Hello Snapshotters,
On Wednesday, we saw what many predicted: The U.S. Fed cut interest rates. The new interest rate now falls in a lower range between 4.75% and 5%. This drop of 50 basis points pushed BTC’s price — which was already slowly climbing on a rate cut expectation — even higher, surging over 20% in less than two weeks to over $64,000 as of Friday.
News also from the TradFi space: Jamie Dimon, CEO of JPMorgan Chase, and a crypto critic in the past, said in an interview earlier this week that the bank is one of blockchain’s biggest users.
Read on for more news from the industry, including Solana’s Seeker Mobile.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
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News Snaps
🚀 Interest Rate Spikes BTC Price
BTC traded higher after the U.S. Federal Reserve cut interest rates by 50 basis points on Wednesday, which resulted in the benchmark federal funds rate now in a lower range between 4.75% and 5%. “Recent indicators suggest that economic activity has continued to expand at a solid pace,” the central bank said in a statement.
🏦 JPMorgan Biggest User of Blockchain
Jamie Dimon, CEO of JPMorgan Chase, said in an interview on Tuesday that the bank he helms — the largest bank in the U.S. — is likely one of the biggest users of blockchain technology.
📱 Solana Reveals Mobile
On Thursday, Solana revealed the Seeker Mobile. The Web3-based smartphone comes with an integrated Seed Vault and mobile wallet, plus access to the Solana dApp Store. It is currently available for preorder at a discount.
📨 PayPal & Venmo Embrace ENS
PayPal and Venmo have partnered with Ethereum Name Service (ENS) to allow U.S. users to transfer cryptocurrency using ENS names. This eliminates the need for them to use long alphanumeric wallet addresses, which helps to avoid potential mistakes.
🪙 USDC x Sony
Circle has teamed up with Sony Block Solutions Labs to bridge USDC onto their Ethereum L2. The collaboration seeks to bring creators and users on board with digital dollar payments.
What’s Ahead
✂️ Ethereum Splits Pectra
Ethereum developers are planning to split the upcoming Pectra upgrade into two due to its complexity. The split will allow developers to push the upgrade via smaller forks that carry less risk.
Number of the Week
Chart of the Week — BTC & Gold Price Correlation
Last weekend, Bitcoin regained the $60,000 level. Other asset classes also saw a rise last week — the gold price hit an all-time high on September 12.
The BTC price increase coincided with news that MicroStrategy purchased 18,300 BTC ($1.1 billion) between August 6 and September 12.
Research & Insights
Monthly Feature Report | Asset Allocation With Crypto
Adding BTC to portfolios helps increase yield without significant impact on volatility. Modern Portfolio Theory is now adopted to include TradiFi, BTC, and ETH.
Read more in our latest report.
Crypto Trivia
Bitcoin is also known as:
A) Digital silver
B) Digital gold
C) Crypto metal
Find the correct answer at the end of this newsletter.
Product Picks
FET Now Available for On-Chain Staking
On-chain Staking for FET is now available in the Crypto.com App and on the Exchange, allowing you to get more from your idle assets. Simply stake to secure the FET blockchain while earning up to 8% rewards, with the flexibility of unstaking your assets in a secure and convenient manner. Find out more here.
POL Is Now Available on Recurring Buy
POL is the new native token of the Polygon ecosystem. Try out Dollar Cost Averaging with Recurring Buy and automate your POL purchases in the Crypto.com App at daily, weekly, bi-weekly, or monthly intervals. Get started now.
Crypto.com App New Token Listings
Catizen (CATI)
Catizen is a cat-themed crypto game where players can earn coins by managing a virtual cat city. CATI serves as the in-game utility and governance token.
Self Chain (SLF)
Self Chain is the first modular intent-centric access Layer-1 blockchain and keyless wallet infrastructure service using MPC-TSS/AA for multichain Web3 access.
hehe (HEHE)
hehe is a meme token inspired by the famous “hehe cat” meme.
Crypto Level Up
What Does It Mean to Burn Crypto? Token Burns Explained
Token burns refer to the process of permanently removing a certain number of cryptocurrency tokens from circulation, usually by sending them to a burn address with no private key.
Benefits of Burns
Control inflation: Burns reduce the circulating supply of tokens, balancing the effects of new tokens being issued and maintaining their value.
Increase token value: Typically, scarcity is created during burns, potentially increasing market price.
Improve stakeholder confidence: Through token burns, a project can show its commitment to managing token supply responsibly.
Reward holders: By increasing the value of their remaining tokens, long-term holders are encouraged to hold and wait for future burns, fostering loyalty.
Find out about notable burns through crypto history here.
CryptoIRL
The grass is greener on both sides here as @GobbatoEmanuel is celebrating the Lion’s new partnership with UEFA.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
Deepfake Apple CEO Promotes Crypto Scam
Did Apple CEO Tim Cook endorse a crypto opportunity while unveiling the new iPhone?
On September 9, YouTube was flooded with deepfakes of the tech giant’s CEO, urging viewers to send their BTC, ETH, USDT, or DOGE over to double their assets. Some livestreams appeared legitimate with hundreds of thousands of views, and one livestream was even featured on a YouTube channel with a verified tick.
In the same month, YouTube was overwhelmed with deepfakes of Elon Musk promoting a fake crypto scheme just as SpaceX launched its latest Starship rocket.
Here’s how to stay safe:
1. If something seems too good to be true, it likely is.
2. Recognize that even official accounts can be compromised.
3. Fully understand any opportunity before investing.
Crypto Trivia Answer
B) Digital gold
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
