Federal Reserve Cuts Federal Funds Rate by 50 Basis Points, First Rate Cut Since March 2020 | Cryptocurrency Trends

1. Mainstream Exchange Trends:

• Coinbase to add support for Aleo (ALEO) on the Aleo network. Trading will begin later today if liquidity conditions are met. Once sufficient supply of this asset is established, trading on the ALEO-USD trading pair will launch in phases.
• Binance to remove the BNT/BTC and METIS/BTC trading pairs at 11:00 AM, September 20 (UTC+8).

2. Cryptocurrency Trends:

• Parallel, the makers of Ethereum NFT card game, announces a 3D first-person shooter game codenamed "Project Tau Ceti" at Token2049 in Singapore.
• Silvergate Capital Corporation, the parent company of the crypto-friendly Silvergate Bank, files for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
• The US Federal Reserve initiates a rate cut cycle, reducing the federal funds rate by 50 basis points to a range of 4.75% to 5.00%. This marks the first rate cut since March 2020.
• REX Shares and Tuttle Capital Management launch the first ETFs offering 2x leveraged long and short exposure to MSTR, aimed at providing exposure to the daily price movement of MicroStrategy (ticker: MSTR).
• Celestia announces via social media that the Lemongrass upgrade has been successfully implemented.
• TON announces on social media that Catizen has become the first consumer-grade Web3 application to surpass 1 million paid users.
• Revolut, a London-based fintech group, plans to expand its crypto trading offerings with the launch of its own stablecoin.
• Bank of Japan Governor Kazuo Ueda submits a document to a government panel indicating that the central bank may continue to raise interest rates if the economy and inflation meet expectations.

3. Financing Trends:

• Hemi Labs, the company co-founded by the legendary Bitcoin developer Jeff Garzik, raises $15 million in an investment round led by Binance Labs, Breyer Capital and Big Brain Holdings.
• Vana, a Web3 startup that aims to build a network of user-owned data pools, announced on Wednesday that it had raised an additional $5 million in a strategic funding round led by Coinbase Ventures, bringing its total funding to $25 million.

4. Regulatory Trends:

• No trends of note.