BoJ Governor Kazuo Ueda signals more rate hikes, impacting Asian stocks and crypto. July’s hike caused significant declines. Experts foresee another hike by end of 2024. U.S. Fed expected to cut rates in September 2024.
Arthur Hayes predicts cryptocurrency stagnation until late September due to Federal Reserve policies and U.S. Treasury liquidity interventions. Government spending driving inflation also impacts growth. Economic stabilization could lead to a market resurgence. Investors should monitor macroeconomic policies.
South Korea’s Financial Supervisory Service (FSS) will start auditing cryptocurrency exchanges from July 2024 under a new Investor Protection Law. Major platforms like Upbit and Bithumb face scrutiny, with severe penalties for violations over 5 billion KRW (~$3.7M).
X (formerly Twitter) wins the right to seek a preliminary injunction against California’s Social Media Anti-Hate Speech Law, as the Ninth Circuit reverses a lower court ruling. This legal win may impact future digital governance policies.
Binance partners with Grant Thornton to enhance financial transparency and audit preparation. The collaboration aims to address accounting and tax challenges, reinforcing Binance’s commitment to compliance and stability in the crypto market. $BNB @GrantThornton @binance
Tether and Reku launch educational events in Indonesia, aiming to boost crypto literacy. With 20.1M users, Indonesia ranks 7th globally in crypto adoption. In May 2024, transactions hit 211 trillion Rupiah ($13B). $USDT @RekuOfficial
Bank of Canada cuts interest rates by 25 basis points to 4.25% amid cooling inflation. $BTC trading below $58k may benefit as rate cuts often boost investments in riskier assets.
? Zürcher Kantonalbank ($ZKB) now offers 24/7 Bitcoin and Ethereum trading via eBanking and Mobile Banking. Managing $235B in assets, ZKB provides secure crypto storage. Available to Swiss residents only, all transactions are in USD.
Binance executive Tigran Gambaryan’s bail decision delayed in Nigeria amid health concerns. Court to rule on October 9. Defense claims urgent surgery needed; prosecution insists medical care is sufficient. Case draws international attention and allegations of improper conduct.
OpenAI introduces GPT Next, launching in late 2024, with 100x faster development than GPT-4. Enhanced by Strawberry AI, it integrates text, graphics, and visuals seamlessly, setting new standards and targeting a $100 billion valuation.
Polygon’s $MATIC tokens on PoS Chain are upgraded to $POL, now serving as the native gas and staking token with a 2% annual emissions rate. Despite this, $POL’s value fell by 10%, reflecting broader market trends.
Howard Lutnick, CEO of Cantor Fitzgerald, predicts U.S. banks will store $BTC alongside the dollar within five years. Regulatory changes and the rise of cryptocurrency ETFs are driving institutional interest and potential widespread adoption.
Eric and Donald Trump Jr. launch World Liberty Financial, a crypto borrowing and lending service using code from Dough Finance. Focus includes potential real estate tokenization. Security concerns arise due to Dough Finance’s $1.8M hack in 2024.
Cantor Fitzgerald CEO Howard Lutnick predicts U.S. banks will hold and trade $BTC within five years, driven by regulatory changes. The firm plans a $2 billion Bitcoin lending initiative and supports stablecoins like Tether for economic benefits.
