Author: Coindesk

“Memecoins are experiencing a surge largely due to the anticipation of increased liquidity following the Federal Reserve’s recent 0.5% interest rate cut,” Alex Andryunin, founder of Gotbit Hedge Fund, known for backing memecoinds, said in a message to CoinDesk. “Market expectations for lower rates have converged, and with the prospect of more liquidity entering the financial system, investors are adopting a bullish sentiment.” Read the full article here

Judge Reed O’Connor of the U.S. District Court for the Northern District of Texas noted in a Thursday filing that “because withholding consideration subjects plaintiff to scant, if any, hardship, the claim lacks a ripe case or controversy.” In other words, since there’s no clear future threat to Consensys, there’s no point in this judge weighing in. Read the full article here

Companies such as Uniswap, Optimism, Yearn, Gnosis, and 1Inch are examples of early Gitcoin grantees. The collective market caps of those that launched tokens, alongside the private valuations of others that raised capital without live tokens, far exceed the amount of funding initially provided. While many of these companies have given back to the ecosystem by donating to public goods, raising new funds for future rounds remains a challenge. This is especially true during bear markets, when capital is scarce, and venture funding is harder to secure. Read the full article here

Total3, an index that tracks the market capitalization of the top 125 cryptocurrencies, excluding bitcoin and ether (ETH), was trading 5.68% higher since the central bank’s announcement that it would slash the Federal Funds rate by 50 basis points, according to data on TradingView. Bitcoin’s market cap, by contrast, rose only 4.4%. Read the full article here

Consistent with this pattern, bitcoin has already shown signs of recovery, gaining about $9,000 since the local bottom on Sept. 6, representing a 15% increase in value. This divergence between bitcoin’s (BTC) price and its hash rate started to shape up in July and then persisted into early September, when the computing power of the network reached an all-time high of 693 exahashes per second (EH/s) on a seven-day moving average, while bitcoin’s price was near $54,000. Read the full article here

So, I understand why, if you view CBDCs as a tool to bring these costs down, you’d favor pushing along their development. But the fact remains that to fix cross-border payments through CBDCs, you’d need to rely on solid worldwide geopolitical relationships. And, unfortunately, we don’t have those. The world is too fragmented, too unruly, to allow CBDCs to be implemented globally. Read the full article here

As of the time I’m writing this, the contracts are still halted. The appeals court scheduled a hearing for Thursday, giving each party 15 minutes to make its case – though ultimately it ran for some 2.5 hours. We’ll presumably find out if the contracts can restart before the election happens after the hearing, but there’s no firm timeline here. And of course, there’s still the broader question about the appeal itself and how that may go. Read the full article here

In the past five days, bitcoin (BTC) has surged 7%, breaking through $64,000 for the first time since Aug. 26. Gold, for its part, has reached all-time highs on over 30 occasions this year, topping $2,600 an ounce. These remarkable performances mark the first time since bitcoin’s inception in 2009 that both are the top-performing assets of the year, according to Charlie Bilello, the chief market strategist at Creative Planning, an investment management and financial planning firm. Read the full article here

The company, led by Executive Chairman Michael Saylor, has been a pioneer for bitcoin adoption as a corporate treasury asset, and has become the largest corporate holder of BTC since it started buying in 2020. With the latest purchase, the firm now holds 252,220 bitcoin worth nearly $16 billion at current prices, acquiring at an average BTC price of $39,266 for a total cost of $9.9 billion. Read the full article here

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