FameEX Morning Crypto News Recap | September 16, 2024

Federal Reserve Launches "Super Central Bank Week" as Powell Leads Monetary Policy Press Conference

Former New York Fed President Dudley indicated that the Federal Reserve may cut interest rates by 50 basis points this week. The Fed is deciding between a 50 or 25 basis point cut, with market speculation now at a "50-50" chance for a sharper reduction. Several important events are anticipated this week.

At 20:30 on Tuesday, U.S. August retail sales monthly rate;

At 14:00 on Wednesday, the UK’s August CPI monthly rate and the UK’s August Retail Price Index monthly rate;

At 2:00 on Thursday, the Federal Reserve will announce its interest rate decision and a summary of economic expectations;

At 2:30 on Thursday, Federal Reserve Chairman Powell held a monetary policy press conference;

At 20:30 on Thursday, the number of initial jobless claims in the United States for the week ending September 14 and the Philadelphia Fed Manufacturing Index for September;

At 11:00 on Friday, the Bank of Japan will announce its interest rate decision;

At 14:30 on Friday, Bank of Japan Governor Kazuo Ueda held a monetary policy press conference.

Bitcoin Price Volatility Could Lead to Hundreds of Millions in Liquidations

Coinglass data from September 15 indicates that if Bitcoin surpasses $62,000, short liquidations on major exchanges could total $815 million. Conversely, a drop below $58,000 could result in long liquidations reaching $773 million across mainstream centralized exchanges.

The Cryptocurrency Industry is Entering the Institutional Age

The cryptocurrency industry is entering the institutional era, starting with Bitcoin ETFs. This shift highlights the growing need for institutional support to drive market growth. Unlike the traditional stock market, which is dominated by institutional investors, the token market has primarily been driven by retail investors.

Top 10 Stablecoin Holders Reach 8.7 Million, USDT Holders Exceed 5.8 Million

A Coingecko report shows that the top ten stablecoins have a combined 8.7 million holders, with USDT, USDC, and DAI accounting for 97.1%. USDT leads with over 5.8 million holders, about 2.6 times more than USDC, which has 2.2 million wallets.

Early U.S. Bitcoin Investor Could Face Up to Three Years in Prison for Filing False Tax Returns

The U.S. Department of Justice announced that Texas resident Frank Richard Ahlgren III admitted to underreporting capital gains from selling $3.7 million worth of Bitcoin. He purchased 1,366 bitcoins in 2015 for under $500 each and sold 640 in 2017. Ahlgren faces up to three years in prison, restitution, fines, and supervised release.

Bitcoin Mining Ban in Norwegian Town Leads to $300 Increase in Household Electricity Bills

Dennis Porter, co-founder of Satoshi Action Fund, tweeted that after a Norwegian town banned Bitcoin mining, household electricity bills rose by $300, an increase of over 25%. The ban reduced electricity demand, leaving remaining users to cover the revenue shortfall caused by the departure of mining companies.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​