Crypto Weekly 9/22/24
A weekly summary of the latest crypto news...
Crypto weekly is co-authored by @serdave
PRICE CHANGE: WTD/YTD
- Crypto Market Cap ($2.3T): +6% / +30%
- BTC ($62,992): +5% / +48%
- ETH ($2,587): +9% / +13%
- SOL ($148): +11% / +45%
- UNI ($6.68): 0% / -9%
- POL ($0.40): +2% / -58%
- Tether Mkt Cap ($119B): 0% / +30%
- USDC Mkt Cap ($35.9B): 0% / +47%
- BTC / ETH Dominance: 54% / 14%
THIS WEEK IN CRYPTO
- Bitcoin traded with other risk assets and rallied to a three-week high after the Fed announced it a 50 basis point cut in borrowing rates, the first cut in over four years. Link.
- Shares of crypto exchange Coinbase, which sometimes acts as a proxy to crypto markets, jumped 7%. Link.
- BIS, known as the bank of central banks, is exploring the creation of a global ledger that would tokenize cross-border trading of risk-free central bank money. Link.
- Wyoming is investing $5.8 million into launching a stablecoin by early 2025. Link.
- Louisiana residents can now pay for various state services with various cryptocurrencies, including bitcoin and USDC. The first crypto payment processed was a Wildlife and Fisheries fine paid on the bitcoin lightning network. Link.
- The Kingdom of Bhutan holds over $750 million of bitcoin, making it the fourth-largest government to hold the cryptocurrency. Link.
- BNY, the largest custodian bank in the US, received SEC exemption from SAB 121 accounting rules, which require crypto custodians to report assets as liabilities on their balance sheets. Link.
- The SEC approved Nasdaq’s application to list options on the iShares Bitcoin Trust ETF, an important hurdle for derivatives trading tied to spot pricing. Link.
- MicroStrategy sold $1 billion of convertible notes to add bitcoin to its balance sheet. The company owns $15.8 billion bitcoin. Link.
- Coinbase’s Layer 2 Base recorded over 4.5 million transactions in a single day. Link.
- The FBI arrested 3 men in Miami for stealing $240 million in bitcoin from a Genesis creditor, thanks to an investigation by blockchain sleuth ZachXBT. Link.
- MoviePass users can pay for their subscriptions using USDC on the Sui blockchain. Link.
- London-based fintech Revolut, last valued at $45 billion, plans to issue its own stablecoin. Link.