Author: Coindesk
Guggenheim Treasury Services, a subsidiary of financial services giant Guggenheim Partners, has issued $20 million of tokenized commercial paper on the Ethereum blockchain, its partner, blockchain platform Zeconomy, announced Thursday. Read the full article here
“WormholeOracle” proposed reducing the upper limit on TUSD backing for crvUSD to zero, meaning that TUSD tokens can no longer underpin crvUSD if the proposal is passed. They also recommended reducing the minting capacity of crvUSD with PayPal’s stablecoin, PYUSD, from $15 million to $5 million, aiming for a more balanced reliance on different collateral assets. Read the full article here
The U.S. Household Survey, which tracks the unemployment rate across 50 states, Washington D.C., and Puerto Rico, showed that as of August, more than 57% of states experienced an increase in joblessness compared to the preceding month and the same period last year, according to data tracked by MacroMicro. Read the full article here
Bitcoin ETFs saw inflows of $136 million on Tuesday, the biggest in almost a month. More importantly, the inflows were equivalent to 2,132 BTC, according to data by HeyApollo, which represents nearly five times the daily mined supply being removed from the market. Ether ETFs recorded $62.5 million in total inflows, the third-largest day for ether ETF inflows since their launch. This rebound came just a day after Ether ETFs saw their largest outflows since July. Nevertheless, ether ETFs remain firmly in the red, having experienced net outflows of $624 million since they listed on July 23. Read the full…
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Historically, there has been a strong correlation between the S&P 500 and the M2 money supply, with both moving in tandem over the past five years. For example, during the early 2020 pandemic, M2 bottomed out at $15.2 trillion in February, just before the S&P 500 hit a low of around 2,409 points in March. A similar pattern occurred in October 2023, when monetary policy tightening led M2 to bottom at $21 trillion. Shortly afterward, the S&P 500 reached a low of 4,117. This connection highlights the critical role of liquidity in driving stock market performance. Read the full article…
The conditions imposed on WazirX include revealing the addresses of its Wallets through a court affidavit, responding to users’ queries, revealing its book of accounts within six weeks, and ensuring that any future voting on the way ahead is conducted on an independent platform. CoinDesk reached out to WazirX to comment on the matter. Read the full article here
Green United’s founder, Will Thurston (who, along with promoter Kristoffer Krohn, is also named as a defendant in the lawsuit), allegedly used the money investors gave him for the phony Green Boxes and used it to buy S9 Antminers – commercially-available bitcoin mining machines – which he then used to mine bitcoin for himself. According to the SEC, investors didn’t see any of the actual bitcoin (BTC) their purchases mined, but instead received periodic distributions of worthless GREEN tokens created by Thurston on the Ethereum blockchain. Read the full article here
In the past 30 days, the Bitcoin (BTC) ecosystem has seen a significant rally in accumulation, with approximately 88,000 BTC being amassed on a net basis. This strong period of accumulation, which has persisted through much of September, is notable for being about seven times the monthly bitcoin issuance of around 13,500 BTC. Such intense accumulation has not been seen since Q4 2023, a period that saw a rapid increase in bitcoin’s price. Read the full article here
“The time has come,” stated Fed chairman Jerome Powell back in August at the Jackson Hole central bank symposium. Last week, the Fed cut its federal funds target rate by 50 bps to 5.00% p.a. (upper limit) which was slightly more than markets had priced in before the FOMC meeting. In other words, the Fed positively surprised markets with this rate cut. Read the full article here