Bitcoin (BTC) surged 4.75% over the past week, reaching a high of over $64,000. This week proved pivotal as Federal Reserve Chair Jerome Powell responded to market demands with a 50 basis point interest rate cut.
This policy shift, among other factors, propelled Bitcoin to $64,133. Despite the anticipated Fed changes, Bitcoin's daily price movements have remained consistent with its six-month trend.
In another significant development, the SEC approved Nasdaq to list and trade stock options for BlackRock’s spot Bitcoin ETF, allowing options trading under the same rules as other ETFs.
Follow along as we delve into six key crypto stories from the past week to keep you informed. Check them out below!
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TOP CRYPTO NEWS RECAP (September 15-21, 2024)
●       BingX Resumes Withdrawals After $52 Million Hack
●       MicroStrategy Raises $1.01B to Boost Bitcoin Holdings
●       Judge Dismisses Consensys’ Lawsuit Against SEC
●       Trump Makes Bitcoin History at NYC Bar
●       Solana Unveils Seeker: More Than Just a 'Memecoin Phone'
●       Arthur Hayes Suggests Fed Rate Cut Politically Motivated, Warns of Inflation Risk
BingX Resumes Withdrawals After $52 Million Hack
Cryptocurrency exchange BingX has announced the resumption of withdrawal services for certain digital assets, starting on Sept. 21, 2024, after a significant hack. Initially reported at $26 million, the total losses have swelled to $52 million. Despite the breach, BingX assured users that its cold storage isolated most funds, mitigating the damage. Additionally, $10 million of the stolen funds have been frozen. BingX is working with security firms like SlowMist and Chainalysis to recover the remaining assets. All withdrawals submitted before the hack must be resubmitted.
MicroStrategy Raises $1.01B to Boost Bitcoin Holdings
MicroStrategy completed a $1.01 billion offering of convertible senior notes, with proceeds allocated to purchasing Bitcoin and repaying debt. The company plans to redeem $500 million in senior secured notes, releasing collateral, including over 69,000 Bitcoin. Between Sept. 13 and 19, MicroStrategy used part of the proceeds to acquire 7,420 Bitcoin at an average price of $61,750 per coin, totaling $458.2 million. The firm continues to expand its Bitcoin holdings as part of an aggressive acquisition strategy.
Judge Dismisses Consensys’ Lawsuit Against SEC
A Texas federal judge has dismissed Consensys' lawsuit against the U.S. Securities and Exchange Commission (SEC), which challenged the agency's investigation into Ethereum (ETH) and its MetaMask software. Consensys sought to have ETH declared as not a security and block the SEC’s enforcement actions. However, Judge Reed O’Connor ruled the SEC’s actions were not final and didn’t impose legal consequences. The investigation into Ethereum was also considered moot after the SEC approved Ether ETFs. Consensys vowed to continue fighting the SEC’s claims over MetaMask.
Trump Makes Bitcoin History at NYC Bar
On September 18, former US President and 2024 Republican nominee Donald Trump made headlines by purchasing hamburgers using Bitcoin at Pubkey, a New York City bar known for accepting cryptocurrency. The event marked the first time a former president used Bitcoin in a transaction. Trump, who once criticized crypto, handed out "crypto burgers" to attendees. This campaign stop occurred shortly after he announced the launch of a crypto token through World Liberty Financial. Despite trailing in the polls, Trump remains hopeful about his electoral chances in New York.
Solana Unveils Seeker: More Than Just a 'Memecoin Phone'
Solana Labs has launched its latest smartphone, the "Seeker," priced at half the cost of its predecessor, Saga. While the Saga gained attention due to a memecoin rally, Solana’s General Manager Emmett Hollyer emphasizes that Seeker will offer much more. Hollyer describes the device as a "rewards magnet" but says it aims to support broader use cases like DeFi, payments, and gaming through an upgraded decentralized app store. With improved hardware, Seeker targets crypto utility rather than competing with tech giants like Apple and Samsung.
Arthur Hayes Suggests Fed Rate Cut Politically Motivated, Warns of Inflation Risk
BitMEX co-founder Arthur Hayes believes the U.S. Federal Reserve's recent rate cut was politically motivated, aimed at boosting support for Kamala Harris in the upcoming election. He argues the 50 basis point cut contradicts strong economic indicators like GDP growth and low unemployment. Hayes predicts that the move could push markets higher but warns it may lead to increased inflation. He also suggests that the crypto market's calm reaction could be short-lived, with potential volatility following traditional market closures.
NEWS FROM THE MELEGASWAP ECOSYSTEM
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