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Asian markets see mixed crypto developments as Metaplanet celebrates Bitcoin profits, Busan innovates supply chain solutions, and Tokyo battles record fraud levels targeting digital assets.
The cryptocurrency market experienced a dramatic reversal on August 14, losing over $264 billion in market cap as $1.03 billion in liquidations struck traders.
TeraWulf secured a massive $3.7 billion high-performance computing agreement with Fluidstack, potentially expanding to $8.7 billion over 20 years with Google backing $1.8 billion of the obligations.
Quick Take Bitcoin holding company Nakamoto and Utah-based KindlyMD have closed their merger to start a Bitcoin treasury strategy. BTC Inc. co-founder David Bailey will act as the company’s CEO.
- 19:49Fed rate cuts push Russell 2000 Index to record highJinse Finance reported that after a record-breaking rally in U.S. stocks, small-cap stocks have finally joined the surge, ending their slump that began at the onset of the pandemic. Following the Federal Reserve's rate cut, the Russell 2000 Index rose by 2.1% to 2,453.36 points, surpassing its previous record closing high set in November 2021 for the first time. The index later pared some of its gains but is still on track to end its longest streak without a record high since the dot-com bubble era. Doug Beath, Global Equity Strategist at Wells Fargo Investment Institute, stated that this rally in small-cap stocks coincides with "a surge in risk appetite, alongside market expectations that the Federal Reserve may cut rates three times this year."
- 19:40Powell: This rate cut is a risk management cutChainCatcher news, according to Golden Ten Data, the Federal Reserve cut interest rates by 25 basis points in September, a move supported by most Trump-appointed Fed officials, with only the newly appointed governor Milan opposing, who hoped for a 50 basis point cut. At the press conference, Fed Chairman Powell stated that Wednesday's rate cut was a risk management decision, adding that he did not see the need to adjust rates quickly. Risk Warning
- 19:28Powell: Default rates are not yet a cause for concern, but need to be monitoredAccording to Golden Ten Data, ChainCatcher reported that Federal Reserve Chairman Jerome Powell stated that the current default rate has not yet reached a level of significant concern, but it still requires close attention.