The crypto nerds and the crypto market opened their eyes with a lot of expectations last week. Yes, the US Federal Reserve’s interest rate cut was one of the most-awaited events in the crypto news world. This time, the Fed cut the interest rate by 0.25 points, the first one in this year. And the result was as expected — the market moved like a magnet toward the rate cut; Bitcoin jumped to $118,000, and the rest of the altcoins followed the path! Apart from price swings, the crypto landscape lingered on several other major developments.
Fed interest rate cut sparks crypto price slightly
Following the US Fed interest rate cut of 25 bps (0.25%), the crypto market woke up to respond mildly. Bitcoin surpassed $117,000, and other notable altcoins also reacted positively.
XRP, Dogecoin ETFs saw high trading volume
Just one day after XRP and Dogecoin ETFs launched in the US, their trading volume skyrocketed to a staggering $54.7 million, an uncommon surge compared to other ETFs on debut.
SEC greenlights rules for crypto and commodities ETFs
The US Securities and Exchange Commission (SEC) approved generic listing standards for commodity and digital asset ETFs. Three national securities exchanges proposed the new rule changes, and the commission voted to nod yes to them.
BNB hits a new all-time high at $1,000
Binance’s BNB coin soared to new heights at $1,000 due to institutional inflows, rising trading volumes, and increasing activity on the BNB smart chain.
DBS, Franklin Templeton, Ripple debut tokenized trading solutions
Singapore’s DBS bank has teamed up with Franklin Templeton and Ripple Labs to offer its clients new trading and lending solutions using tokenized money market funds and RLUSD stablecoin on XRP Ledger.
South Korea’s KRW1 stablecoin lands on Avalanche
South Korea’s Busan Digital Asset Custody Services (BDACS) launched the first Korean Won-backed stablecoin, KRW1, on the Avalanche blockchain.
Coinbase hack suspect stores 10,000 users’ data
A new court filing in New York showed that a Coinbase hack suspect kept data of over 10,000 customers on her phone since September 2024. The crypto exchange was hacked in 2024, which resulted in the exploitation of data from thousands of clients.
What’s more, Ramil Ventura Palafox, the CEO of a Textbook Ponzi scheme, pleaded guilty in a $200 million Bitcoin fraud case; hackers exploited a new DeFi protocol — New Gold Protocol (NGP) — just hours after its launch, CME Group is set to launch options on XRP and Solana futures in October; and Trust Wallet partnered with Kraken and Backed to extend xStocks to customers.
As this weekend comes to an end, and the new week will show its bright smile, more developments are bound to emerge and impact the mood of the crypto market. Stay tuned for more news, and have a good crypto journey.
