Every week, Amdax summarizes what's happening in the crypto market for you. Want to learn more? Click through for further insights. 

This newsletter is a co-production with our partner Bitcoin Alpha.

Market Update 

Stay informed in three steps:

1. U.S. Federal Reserve lowers interest rate by 50 basis points (0.5%)
   This is a larger rate cut than most analysts had expected. The Fed is now aligning with other central banks that have already begun lowering rates.
2. Traders are not reassured by the rate decision
   The two previous similar rate cuts in history were accompanied by economic hardship. For now, most data suggests that the U.S. economy is in good shape, with no immediate signs of deterioration.
3. $65,000 is a key level for bitcoin
   Breaking above this level would be a strong signal that the current downtrend, which bitcoin has been in since March, is ending. A convincing break above $65,000 would suggest that bitcoin is headed toward its all-time high.

News Overview

Signal out of the noise:

• SEC approves options trading on BlackRock’s bitcoin ETF
  A major milestone that could herald a new era for bitcoin. It’s comparable to the 1970s when the introduction of stock options brought more liquidity and stability to the market. Large players who were previously hesitant due to bitcoin’s volatility now have a familiar tool to hedge their risks, potentially making the market more accessible and stable.

• BlackRock calls bitcoin a unique hedge against global risks
  In a new report, BlackRock describes bitcoin as a “unique diversifier” against fiscal, monetary, and geopolitical risks. Bitcoin outperformed other major asset classes in seven of the last ten years and, according to BlackRock, is minimally impacted by macroeconomic factors.
• Revolut plans to launch its own stablecoin
  The London fintech company hopes to spotlight its crypto services. After obtaining a UK banking license, the company is focusing on compliant and secure crypto services.
• Tokenized real world assets (RWAs) reach a record value of $12 billion
  Traditional financial players like WisdomTree are heavily investing in RWAs to bring assets on-chain, expecting lower costs, 24-hour trading, and near-instant settlement of transactions.
• Louisiana now accepts bitcoin for energy bills
  It’s the first U.S. state where residents can pay their energy bills with bitcoin. This initiative could inspire other states to follow and contribute to the broader discussion on crypto regulation.

Amdax's Take:
The market appears to be in a holding pattern, both in terms of news and price developments. However, behind the scenes, we see fundamental progress that will become more apparent in a bullish market. Chainalysis data on crypto adoption supports this, and the global increase in legal protections for companies active in this space is another important signal.