Crypto Compass by BitcoinWalletSG #88

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The crypto market continues to face choppy conditions, with prices trending to the downside as uncertainty looms over potential rate cuts this week. As investors eagerly await the Federal Reserve’s decision, many are speculating on the possible impact of lower interest rates, which could reignite demand for risk assets like crypto.

In this issue, we delve into how these macroeconomic shifts could affect the market and highlight key developments, including Donald Trump’s official launch of World Liberty Financial and Circle’s partnership with Sony to expand USDC on Soneium. Stay tuned for more insights into how these stories are shaping the future of the digital asset ecosystem.

MicroStrategy Adds 18,300 BTC to Holdings, Now Holds 244,800 Bitcoin Worth $14 Billion

MicroStrategy has acquired an additional 18,300 BTC, valued at approximately $1.11 billion, between August 6 and September 12, according to an SEC filing. This brings the company’s total holdings to 244,800 BTC, with a total acquisition cost of around $9.45 billion, at an average price of $38,585 per bitcoin. The latest purchase was funded through the sale of over 8 million shares, following an agreement to offer up to $2 billion in stock. Despite this massive accumulation of bitcoin, MicroStrategy's share price remained flat in pre-market trading on Friday, though the company has seen significant gains in the past year.

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Polymarket Sees $900 Million Bet for 2024 U.S. Presidential Election

Decentralized prediction platform Polymarket has accumulated nearly $900 million in bets for the 2024 U.S. presidential election. Vice President Kamala Harris currently leads with a 50% chance of winning and over $127 million wagered on her victory, while Donald Trump closely follows with a 49% chance and nearly $144 million bet. The Polymarket platform has seen a surge in activity, with August marking its highest-ever monthly volume of $472 million and the largest number of active traders. The prediction markets have also focused on specific details, such as whether either candidate will mention cryptocurrency during debates, although neither did so in their recent discussion in Philadelphia.

Circle Partners with Sony to Expand USDC on Layer-2 Blockchain Soneium

Circle, the issuer of the USDC stablecoin, has partnered with Sony Block Solutions Labs to drive USDC adoption on Soneium, Sony’s Ethereum layer-2 blockchain. This collaboration aims to integrate Circle’s Bridged USDC Standard, positioning USDC as a key token for value exchange on the network. Launched in August 2024, Soneium is designed to enhance Web3 creativity and interconnectedness. The partnership marks a significant step in Circle's mission to promote the mainstream adoption of stablecoins. With USDC’s supply up 47% this year, Circle remains focused on expanding its reach through collaborations with major industry players.

Happenings of the week

• Vitalik Buterin: Solo staking key to Ethereum’s security

• US spot bitcoin ETFs draw in $39 million, BTC hovers around $58,000

• Fed rate cut: Experts warn big moves would be a mistake

• Grayscale Debuts XRP Trust

Donald Trump Officially Unveils World Liberty Financial Crypto Project

Republican presidential candidate Donald Trump has officially launched World Liberty Financial, a highly-anticipated cryptocurrency and decentralized finance (DeFi) project. In a livestream hosted on X, Trump discussed how his NFT projects opened his eyes to the potential of the crypto world, revealing that he has earned over $7 million from them. World Liberty Financial will feature a non-transferable governance token called WLFI, which will be limited to accredited investors. The project aims to disrupt the traditional lending market and is built on DeFi principles, allowing users to earn returns on stablecoins. The launch comes with heightened excitement, though concerns are rising over how this could impact future crypto regulation, especially if Trump wins the presidency.

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