FameEX Morning Crypto News Recap | September 16, 2024

The Federal Reserve Kicks Off "Super Central Bank Week" with Powell Leading Monetary Policy Press Conference

Former New York Fed President Dudley suggested the Federal Reserve has reason to cut interest rates by 50 basis points this week. The Fed faces a choice between a 50 or 25 basis point cut, and market speculation has shifted to a "50-50" chance of a sharper rate cut. Several key events are expected 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 Swings Could Trigger Liquidations Worth Hundreds of Millions

On September 15, Coinglass data shows that if Bitcoin rises above $62,000, short liquidations across major exchanges could total $815 million. Conversely, if Bitcoin drops below $58,000, long liquidations could reach $773 million on mainstream centralized exchanges.

The Cryptocurrency Industry is Now Entering the Institutional Era

The cryptocurrency industry is entering the institutional era, beginning with Bitcoin ETFs. This shift emphasizes the importance of institutional support for market growth. While the traditional stock market is dominated by institutional investors, the token market has largely been driven by retail investors.

Top Ten Stablecoin Holders Hit 8.7 Million, with USDT Holders Surpassing 5.8 Million

A Coingecko report reveals that the top ten stablecoins have a combined 8.7 million holders. USDT, USDC, and DAI make up 97.1% of this total, with USDT leading at over 5.8 million holders, about 2.6 times more than USDC’s 2.2 million wallets.

Early U.S. Bitcoin Investor Faces 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. Ahlgren bought 1,366 bitcoins in 2015 for under $500 each and sold 640 in 2017 for $3.7 million. He faces up to three years in prison, restitution, fines, and supervised release.

Norwegian Town's Bitcoin Mining Ban Causes Household Electricity Bills to Increase by $300

Dennis Porter, co-founder of Satoshi Action Fund, tweeted that a Norwegian town's ban on Bitcoin mining led to a $300 increase in household electricity bills, a rise of over 25%. The ban reduced electricity demand, forcing remaining users to cover the shortfall in revenue caused by the exit of mining companies.

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