Bitcoin (BTC) jumped by 4,75% in the last week, reaching a peak of over $64,000. This week proved to be pivotal as Federal Reserve Chairman Jerome Powell responded to market demands with a 50 basis point rate cut.
This change in policy, among other factors, pushed bitcoin to $64 133. Despite the Fed's expected changes, bitcoin's daily price movements remain consistent with the six-month trend.
In another important development, the SEC approved Nasdaq to list and trade stock options for BlackRock's bitcoin spot 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 in the loop. Check them out below!
TOP COPY NEWS (15-21 September 2024)
● BingX resumes withdrawals after hack worth $52 million
● MicroStrategy raises $1.01 billion to increase bitcoin holdings
● Judge dismisses Consensys v. SEC case
● Trump Makes Bitcoin History at NYC Bar
● Solana Reveals Seeker: More Than Just "Phone Memecoin"
● Arthur Hayes suggests Fed rate cut politically motivated, warns of inflation risk
BingX resumes withdrawals after hack for $52 million
Cryptocurrency exchange BingX has announced the resumption of services for withdrawing certain digital assets starting September 21, 2024, following a significant hack. Initially reported at $26 million, total losses swelled to $52 million. Despite the breach, BingX assured users that its cold storage isolated most funds, mitigating the damage. In addition, $10 million of the stolen funds were frozen. BingX is working with security firms such as SlowMist and Chainalysis to recover the remaining assets. All withdrawals sent prior to the hack must be resent.
MicroStrategy raises $1.01 billion to boost bitcoin holdings
MicroStrategy completed a $1.01 billion convertible senior notes offering, with proceeds allocated to purchase bitcoins and pay down debt. The company plans to redeem $500 million in senior secured notes, releasing collateral including over 69,000 bitcoins. Between Sept. 13 and 19, MicroStrategy used a portion of the proceeds to acquire 7,420 bitcoins at an average price of $61,750 per coin, for a total of $458.2 million. The firm continues to expand its bitcoin holdings as part of an aggressive acquisition strategy.
Judge dismisses Consensys' case against SEC
A Texas federal judge has dismissed Consensys' lawsuit against the US Securities and Exchange Commission (SEC), which challenged the agency's investigation into Ethereum (ETH) and its MetaMask software. Consensys sought to have ETH declared a non-security and block the SEC's enforcement action. However, Judge Reed O'Connor ruled that the SEC's actions were not final and did not impose legal consequences. The Ethereum investigation was also deemed controversial after the SEC approved the Ether ETF. Consensys has vowed to continue fighting the SEC's MetaMask claims.
Trump makes bitcoin history in a New York bar
On September 18, former U.S. President and 2024 Republican nominee. Donald Trump made headlines by buying hamburgers with bitcoins at Pubkey, a New York 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 came 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 Reveals Seeker: More Than Just "Phone Memecoin"
Solana Labs has released its latest smartphone, the "Seeker," priced at half the price of its predecessor, the Saga. While the Saga attracted attention due to the memecoin rally, Solana general manager Emmett Hollyer stresses that the Seeker will offer much more. Hollyer describes the device as a "rewards magnet," but says it aims to support broader use cases such as DeFi, payments and gaming through an upgraded decentralized app store. With improved hardware, Seeker is targeting crypto utility instead of 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 that the US Federal Reserve's recent interest rate cut was politically motivated, aimed at increasing support for Kamala Harris in the upcoming election. He argues that the 50 basis point cut contradicts strong economic indicators such as GDP growth and low unemployment. Hayes predicts the move could push markets higher, but warns it could lead to increased inflation. He also suggests that the calm crypto market reaction could be short-lived, with potential volatility after the traditional market close.
NEWS FROM THE MELEGASWAP ECOSYSTEM
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FarmCoin is a multi-chain project designed to bring the value and importance of agricultural work to the blockchain, supporting the sector and its operators with the new opportunities that digital asset technology offers. It was successfully listed on MelegaSwap and featured on CoinMarketCap, Binance and over 180 media outlets.
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Memelord is a 3-step meme token generator in the BSC chain, providing a comprehensive platform to create and manage your meme tokens without any coding skills required. Key features include a tap for requesting free tokens, pledging to earn passive income, a decentralized exchange (Dex) for secure and easy trading, price and volume charts to track token performance, and more.
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