNB's latest transaction price is $557.04, with a daily change of +2.6%;
SOL's latest transaction price is $143.6, with a daily change of +5.3%;
DOGE's latest transaction price is 0.1099 yuan, with a daily increase or decrease of +4.4%;
XPR recently traded at $0.5339, with a daily change of +3.6%.
policy
El Salvador’s Bitcoin Strategy Faces Scrutiny from IMF
The International Monetary Fund (IMF) has asked the government of El Salvador to reduce the country’s exposure to Bitcoin (BTC), citing concerns over the country’s Bitcoin legislation and the widespread use of cryptocurrencies.
Blockchain Applications
▌DeFi supporters reveal that the industry may face regulatory scrutiny in the long term
Recently, the approval of multiple Bitcoin ETFs has boosted institutional investors' interest in Bitcoin. However, the upcoming election may introduce regulatory changes that could affect Bitcoin's growth, especially if the elected candidate is unfavorable to cryptocurrencies. For Ethereum, Nick Forster, founder of the DeFi Options platform, said that depending on the election results, the DeFi ecosystem may face regulatory scrutiny. He further explained that the current market volatility reflects traders' expectations of increased uncertainty.
▌Babylon: Points are now visible on the mainnet and the points plan is online
Bitcoin staking protocol Babylon tweeted that the points program is now live and points will be visible on the mainnet starting today.
▌TRON network shows itself to be the fastest blockchain (TPS), mainly driven by stablecoins
TRON consistently processes the highest actual transaction volume, with a transaction per second (TPS) rate of 85TPS, surpassing its competitors: BTC (~7TPS), ETH (~14TPS), and Polygon (~30TPS). Notably, 96% of TRON transactions are related to stablecoins.
Cryptocurrency
PayPal completes first commercial transaction using its PYUSD stablecoin
According to Bloomberg, PayPal has completed its first commercial transaction using its PYUSD stablecoin. The Silicon Valley-based digital payment company said it paid an invoice to multinational accounting firm Ernst & Young. PayPal relied on the enterprise-level digital currency center to complete the transaction when paying the invoice. The payment amount is unknown and the funds have been deposited into the accounting firm's Coinbase account. Steve Everett, director of market development at PayPal, said: "B2B payments are ripe for innovation, and digital currencies can provide incredible value in these use cases.
Coinbase plans to remove non-compliant stablecoins from the European Economic Area in December
Coinbase will remove all unauthorized stablecoins from its cryptocurrency exchange in the European Economic Area (EEA) by the end of the year, a potentially heavy blow to tokens such as Tether Holdings’ USDT. The European Union will fully implement new rules governing the crypto industry, known as MiCA, by the end of the year. Regulation of stablecoin issuers under MiCA takes effect on June 30 and requires them to hold an e-money authorization in at least one member state. The guidance for cryptocurrency exchanges and other companies operating in the EU will take effect on December 31. “Given our commitment to compliance, we intend to restrict services to EEA users related to stablecoins that do not comply with MiCA requirements by December 30, 2024,” a Coinbase spokesperson said.
▌Auradine CEO: Bitcoin decentralization is related to national security
Rajiv Khemani, co-founder and CEO of bitcoin mining chip maker Auradine, said that decentralization of the entire bitcoin stack is a matter of national security. The CEO explained that third-party firmware (which is updated and changes over time) could theoretically be used to disrupt the power grid or launch a 51% attack on the bitcoin network.
▌Grayscale: US employment report indicates fewer interest rate cuts, still good for BTC
A strong U.S. jobs report for September suggests the pace of rate cuts may slow, but it is still bullish for Bitcoin. As investors take an interest in riskier assets, Grayscale’s head of research Zach Pandl said: “Amid solid economic growth, discussions about a Fed rate cut and debate about expanding government deficits continue, which should be a net positive for investors’ risk appetite, but could reignite inflation risks in the medium term.”
Important economic developments
▌JPMorgan Chase and Bank of America no longer expect the Fed to cut interest rates by 50bp in November
JPMorgan Chase & Co. and Bank of America Corp. now expect the Fed to cut rates by 25 basis points when it meets again in November, having previously called for a bigger cut but backed off earlier calls after labor market data showed the economy is resilient. Michael Feroli, chief U.S. economist at JPMorgan, and Aditya Bhave, an economist at Bank of America Corp., both pointed to Friday’s jobs report as a reason to adjust their expectations for the path of the Fed’s easing policy. They cited the solid labor market as a reason for the Fed to take a more cautious approach, given the central bank’s 50 basis point rate cut in September.
▌Nick Timiraos, the “Federal Reserve Mouthpiece”: The September employment report may close the door for the Federal Reserve to cut interest rates by another 50 basis points next month
On October 5, Nick Timiraos, the "Federal Reserve mouthpiece," said that the September jobs report could close the door for the Federal Reserve to cut interest rates by another 50 basis points next month and keep officials on track to cut interest rates by 25 basis points.
Golden Encyclopedia
What is the Algorithm of Thought (AoT)?
Algorithms of Thought (AoT) is a groundbreaking approach in the field of artificial intelligence (AI) that revolutionizes the way AI models think and reason. Developed by Microsoft Research, AoT introduces a new paradigm for large language models (LLMs) to enhance reasoning capabilities to solve complex problems. It aims to combine the best of both worlds: a nuanced, intuitive understanding of the human thought process with the structured, systematic nature of an algorithmic approach.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
