Bitcoin Holds Above $58K as Odds of Big Fed Rate Cuts Jump to 67%

Currently, Bitcoin is being exchanged for around $58,480, which is slightly below the $58,500 mark, and its price movement is quite minimal. On the other hand, the CoinDesk 20 (CD20), a benchmark that tracks the largest digital assets, is showing a slight increase, trading over 1,800.

Today, the total investment into Bitcoin-focused Exchange-Traded Funds (ETFs) amounted to approximately $12.9 million, with a significant portion being directed towards BlackRock’s IBIT fund.

It’s generally anticipated that the Federal Reserve will declare a reduction in interest rates on September 18, marking the start of what is often referred to as an “easing period.” This historical trend has typically benefited high-risk assets such as Bitcoin.

According to Tuesday’s Asian market, traders anticipate a high likelihood of a significant 0.5 percentage point reduction in interest rates. The projected rate now stands between 4.7% and 5%, up from Monday’s predicted 50% probability and a considerable increase from the 25% probability a month ago.

On Polymarket, traders predict a high likelihood (57%) for a more than half-percent reduction (50+ basis points), and a moderate probability (41%) for a quarter-percent decrease (25 basis points).

Trump’s World Liberty Financial to launch WLFI token

During a live broadcast lasting approximately two hours, the group responsible for World Liberty Financial, a venture backed by ex-President Donald Trump and his family, announced their plan to release a governance token; however, this token will be exclusively available to accredited investors based in the United States.

During their X Spaces broadcast, the team highlighted that the token serves primarily for governance engagement rather than financial profit, and they declined to provide a specific launch date.

In the live broadcast, Trump didn’t directly discuss the specific cryptocurrency nor offer an explicit endorsement. Instead, he mainly expressed his broader perspectives on crypto regulations, which were largely similar to what he had previously said during events like the Bitcoin Conference in Nashville, where he shared his views on multiple occasions.

Figure Markets launches exchange with real estate-backed yield

Figure Markets, established by SoFi’s co-founder Mike Cagney, is set to debut during Token2049 in Singapore. Unique to this crypto exchange, Figure offers a distinct method for users to earn returns by holding their digital assets within the platform.

The diagram indicates that it plans to provide returns of up to 8%, specifically for accounts holding non-USD and stablecoins, through utilizing a fund supported by tangible assets like home equity loans, as stated in the announcement.

Figure Markets serves as an intermediary where traders deposit funds. These pooled resources are then lent by Figure Technologies to issue secured home equity loans. As borrowers repay their loans with interest, a profit-generating gap (or spread) is created. This profit is distributed to investors who enjoy dual protection from potential losses, daily liquidity, and interest payments that grow in tandem with the duration of their investment.

In the expanding crypto world, it’s quite uncommon to find many platforms aiming to generate income from Real-World Assets (RWAs) to fund their own activities.

In 2023, prior to the rollout of Figure, Cagney decided to pull their application for a U.S. federal banking license following close examination by regulators. Instead, they chose to concentrate on forming alliances with existing banks, rather than moving forward independently.