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  • 🌙 Fed Cuts Rates by 25 Basis Points

🌙 Fed Cuts Rates by 25 Basis Points

Bitcoin Price at Record as Powell Says Trump Win Has 'No Effect' on Policy

Author

Mike Gavela
November 07, 2024

Crypto Roundup - November 6

Following President Trump’s recent election victory, the financial landscape is witnessing significant developments. The Federal Reserve has cut interest rates by 25 basis points, coinciding with Bitcoin’s price surge to new record highs. Anticipation builds for Fed Chair Jerome Powell’s first speech since Trump’s win. Meanwhile, Senator Cynthia Lummis has announced the formation of a strategic U.S. Bitcoin reserve, aimed at fortifying the nation's financial resilience. On a related front, former FTX executive Gary Wang is reportedly working on a crypto fraud detection initiative, a project emerging in response to heightened regulatory scrutiny in the crypto sector.

Top Stories

  • Fed cuts rates by 25 basis points, boosting Bitcoin's market performance.

  • Senator Cynthia Lummis unveils plans for a U.S. Bitcoin reserve for strategic financial security.

  • Former FTX insider Gary Wang is developing a crypto fraud detector amid rising regulatory pressures.

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TOP STORIES

Fed Cuts Rates by 25 Basis Points, Bitcoin Price at Record as Powell Says Trump Win Has 'No Effect' on Policy

Fed Chair Jerome Powell's speech later today could shake up markets as he will face questions about the central bank's outlook on monetary policy and inflation after Donald Trump's decisive win in the U.S. presidential election.

www.coindesk.com/markets/2024/11/07/fed-cuts-rates-by-25-basis-points-bitcoin-price-at-record-ahead-of-powells-first-speech-since-trump-win

Cynthia Lummis Announces U.S. ‘Strategic Bitcoin Reserve’ After Trump Win - "The Defiant"

Trump pledged that his administration would retain all U.S. government-held Bitcoin if elected.

thedefiant.io/news/regulation/cynthia-lummis-announces-u-s-strategic-bitcoin-reserve-after-trump-win

Former FTX insider Gary Wang works on crypto fraud detector after testifying about crypto fraud

The onetime FTX CTO is set to receive his sentence for his role in the FTX debacle on November 20.

www.dlnews.com/articles/regulation/former-ftx-insider-gary-wang-works-on-crypto-fraud-detector

FUNDRAISING

Cytonic Secures $8.3 Million Seed Funding to Solve Blockchain Compatibility

British Virgin Islands, November 7th 2024 — Cytonic, the world’s first multi-virtual-machine blockchain, today announced it has raised $8.3 million in a seed funding round co-led by Lattice and Lemniscap, with participation from IOBC, Nomura, Lyrik, Public Works, Arthur Hayes and other notable investors. Developed by MultiVM Labs, Cytonic is a decentralized execution layer that […]

techbullion.com/cytonic-secures-8-3-million-seed-funding-to-solve-blockchain-compatibility

OTHER HEADLINES

Jack Dorsey's Square to Invest More in Bitcoin Mining and Shut Decentralized 'Web5' Venture

The firm is redoubling efforts to supply miners as that industry struggles with profits — and Donald Trump promises help.

www.coindesk.com/business/2024/11/07/jack-dorseys-square-to-invest-more-in-bitcoin-mining-and-shut-decentralized-web5-web-venture

Binance founder CZ made $12B overnight when Donald Trump won

Changpeng Zhao, aka CZ, was one of crypto’s biggest beneficiaries of Donald Trump’s victory over Kamala Harris.

protos.com/binance-founder-cz-made-12b-overnight-when-donald-trump-won

Galaxy CEO expects ‘one piece of good news every week’

Galaxy CEO Mike Novogratz expects such news could include new appointments at the SEC, FDIC and OCC.

blockworks.co/news/mike-novogratz-on-trump-presidency

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