gm friends —

The time is finally here - the United States Federal Reserve cut its benchmark fed funds interest rate by 0.5% to a target of 4.75%-5%.

Crypto investors are hopeful that the first rate cut in four years is the beginning of a “generational bull market”. Check out the article below for more details!

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News Stories

Markets & Macro

• Fed Cuts Interest Rates by 50 Basis Points, Bitcoin Briefly Hits $61K [CoinDesk] The U.S. Federal Reserve reduced its benchmark interest rate by 50 basis points to 4.75%-5%, marking the first rate cut in four years following a historically aggressive hiking cycle. The Fed cited increased confidence that inflation is moving toward its 2% target. Projections suggest further rate cuts in the upcoming meetings, potentially bringing rates down to 4.4% by the end of the year. Following the announcement, Bitcoin briefly surged to $61,000 before retreating, while U.S. equities and gold also posted gains. Crypto-related stocks, including MicroStrategy and Coinbase, saw increases of 2%-3%, and bitcoin miners experienced further rallies. Despite market volatility expectations, the rate cut has triggered mixed reactions, with concerns raised over the potential market impact due to shifts in global borrowing dynamics.

Institutions, Regulation, & Politics

• Microstrategy Announces $700M Private Offering for Debt Buyback and Bitcoin Acquisition [Bitcoin.com] Microstrategy has announced plans for a $700 million private offering of convertible senior notes, aiming to raise funds to pay off $500 million in existing debt and acquire more bitcoin. The notes, maturing in 2028, are secured by 69,080 BTC. This move comes shortly after the company’s purchase of 18,300 bitcoins, increasing its total holdings to 244,800 BTC, valued at $14.15 billion.

• Revolut to Launch Its Own Crypto Stablecoin [Watcher.Guru] Revolut, a fintech firm, is reportedly developing its own cryptocurrency stablecoin, with the project said to be in advanced stages. This move places Revolut alongside other major financial entities like PayPal, which launched its own stablecoin, PYUSD. With the stablecoin market valued at over $170 billion, Revolut seeks to tap into the growing sector, competing with industry leaders like Tether’s USDT, which holds a 75% market share.

• Circle Partners With Sony to Introduce USDC on Soneium [Bitcoin.com] USDC issuer Circle, and Sony have announced a partnership to launch USDC, on Soneium, Sony’s Ethereum Layer 2 blockchain. The collaboration includes Bridged USDC, allowing users to move USDC from Ethereum to Soneium, positioning it as a primary token for value exchange within the ecosystem. Sony aims to explore integrating USDC into its broader payment ecosystem, potentially benefiting businesses across the Sony Group.

Crypto Products & Onchain Events

• Trump's World Liberty Financial Crypto Venture Reveals WLFI Token Structure [Bitcoin.com] Former President Donald Trump has introduced World Liberty Financial, a new cryptocurrency project featuring the WLFI token. The venture, led by the Trump family and associates, allocates 20% of the tokens to the founding team and 63% for public sale. Despite heavy promotion, the project's purpose remains unclear, and concerns about its legitimacy had emerged following a leaked draft suggesting an initial 70% token allocation for founders was considered.

• TON, Curve Finance team up on stablecoin swap initiative [CoinTelegraph] The TON Foundation has teamed up with decentralized exchange Curve Finance to launch a stable swap project on the TON blockchain, using Curve’s Constant Function Market Maker (CFMM) technology. The project will be developed by an independent team selected through a public process, with Curve's founder Michael Egorov acting as an advisor.

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