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no_data1Bitget Daily Digest (Dec. 11)｜The Federal Reserve announced a 25 bps cut to the benchmark rate; Bitmine purchased 33,504 ETH; CBOE has approved the listing and registration of the 21Shares XRP ETF2Conflicted Fed cuts rates but Bitcoin’s ‘fragile range’ pins BTC under $100K3Full text of the Federal Reserve decision: 25 basis point rate cut, purchase of $4 billion in Treasury bills within 30 days
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- 07:19Indian blockchain cross-border remittance startup Frex completes approximately $1.05 million Pre-Seed round led by Zeropearl VC and othersChainCatcher news, according to Eletsonline, Indian blockchain remittance startup Frex has announced the completion of a 95 million Indian Rupees (approximately 1.05 million USD) Pre-Seed round of financing, co-led by Zeropearl VC and White Venture Capital, with participation from a group of angel investors. The company has built a real-time remittance solution leveraging blockchain technology and local banking partners, mainly providing cross-border remittance services for immigrants and overseas workers.
- 07:04US OCC: 9 major banks previously refused to provide financial services to crypto firmsChainCatcher news, according to Cointelegraph, the US Office of the Comptroller of the Currency (OCC) released preliminary investigation results on Wednesday, showing that from 2020 to 2023, the nine largest banks in the United States imposed financial service restrictions on politically sensitive industries such as cryptocurrency. The OCC report pointed out that these banks made improper distinctions based on customers' legitimate business activities, either implementing restrictive policies or requiring enhanced scrutiny before providing services. In addition to cryptocurrency issuers and exchanges, the restricted industries also include oil and gas exploration, coal mining, firearms, private prisons, tobacco, and adult entertainment. Comptroller of the Currency Jonathan Gould criticized that large banks abuse government charters and market power. The OCC is continuing its investigation and may submit the findings to the Department of Justice. The banks under review include JPMorgan, Bank of America, Citibank, Wells Fargo, and nine other large national banks.
- 07:01Analyst: Stablecoin inflows to exchanges drop by 50%, putting pressure on bitcoin priceJinse Finance reported that CryptoQuant analyst Darkfost stated that one of the core reasons for bitcoin's current difficulty in rebounding is the lack of incremental liquidity. In the cryptocurrency market, the liquidity we refer to mainly points to stablecoins. Since August, the scale of stablecoin inflows into exchanges has gradually declined from $158 billion to the current approximately $76 billion, which means incremental liquidity has shrunk significantly by 50%. Meanwhile, the 90-day average inflow has also decreased, from $130 billion to $118 billion. This phenomenon indicates that bitcoin is facing a dilemma of shrinking demand, and the weakness in market demand is no longer sufficient to absorb the current selling pressure. At present, the market's downward trend remains unchanged, and the minor rebounds that have occurred during this period are mainly driven by a reduction in selling pressure rather than a resurgence of buying interest. For bitcoin, the key to starting a true bull market lies in whether new liquidity can successfully enter the market.
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