Author: Max Bauer
Economists are urging China to implement a massive “shock and awe” stimulus package worth $1.4 trillion, aimed at revitalizing the economy and potentially sparking a significant surge in Bitcoin and cryptocurrency prices. This call for stimulus comes amidst concerns about China’s economic health, with recent data indicating stagnant consumer inflation and subdued GDP growth. Experts believe that a substantial stimulus injection is necessary to combat deflationary pressures and restore confidence in the economy. Fred Neumann, chief Asia economist at HSBC, highlighted the prevailing lack of confidence and high household savings rate in China, suggesting that a near $1 trillion stimulus…
The cryptocurrency market experienced a significant rally on Friday, with Bitcoin (BTC) approaching the pivotal $60,000 mark, fueled by robust gains across traditional markets. Despite a brief dip to $57,600 earlier in the day following MicroStrategy’s announcement of a $1.1 billion Bitcoin purchase, the leading cryptocurrency rebounded strongly, posting a 3.4% gain over the past 24 hours to reach $60,034. Ethereum’s Ether (ETH) also saw a notable increase, reclaiming the $2,400 level with a 2.7% rise. This surge in activity was reflected in Ethereum’s fee revenues, which jumped nearly 60% in the past week according to crypto analytics firm IntoTheBlock.…
Steno Research highlights that Bitcoin has limited experience with rate-cutting cycles, having truly only navigated one that started in 2019. During that cycle, Bitcoin’s price declined by about 15% between the Fed’s initial rate cut in August and the end of November, despite the Fed trimming rates by 75 basis points. It wasn’t until the massive Covid-era monetary stimulus in March 2020 that Bitcoin finally bottomed out and embarked on its meteoric rise. The anticipation is building as Steno Research states, “It is becoming increasingly clear that the first U.S. interest rate cut is just around the corner.” The Federal…
Sam Bankman-Fried, the disgraced founder of the failed cryptocurrency exchange FTX, has filed an appeal seeking to overturn his conviction on fraud charges. In a scathing 102-page document, Bankman-Fried’s legal team attacked the judge who oversaw the trial, claiming he was biased and prevented a fair defense. Bankman-Fried’s lawyer, Alexandra A.E. Shapiro, argued that Judge Kaplan’s rulings unfairly limited the evidence they could present, undermining their case. “Sam Bankman-Fried was never presumed innocent,” Shapiro wrote. “He was presumed guilty by the judge who presided over his trial.” The appeal seeks a new trial for Bankman-Fried, who was convicted of orchestrating…
According to a Binance report, the market for tokenized real-world assets (RWAs) has experienced remarkable growth, doubling in value over the past year to reach an impressive $12 billion. Key categories driving this growth include tokenized US Treasuries, private credit, commodities, stocks, real estate, and other non-US bonds. Furthermore, emerging categories like air rights, carbon credits, and fine art are adding to the diversity of the RWA landscape. Institutional and TradFi players are significantly contributing to the RWA boom. BlackRock’s BUIDL tokenized Treasury product has emerged as a market leader, with a market cap exceeding US$500 million. Their US spot…
Polygon’s POL token experienced a significant surge of over 15% on Friday morning, following its listing on Binance, the world’s leading cryptocurrency exchange. This price jump marks the unofficial conclusion of the MATIC token’s migration to POL, a process that began after a year of community discussions and was officially announced in July. With this transition, POL becomes the new ticker symbol for the native gas and staking token on the Polygon PoS chain, an Ethereum-compatible, proof-of-stake sidechain. The Block’s Vishal Chawla noted that the shift to POL is a vital part of Polygon’s evolution into a ZK chain and…
MicroStrategy, the business intelligence company known for its aggressive Bitcoin acquisition strategy, announced today the purchase of an additional 18,300 Bitcoins for approximately $1.11 billion. This latest acquisition brings the company’s total Bitcoin holdings to a staggering 244,800 BTC, valued at an estimated $9.45 billion as of September 2024. Reuters reported the buy first. The company, led by Bitcoin advocate Michael Saylor, has consistently championed Bitcoin as a superior store of value and a hedge against inflation. Michael Saylor, the founder of the company, also made a statement and said: MicroStrategy has acquired 18,300 BTC for ~$1.11 billion at ~$60,408…
A new bill aimed at improving the regulatory framework for digital assets has been introduced in the U.S. House of Representatives. The “BRIDGE Digital Assets Act,” proposed by Congressman John Rose (R-TN), seeks to establish a joint advisory committee on digital assets between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), according to Fox News reporter Eleanor Terrett. The proposed advisory committee would consist of 20 private-sector participants from various sectors of the cryptocurrency industry. Its purpose is to provide advice and guidance to both the SEC and CFTC on developing rules, regulations, and…
CCP Games today announced the official title and additional details for their much-anticipated blockchain project, previously known as Project Awakening. The new game, EVE Frontier, is a space survival game set within the expansive EVE Online universe. Frontier promises to be a single-shard MMO, creating a vast sandbox where players coexist and strive to survive in a shared, dynamic environment. CCP Games has plans for a closed playtest in the near future, with interested players able to sign up for participation on the Frontier website. EVE Frontier transports players to a distant future where they awaken from stasis amidst the…
Hong Kong is reportedly mulling over plans to expand the regulatory oversight of over-the-counter (OTC) virtual asset trading services by involving the Securities and Futures Commission (SFC) alongside the Hong Kong Customs and Excise Department (C&ED), according to the South China Morning Post. Sources familiar with the matter revealed that the SFC has been actively seeking industry opinions on a potential new licensing system for cryptocurrency OTC services. The envisioned system would entail collaborative supervision of relevant companies by both the SFC and C&ED. Previously, the proposed OTC supervision and licensing system, as outlined in a February 2024 proposal, fell…