Weekly Crypto Recap (Sep 16 - Sep 23)

Here’s your weekly update from Metaverse.SG, spotlighting the hottest crypto happenings of the week:

• FOMC - Fed Rate Cut + Market Expectations
• Eigenlayer Airdrop and Restaking LRT
• CZ releasing from jail on Sept 29
• Usual Money Airdrop + TGE News
• Other latest Airdrop Claims
• Giveaway Winners
• Earn $2k-$3k per month with DePIN!
• What is DAG algorithm?
• Nansen Airdrop

Jump into the latest crypto buzz!

Market Overview

BTC-ETF: 

• Monday +$12M 
• Tuesday: +$186M
• Wednesday: -$52M 
• Thursday: +$158M
• Friday: +$92M

ETH-ETF: 

• Monday: -$9M
• Tuesday: -$15M
• Wednesday: -$9M 
• Thursday: +$5M
• Friday: +$3M

FOMC Rate Cut: Fed Lowers Rates by 50 Basis Points

In a major policy shift, the Federal Reserve reduced its benchmark interest rate by 50 basis points, bringing it to 5%. The Fed also forecasted a year-end rate of 3.4% by 2025, indicating more cuts to come, with two additional 25-basis-point reductions expected this year. The inflation rate is predicted to hit 2.3% by the end of 2024, while GDP growth is set at 2%. Market analysts are divided on the implications, with some believing the rate cuts could stave off a recession, while others caution that the Fed remains "behind the curve."

Arthur Hayes and Analysts React to Rate Cuts

Prominent crypto analyst Arthur Hayes commented that the rate cut might have political motivations, potentially spurring inflation. He urged investors to keep an eye on the yen, noting that a strong yen could weaken Bitcoin. On the other hand, Bloomberg reports a general market optimism, with many expecting U.S. stock rallies to continue and no immediate recession risk. Gundlach, another financial expert, believes the Fed's cuts may not be enough to catch up with economic challenges.

Eigenlayer Airdrop Update

The Eigenlayer airdrop continues to make headlines, with claims for the $EIGEN token becoming available through multiple LRT protocols like EtherFi and Renzo Protocol starting from September 19. Token claims can be made until March 16, 2025, with approximately 300 points equating to 1 $EIGEN. A linear distribution system has been confirmed across all protocols. Those staking via LRT platforms should check each protocol’s specific timeline for claiming rewards.

CZ’s Imminent Release: Binance CEO to Walk Free

Binance CEO Changpeng Zhao, also known as CZ, is set to be released from jail on September 29. His release has generated significant buzz in the crypto community, with speculations about how this may impact the $BNB token. Many anticipate a price surge following CZ’s return, with some predicting a potential market rally. The exact market reaction remains to be seen, but all eyes are on Binance as the date approaches.

Usual Money Airdrop and Token Generation Event (TGE)

Usual Money has revealed details for its $USUAL token's TGE, scheduled for mid-November. 7.5% of the token supply will be airdropped to Pills holders, with farming opportunities continuing until mid-November. Airdrop details will be fully disclosed in early October, offering two more months to farm Pills tokens. This news has energized the DeFi community, with many already positioning themselves for a share of the airdrop.

Key Airdrops to Claim

This week’s airdrop lineup includes major projects like $ETHFI, $ZRO, and $ENA, among others. Claims for EtherFi’s $ETHFI will open from September 23-27, and LayerZero’s $ZRO airdrop can be accessed through the LayerZero Foundation. Other notable claims include $DBR from deBridge Finance and $ALEO from AleoHQ, with deadlines and eligibility varying across platforms. As the crypto market navigates through these opportunities, airdrop hunters are advised to act promptly. 

Stock Markets Surge to All-Time Highs

The S&P 500, Dow Jones, and Gold all reached all-time highs this week, signaling strong investor confidence despite economic uncertainty. In the crypto world, many are wondering if Bitcoin will follow suit. With the Fed’s rate cuts, macroeconomic factors, and upcoming market events, Bitcoin’s next move could prove pivotal in the coming weeks. 

Earn $2k-$3k per month with DePIN! 

Blockchain killer: What is DAG algorithm and will it replace blockchain? 

Nansen Airdrop Strategy 

Conclusion:

• Stay tuned

• Stay updated instantly on our X 👉 https://x.com/MetaverseSG.