Market update

Cointree Crypto Market Update - September 18th 2024

Market report for traders

🔮 BTC and altcoins

Over the last 7 days, Bitcoin ends at AU$88,985, moving +3.04% at the time of writing. Meanwhile, Ethereum ends at AU$3,428 moving -3.62% week-on-week. On the Altcoin side, Solana drops -4.35%, Cardano -4.19%, and XRP +5.82%.

🗞 What’s happening in the news?

🍊 Trump Family Declares Crypto a Financial Revolution: WLFI Token

Former President Donald Trump has thrown his weight behind the new cryptocurrency venture, World Liberty Financial. On Monday, Trump and his team unveiled the WLFI token, setting sights on revolutionising the financial world by integrating blockchain technology into governance models. The token, designed to be non-transferable and limited to accredited investors, aims to "embrace the future and leave slow, outdated big banks behind," according to Trump.

Trump Junior states, "This is the start of a financial revolution."

Trumps’s venture into crypto was spurred by his successful NFT projects, which grossed over USD$ 7 million (approximately AU$ 10.7 million), showcasing a substantial shift from his initial skepticism towards a robust endorsement of digital currencies.

🔥 Bitcoins Bounce Back Amid Economic Speculations

Last week was quite a turnaround for Bitcoin as it managed to attract a whopping USD$436 million (approximately AU$669 million) in investments. This surge is linked to the anticipation of an interest rate cut by the FOMC, expected to be around 0.5%. The strong connection between global financial strategies and cryptocurrency market movements is clear, being observed and reported by industry experts and investors alike.

As we look ahead to the FOMC's decision this Wednesday, there's a lot riding on their verdict. Will they cut it by 0.50% or just 0.25%? Either way, the outcome will shake things up for Bitcoin and other cryptocurrencies.

👨‍⚖️ U.S. Crypto Legislation Set for Late-Year Movement

Over in Washington, there's a fresh wave of activity around cryptocurrency legislation. Patrick McHenry, Chair of the House Financial Services Committee, recently shared that there’s a real chance for significant legislative advances on crypto regulation during the lame-duck session after the elections. This session is crucial as it might determine how quickly the U.S. can catch up with other countries in regulating digital assets.

Senators from both major parties are showing support for advancing this cause, suggesting a growing recognition of the need for clear legal frameworks for cryptocurrencies. It seems like we might see some important developments by the end of the year, shaping the future of crypto regulation.

📖 What we’ve been reading

Restaking Will Spark the Next Big Crypto Rush

"Platforms including EigenLayer, Symbiotic and Karak are charting new territory on the frontier of restaking."

Let Americans Have Their Crypto Airdrops, Lawmakers Tell Gary Gensler

Representatives Tom Emmer and Patrick McHenry urged SEC Chair Gary Gensler to clarify the agency’s stance on crypto airdrops.

Crypto Whales Bought These Altcoins in the Second Week of September 2024

The cryptocurrency market saw a slight increase in trading activity this week, with global market capitalisation rising by 3% over the seven-day period.