Bitcoin News- Bitcoin Trading Below $58,500
Bitcoin News– In the past 24 hours, Bitcoin (BTC) and the broader cryptocurrency markets have shown minimal changes. Traders are closely monitoring the upcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, where the Federal Reserve is expected to announce its first interest rate cuts in four years.
Bitcoin is currently trading at $58,480, just below the $58,500 mark. The cryptocurrency has remained relatively stable in recent trading sessions. The CoinDesk 20 (CD20), which tracks the performance of the largest digital assets, has seen a slight uptick, trading above the 1,800 level.
Bitcoin ETF Inflows
In the latest data, daily inflows into Bitcoin exchange-traded funds (ETFs) totaled $12.9 million, with the majority directed toward BlackRock’s IBIT fund. This indicates continued interest in Bitcoin ETFs despite the broader market’s stability.
Anticipated Federal Reserve Rate Cut
The Federal Reserve is widely expected to announce an interest rate cut on September 18, marking the beginning of a new easing cycle. Historically, such rate cuts have been favorable for risk assets, including cryptocurrencies like Bitcoin.
As of Tuesday morning in Asia, the 30-Day Fed Funds futures prices indicate a 67% probability of a significant 50 basis points (bps) rate cut, bringing the rate to the 4.7%-5% range. This is an increase from the 50% probability observed on Monday and a significant rise from the 25% probability a month ago.
Market Expectations on Polymarket
Traders on Polymarket are assigning a 57% chance to a 50+ bps rate decrease and a 41% chance to a 25 bps rate cut. These figures reflect ongoing speculation about the scale of the Fed’s expected easing measures.
Notable Movers in the Crypto Market
XRP and Other Major Cryptocurrencies
In other developments, the crypto market has seen some notable movements. XRP has risen by 3.5%, SUI is up 2.5%, and Fantom’s FTM has surged 10.5%. Fantom’s increase is attributed to continued positive sentiment surrounding its upcoming rebranding to Sonic.
World Liberty Financial Launches WLFI Token
Details on the WLFI Token
World Liberty Financial, a project supported by former President Donald Trump and his family, has announced the launch of a new governance token, the WLFI. This token is available exclusively to accredited U.S. investors and is intended for governance participation rather than economic profit. During a livestream that lasted over two hours, the team behind World Liberty Financial clarified that no specific launch date was provided. Although Trump did not specifically mention or endorse the token during the stream, he shared his general views on cryptocurrency policy, echoing statements made during previous public appearances, such as the Bitcoin Conference in Nashville.
Figure Markets Introduces Real Estate-Backed Yield Exchange
Innovative Yield Generation by Figure Markets
Figure Markets, a new crypto exchange, is launching in conjunction with Token2049 in Singapore. Founded by Mike Cagney, co-founder of SoFi, Figure Markets offers a unique approach to generating yield for crypto holders. The exchange promises returns of up to 8% on non-USD and stablecoin balances through a fund backed by real-world assets, including home equity loans.
How Figure Markets Works
Deposits made into Figure Markets are pooled and used to issue secured home equity loans through Figure Technologies. Borrowers pay interest on these loans, creating a spread that covers costs and provides returns to investors. Investors benefit from dual recourse protections, daily liquidity, and interest payments based on the duration of their investment.
Real World Assets (RWAs) in Crypto
While Real World Assets (RWAs) are an emerging trend in the crypto space, few applications currently use them to generate yield for financing operations. In 2023, before the launch of Figure Markets, Cagney withdrew the company’s bid for a U.S. federal bank charter due to regulatory scrutiny, opting instead to focus on partnerships with established banks.
FAQs
What are the current trading levels for Bitcoin?
Bitcoin is trading at approximately $58,480, just below the $58,500 mark. This reflects a relatively stable performance in recent trading sessions.
What is the significance of the Federal Reserve’s upcoming meeting?
The Federal Reserve’s meeting on Wednesday is significant because it is expected to announce its first interest rate cut in four years. This potential rate cut could influence the performance of risk assets, including cryptocurrencies like Bitcoin.
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