Weekly Crypto News 19 - August 23, 2024: Russia Establishes Two Crypto Exchanges in Moscow and St. Petersburg St. Petersburg

Bittime – On August 23, 2024, Russia announced plans to establish two crypto exchanges in Moscow and St. Petersburg. Petersburg, aimed at facilitating international trade. Federal Reserve Chairman Jerome Powell's dovish remarks regarding lowering interest rates also affected the crypto market, with Bitcoin and other currencies seeing significant gains. Find the latest news regarding the impact of global economic policies and crypto market developments in this article.

Recent Statements from Federal Reserve Chairman Jerome Powell

On August 23, 2024, the Chairman of the Federal Reserve, Jerome Powell, gave an important statement at the Jackson Hole conference. Powell expressed a dovish view, saying that now is the right time to adjust policy. 

He said, "The path forward is clear; the timing and speed of rate cuts will depend on forthcoming data, the evolving outlook and the balance of risks." 

Although a rate cut in September had been predicted by markets, Powell had not previously officially confirmed this. This statement makes the market more confident in the Federal Reserve's intention to lower interest rates after September. As a result, the crypto market experienced a change in direction from the previous decline to an upward trend.

Changes in the Probability of a Decrease in Interest Rates

Prior to Powell's remarks, data from CME's "FedWatch" showed that the probability of a 50 basis point rate cut through November was 54.2%, while a 75 basis point cut was 38.9%, and a 100 basis point cut was 7.0% . 

After Powell's remarks, the CME data showed significant changes: the probability of a 50 basis point drop fell to 43%, a 75 basis point drop increased to 45.2%, and a 100 basis point drop increased to 11.8%. 

The swaps market remains stable, with predictions that the Federal Reserve will cut interest rates by nearly 100 basis points before the end of the year. Traders also increased their bets on an interest rate cut by the Federal Reserve after Powell's statement.

Read Also: DOGS Coin Listing, Here's Various Important Information, Starting from DOGS Price to Airdrop

Impact On Crypto Markets

Following Powell's dovish statement, the crypto market is showing positive signs. Bitcoin (BTC) experienced a rise of more than 6% in one day, while Ethereum (ETH), Solana (SOL), and other cryptocurrencies also experienced significant gains, indicating a potential recovery from the consolidation trend that has taken place in recent days.

Other Hottest News

• Hong Kong: Total assets managed by Bitcoin ETFs in Hong Kong have exceeded 2 billion HKD, with OSL being the dominant partner accounting for more than 63%.
• Ethereum: Total value locked in Ethereum's Layer2 network reached 38.87 billion USD, up 8.26% in the last seven days.
• Security: A report from GoPlus revealed that the official Discord of EVM chain Artela suffered a hacker attack on August 24.
• Radix: Plans to establish a donation fund of 37 million USD with growth of 1.3 billion USD.
• Tether: Has helped 145 law enforcement agencies recover 108.8 million USDT related to illegal activity.
• Regulation: The Hong Kong Securities and Futures Commission (SFC) identified that National Wealth Innovation has a high concentration of equity and recently obtained permission to provide virtual asset trading services.
• Crypto Markets: The ecosystem's BTC led the way with a 16.69% gain, while SATS and CKB also showed strong performance.
• Deribit: Watched big deals today with Powell's statement indicating the possible start of a rate cut cycle, which improved market sentiment.
• Elon Musk: Encourages use of Grok 2 on X platform
• Kraken: A US federal court rejected Kraken's request to dismiss the SEC lawsuit.
• Santander: Indicates that if August jobs data is strong, the Federal Reserve may abandon plans for a 50 basis point rate cut.
• DCG: Has paid off all short-term debt and 99% of Genesis creditors have received full compensation.
• Latest Data: USDC Treasury added 212 million USDC this morning.
• Optimism: Opening applications for the fifth round of public funding for public goods with a deadline of September 5.
• Circle: Announced that EURC will gain liquidity and fast access through Solana, with development support from Labs.
• MetaMask: The latest version of the plugin supports wireless connection with OneKey hardware wallets for security of user assets.
• Sony: Launched a new blockchain project called "Soneium."
• Euler Labs: Introducing the ERC-7726 multi-source oracle integration standard that will be implemented in Euler v2.
• Nubit: Collaborating with Ton's layer-two network, DuckChain, to deepen Nubit DA infrastructure integration.
• Russia: Considering development of a BRICS stablecoin linked to the Chinese yuan.
• Simon’s Cat (CAT): Market capitalization surpassed 200 million USD, with an increase of more than 30% in the last five hours.
• Matrixport: Predicts that macro changes in Bitcoin may trigger price increases in the next round.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.