Crypto Beat this weeks as we look into microstrategy purchases $1.1 billion worth of bitcoin, The Fed rate cuts, ETH on-chain stablecoins volumes new ATH, coin updates and charts of the week.
Bitcoin regained $60,000 this past weekend and continues to rally by the time of press hovering at around $63,000.
ETFs the past week
Bitcoin net inflow $404million
Ethereum net outflow $13 million
Hot off the press
- Hamster Kombat to end season 1 on 20th September
- US presidential aspirant and former president Donald Trump uses bitcoin to purchase in New York
Macro watch: European Central Bank (ECB) cut interest rates by 25 basis points to 3.50% while acknowledging strength of monetary policy and lower inflation. In USA, the CPI (consumer price index) increased by 0.2% in August with annual inflation at 2.5%, making it the lowest level since February 2021. On early Wednesday 18th, news came out that the Fed had cut interest rates by 50 basis points.
Microstrategy purchased 18,300 bitcoin worth $1.1 billion between 6 Aug- 12 Sept.
Ethereum, stablecoin volume peaked at a new ATH of $1.46 trillion in August according to the Block. The biggest volumes came from:
- DAI- $962 billion
- USDT $266 billion
- USDC- $210 billion
- Paypal’s PYUSD- $2.4 billion
Newer stablecoins such as Paypal’s PYUSD have seen significant growth from $500 million to $2.4 billion. These new chains are improving business models and designs as well as creating new use cases.
TVL of Top Chains; Source Crypto.com Research
Major coin updates
Artificial Superintelligence Alliance FET. Market cap: $3.5B
- Proposed integrating CUDOS into the alliance thereby merging FET with CUDOS. Voting on both communities expected to start 19th to 24th sept.
MakerDAO: MKR: $1.5B
- Team shared updates about Sky Aave Force which entails integration of USDS and sUSDS into Aave v3. Sky, formerly know as as MakerDAO has launched a new dapp as well as two new tokens, SKY and USDS. Users can migrate MKR and DAI to these two. This is part of Sky’s overall strategy of overhauling its existing protocol.
- · State Street and Galaxy Asset Management Launch Crypto ETFs
State Street Global Advisors and Galaxy Asset Management introduced three crypto-related ETFs: SPDR Galaxy Digital Asset Ecosystem ETF (DECO), SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO), and SPDR Galaxy Transformative Tech Accelerators ETF (TEKX). These ETFs aim to capture Web3 growth by investing in stocks, futures, and crypto assets. - · Grayscale Introduces XRP Trust in the US
Grayscale launched the Grayscale XRP Trust, offering accredited investors direct exposure to XRP in the US. The trust is accessible to individual and institutional investors seeking XRP as part of their portfolio. - · Janus Henderson and Anemoy Launch Tokenised Treasury Fund
Janus Henderson, in partnership with Anemoy Limited and Centrifuge, will manage Anemoy’s Liquid Treasury Fund, an on-chain tokenized fund on Centrifuge’s public blockchain. The fund provides investors access to short-term US treasury bills through a blockchain-based platform. - · PayPal and Venmo Partner with ENS for Easier Crypto Transfers
PayPal and Venmo integrated with Ethereum Name Service (ENS), allowing US users to transfer cryptocurrency using simplified ENS names instead of long wallet addresses. This reduces transfer errors and enhances user convenience. - · SWIFT Advances Digital Asset Transactions
SWIFT announced progress toward enabling real-world transactions with regulated digital assets and currencies. The global banking network has previously explored blockchain interoperability and aims to enhance financial communications in this space. - Osmosis: (OSMO); launched Polaris, a new cross-chain token portal. This shifts the leads to cosmos ecosystem focusing on multi-chain approach tapping into Solana and Ethereum.
Crypto Beat Top gainers past 7 days
courtesy of coigecko as at 19 sept 2024
That’s it for the week. Check back next week for a new Crypto Beat weekly by coinweez.
