The Federal Reserve cuts interest rates by 25 basis points
The Federal Reserve concluded its 2024 annual interest rate decision, deciding to lower the benchmark rate by 25 basis points to a range of 4.25%-4.50%, marking the third consecutive rate cut, in line with expectations. In this year's eight decisions, the Fed has cumulatively cut rates by 100 basis points, including one cut of 50 basis points, two cuts of 25 basis points, and five instances of maintaining rates.
The total market capitalization of cryptocurrencies has fallen below $3.7 trillion, with a decline of 7.5% in the past 24 hours
According to Mars Finance, data from CoinGecko shows that the total market capitalization of cryptocurrencies has fallen below $3.7 trillion, currently reported at about $3.646 trillion, with a decline of 7.5% in the past 24 hours.
Powell: The Fed has no intention to hold Bitcoin
Currently, there is ongoing debate about whether the incoming Trump administration will establish a Bitcoin reserve. Federal Reserve Chairman Powell stated that the Fed has no intention to hold Bitcoin. Powell said at a news conference after the FOMC meeting: "We are not allowed to hold Bitcoin." Regarding the legal issues of holding Bitcoin, Powell stated, "This is something for Congress to consider, but we have no intention of seeking to change the law."
The Trump family's crypto project WLFI bought $250,000 ENA 4 hours ago and converted 103 cbBTC to WBTC
According to Onchain Lens monitoring, about 4 hours ago, the Trump family's crypto project WLFI (World Liberty) spent $250,000 USDC to purchase 231,726 ENA and converted 103 cbBTC worth $10.36 million into WBTC. So far this month, it has spent:
-30 million USDC to purchase 8,105 ETH;
-10 million USDC to purchase 103 cbBTC (converted to WBTC);
-2 million USDC to purchase 78,387 LINK;
-1.91 million USDC to purchase 6,137 AAVE;
-750,000 USDC to purchase 741,687 ENA;
-250,000 USDC to purchase 134,216 ONDO.
Sonic Labs will launch Sonic Gateway supporting Ethereum cross-chain
According to Mars Finance, Layer1 blockchain project SonicLabs (formerly Fantom) announced that it expects to launch SonicGateway in the coming days. This gateway will support bridging USDC, EURC, and WETH from Ethereum to the Sonic network.
Trump and Musk oppose spending bill, House Speaker proposes 'Plan B'
According to reports from The Hill, US House Speaker Johnson is considering a 'Plan B' to fund the government before Friday's deadline for a government shutdown, as Republicans inside and outside Congress, including those from Trump's team, are criticizing his spending plan. Trump earlier also told a Fox News host that he is completely opposed to the continuing resolution spending bill. This aligns with Elon Musk's view, who stated that any lawmaker who supports the bill should be removed. Two informed sources said that the alternative Johnson is considering is a 'clean' continuing resolution bill. This would require abandoning additional provisions included in the initial 1,500-page spending plan negotiated by congressional leaders, including disaster relief and economic assistance for farmers.
A US federal judge rules that Coinbase can delist WBTC
US federal judge Araceli Martínez-Olguín ruled to deny BiT Global’s request for a temporary restraining order against Coinbase, allowing Coinbase to proceed with its plan to delist Wrapped Bitcoin (WBTC) from its platform. The judge found that BiT Global failed to demonstrate that Coinbase's actions would cause it "urgent and irreparable harm."
JPMorgan: Trump's victory opens a new era for US crypto, the choice of CFTC chairman will be particularly important
JPMorgan (JPM) stated in a report on Wednesday that Donald Trump's victory in the November presidential election has opened a new era for US cryptocurrency and pointed out that the total market capitalization of cryptocurrencies has increased by about 65% since his election.
Analysts led by Kenneth Worthington wrote: "The new government not only brings a crypto-friendly sentiment but also shows enthusiasm for promoting this asset class; Trump's nomination of the Commodity Futures Trading Commission (CFTC) chairman is a missing piece in the government's support for the cryptocurrency agenda. This position is important because it may play a key role in regulating Bitcoin (BTC) and Ethereum (ETH)."
Analysts: Concerns about the Fed resuming interest rate hikes may be premature
Analyst Jersey expressed concerns that the policies of the new US administration could trigger inflation, leading the Fed to raise interest rates before the end of 2025, but this may be somewhat premature as the implementation of new policies takes a long time. However, considering that the next step may be rate hikes, which seemed unlikely four months ago, the yield curve could steepen. Nevertheless, such actions may not occur until we receive more data.
Trump and Vance issued a joint statement calling for Congress to begin discussing the debt ceiling issue now
Incoming US President Trump and incoming Vice President Vance released a joint statement on X, stating, "Raising the debt ceiling is not a good thing, but we would rather do it during Biden's term." "If Democrats are unwilling to cooperate on the debt ceiling issue now, who would think they would cooperate in June during our administration? Let's have this debate now," Trump and Vance stated in their announcement. Trump and Vance also called on Congress to 'pass a streamlined spending bill to prevent Senate Majority Leader Schumer and Democrats from doing as they please.'
Behind Binance Alpha's blunder: How did the first two batches of tokens perform?
Binance launched a new listing mechanism called Binance Alpha, providing users with more investment opportunities by screening and promoting potential tokens. However, a blunder caused by the official mis-sending of a Telegram group link led to severe market volatility, exposing transparency and trust issues. Although this mechanism temporarily increased platform activity, its sustainability and impact on the market ecosystem remain questionable.
2024 Bitcoin Development Report: Global regulatory clarity, driven by DeFi and scaling
2024 is a crucial year for Bitcoin's move towards mainstream adoption. Bitcoin hit an all-time high, became a hot topic in the US presidential election, and received approval for 11 Bitcoin ETFs. At the same time, the halving event and global economic pressures caused Bitcoin to play different roles in various countries, from a hedge tool in high-inflation countries to an investment product for Wall Street institutions. On the technical side, Bitcoin enhanced its programmability through the reactivation of opcodes and innovative BitVM research, while Layer 2 solutions and liquid staking derivatives created new opportunities for scalability and yield. The influx of institutional investors through ETFs and other channels has driven Bitcoin's popularity but has also raised controversies regarding the 'self-custody' spirit. Additionally, Bitcoin has promoted the development of NFTs and tokenization applications through technologies like Ordinals and Runes, further proving its potential in decentralized finance and cultural innovation.
In-depth analysis of Memecoin: A product of mockery, worth hundreds of billions
As the US elections conclude, Bitcoin breaks $100,000, and the Memecoin market flourishes. Initial Memecoins like DOGE, centered on humor and grassroots spirit, gradually became vehicles for expressing support and belief. In 2024, the Memecoin market's market cap saw significant growth, with public chains like Solana and Base benefiting from the Memecoin ecosystem explosion. However, Memecoins also face controversies, such as arguments over technology's utility and funding bubbles. Nevertheless, Memecoins are still seen as having potential in the Web3 ecosystem, especially when combined with AI technology. Investors need to carefully assess their narratives, communities, and risks.
