FameEX Morning Crypto News Recap | September 19, 2024

Federal Reserve Kicks Off Rate Cut Cycle with 50 Basis Point Reduction in Federal Funds Rate

On September 19, the Federal Reserve initiated a rate cut cycle, reducing the federal funds rate by 50 basis points to 4.75%-5.00%, marking the first cut since March 2020. Chairman Powell highlighted the economy's strength and the Fed's commitment to supporting growth while easing policy tightening.

U.S. Lawmakers Criticize SEC Chair Gensler for Politicizing Crypto Regulation

On September 18, French Hill, chairman of the U.S. House Digital Assets, Fintech, and Inclusion Subcommittee, criticized SEC Chairman Gary Gensler for politicizing cryptocurrency regulation. Hill claimed Gensler's approach has led to market confusion and uncertainty within the crypto industry.

Glassnode: Bitcoin Market Faces Stagnation with Low Demand and Supply Activity

Blockchain analysis firm Glassnode reported on X that the Bitcoin market is currently stagnant, with inactive demand and supply. The market's value remains flat, indicating minimal capital inflows and outflows, signaling a lack of overall movement.

BIS Collaborates with Global Banks on Blockchain Project to Improve Cross-Border Payments

The Bank for International Settlements (BIS) has partnered with major banks and credit card companies, including JPMorgan Chase, Deutsche Bank, UBS Group, Visa, and Mastercard, on the blockchain-based Agora project. Launched in May, the initiative seeks to revolutionize global cross-border payments.

Tether Holds $97.6 Billion in U.S. Treasury Bonds, Ranking 18th Worldwide

Tether's official website disclosed that its reserves are primarily in U.S. Treasury bonds, amounting to over $97.6 billion. This ranks Tether as the 18th largest holder globally, ahead of countries such as Germany, the UAE, and Australia.

Trump Purchases Burgers with Bitcoin at NYC Restaurant

Republican presidential candidate Donald Trump became the first former U.S. president to use Bitcoin in a transaction. He purchased a burger at a New York City restaurant that accepts cryptocurrency, highlighting a significant step in Bitcoin's integration into mainstream commerce.

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