FameEX Morning Crypto News Recap | September 19, 2024

The Federal Reserve Initiates Rate Cut Cycle, Reduces Federal Funds Rate by 50 Basis Points

On September 19, the Federal Reserve began a rate cut cycle, lowering the federal funds rate by 50 basis points to 4.75%-5.00%, the first reduction since March 2020. Chairman Powell emphasized the strength of the overall economy and the Fed's commitment to supporting growth, while easing the degree of policy tightening.

U.S. Lawmakers Accuse SEC Chairman Gensler of Politicizing Cryptocurrency 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 during a hearing. Hill argued that Gensler's actions have caused market confusion and uncertainty in the crypto space.

Glassnode: Bitcoin Market Stagnant, with Inactive Demand and Supply

Blockchain analysis firm Glassnode reported on the X platform that the Bitcoin market is currently stagnant, with both demand and supply showing inactivity. The market's actual value remains flat, indicating minimal capital inflows and outflows, reflecting a lack of movement in the market.

BIS Partners with Global Banks on Blockchain Initiative to Reform Cross-Border Payments

The Bank for International Settlements (BIS) has teamed up 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, this initiative aims to revolutionize global cross-border payments.

Tether Holds $97.6 Billion in U.S. Treasury Bonds, Ranks 18th Globally

Tether's official website revealed that its reserves consist primarily of U.S. Treasury bonds, totaling over $97.6 billion. This positions Tether as the 18th largest holder globally, surpassing countries like Germany, the UAE, and Australia.

Trump Uses Bitcoin to Buy Burgers at NYC Restaurant

Republican presidential candidate Donald Trump made history as the first former U.S. president to use Bitcoin in a transaction. He purchased a burger at a New York City bar and restaurant that accepts cryptocurrency, marking a notable moment in the integration of Bitcoin into mainstream commerce.

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