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What we’ve cooked up for you today…

Only the top 20 coins measured by market cap feature in this section

BREAKING: Fed cuts interest rates by 50 basis points, Bitcoin trades higher

The Fed did what we expected:

It cut interest rates by 0.50%

This is the first time in 4 years that the Fed has lowered interest rates.

Here’s what the Fed had to say:

Continuing on:

But here’s the thing…

Rate cuts of this magnitude are not common. (usually interest rates are adjusted by 0.25% at a time)

In fact this is only the third time in recent history that the Fed has started rate cuts with a 0.50% cut.

The previous two times (2007 & 2001), the economy crashed…

Is this time different?

Yes, yes it is.

Both 2007 & 2001 were major crises. However, the Fed continues to say that the economy is strong and growing at a solid pace. (Is it really though?)

But it is a little weird that they cut rates by 0.5%, as if we were in a crisis…

Checkout this excellent X thread from The Kobeissi Letter for a deeper dive into this decision.

Regardless, the price of Bitcoin reacted positively to the news.

At the time of writing, Bitcoin is currently at $62,099 and up 2.86% in the last 24 hours.

On a more funny note…

105 out of 114 (92%) economists predicted a 0.25% rate cut.

Whereas 52% of the voters on Polymarket got it right.

Professional economists getting out performed by random punters on Polymarket…

What a world we live in.

Stop right there!

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It’s easy to hate on Ethereum right now.

The Ethereum / Bitcoin ratio just hit its lowest level in 3 years.

But don’t count Ethereum out just yet.

That’s the latest message out from Matt Hougan.

Matt Hougan is the Chief Investment Officer at Bitwise, the 5th largest Bitcoin ETF issuer.

This week Matt broke down why he’s betting on an Ethereum come back:

Why has Ethereum underperformed Bitcoin so much in 2024?

Matt narrows it down to 3 factors:

However, it’s not all bad.

Ethereum also has major positives:

Ethereum has the most active developers, the most active users & its market cap is 5x bigger than its closest competitor.

Although Ethereum does face some challenges, Matt’s message is clear:

Don’t count out Ethereum just yet.

Continuing on with the Ethereum talk…

Last cycle it wasn’t unheard of to pay $200 in gas fees for high priority transactions.

These extremely high transaction fees were one of the main criticism’s people had against Ethereum.

And rightfully so…

Absolutely no one wants to spend over $200 in transaction fees. 😡

But things have changed…

Layer 2 networks have significantly increased Ethereum’s usability.

Speaking at Token 2049, Vitalik Buterin (Founder of Ethereum) mentioned how cheap transactions have become:

And here’s the chart backing this claim up.

As you can see, transactions fees have essentially gone to zero.

Ethereum Layer 2’s are a game changer when it comes to network scalability.

Perhaps going a bit under the radar, Ethereum’s transaction confirmation time has also seen significant improvements.

Here’s what Vitalik had to say:

These changes, combined with lower fees, have made the Ethereum network WAY more user-friendly.

And as a result, the number of transactions on Layer 2 networks has exploded. 🚀

As we broke down in the previous section:

Don’t count out Ethereum just yet.

Singapore's DBS Bank to offer Bitcoin and Ethereum options trading. The bank reported a strong increase in crypto trading volumes on its digital exchange, DDEx.

US lawmaker accuses SEC of ‘enforcement abuse’ against crypto firms. Democratic and Republican lawmakers sparred at a hearing addressing claims of the SEC’s ‘politicized approach to digital assets.’

Fed Cuts Interest Rates by 50 Basis Points, Bitcoin Briefly Hits $61K Before Selloff. Market participants were uncertain about the size of the rate cut prior to the Fed meeting, laying the groundwork for market volatility.

BlackRock's new bitcoin paper outlines the cryptocurrency's qualities as 'unique' hedge against global risks. Bitcoin has outperformed all other major asset classes in seven of the last 10 years, according to BlackRock's whitepaper.

Want to get even smarter? Check these out.

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Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

Because what would the crypto world be without its share of memes?

Trivia Answer: C) 9,720 🥳

Tesla still holds 9,720 Bitcoin.

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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.