📊 Cryptonomy

📊 Only 42 tokens outperformed BTC We are almost at the bottom, and holding BTC has been one of the best strategies both during the rise and fall, as only 42 coins have outperformed it. And, of course, most of the top 10 are meme coins.

Key points from Jerome Powell: ▪️ The economy overall remains resilient. ▪️ Today's decision reflects confidence in the ability to maintain labor market stability. ▪️ Inflation has significantly decreased but is still above the target level. ▪️ The labor market has weakened and no longer appears overheated. ▪️ We are prepared to adjust monetary policy if necessary. ▪️ If the economy remains stable, we can slow the pace of rate cuts, but we are also ready to respond to worsening labor market conditions. ▪️ Our forecasts show no signs that we are ahead of or behind schedule. ▪️ We believe the 50 basis point cut was the right decision, and future decisions will be made as new data becomes available. ▪️ I am satisfied with the 50 basis point rate cut. ▪️ The labor market remains in good shape, and we aim to keep it that way, along with overall economic stability. ▪️ Today's decision should not be seen as a signal of a new pace of rate cuts. ▪️ The rise in unemployment is partly due to increased immigration. ▪️ There is no need for further cooling of the labor market to reduce inflation. ▪️ In my view, we will not return to a low neutral rate. ▪️ No, we are not declaring victory over inflation. The Fed is striving to stabilize inflation at around 2% over an extended period. 🇺🇸 Key points from the FOMC statement: ▪️ The Fed is confident that inflation is gradually approaching the target level. ▪️ The Fed plans further rate cuts, while closely monitoring economic indicators. ▪️ Two 25 basis point cuts are expected in 2024. ▪️ A 100 basis point cut is forecasted for 2025, with a 50 basis point cut projected for 2026.

🇺🇸 The interest rate was lowered by 0.5%. The current FED rate is 5%.

🔖 Cryptocurrency Rates / Fear and Greed Index on September 16th. ETF flows from the past week: BTC 👑 👆 Inflow — $403.9M ETH 2️⃣ 👇 Outflow — $12.9M

🔖 Cryptocurrency rates / Fear and Greed Index for 09/15

🔖Former FTX CEO Sam Bankman-Fried has filed an appeal for a new trial. His lawyer accused Judge Lewis Kaplan of bias and excluding key evidence. Previously, Sam was convicted of fraud against FTX clients and investors and sentenced to 25 years in prison. The appeal claims that the issues surrounding the insolvency of FTX and Alameda were misunderstood and were actually a liquidity crisis.

In Q2 2024, #Arbitrum ($1.2 billion), #Ethereum ($913 million), and #Optimism ($893 million) emerged as the top three networks by transfer volume for bridges built on LayerZero.

Revolut, the online bank, has announced the listing of Toncoin for its clients in the UK and EU 🇬🇧 The listing of Toncoin on a trading app of a regulated company with a banking license brings hope that the investigation involving Durov in France won't affect cryptocurrencies associated with Telegram.

Marathon Digital's Bitcoin holdings have hit an all-time high of 26,200 $BTC! 🔵 They just added 5,000 $BTC in a single month. 🔵 Their assets are now worth $1.5 billion.

🔖 The founder of #Tron, Justin Sun, launched an attack on Coinbase’s recently launched wrapped Bitcoin variant called #cbBTC. Sun claimed that #cbBTC lacks proof of reserves, has no audits, and the company can freeze any user's balance at any moment. He said it's basically just "take my word for it," as any subpoena from the U.S. government could lead to the confiscation of all your #BTC.