W3J Daily (9/17): N.Y. fed injects $53B to stabilize borrowing rates within targets, Alts jump ahead of Binance.US platform launch tomorrow
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ETH Jumps With Binance.US Launch: When headlines last June announced that Binance would restrict US customers, the alt coins reacted negatively and BTC dominance jumped (55.25% BTC dominance on 6/13 to 68.3% today on 9/17). Today, the major alt coins had a significant jump in value in both BTC and USD terms, with XRP and ETH leading the comeback. The jump coincides with the timing of Binance’s return for accepting US customer alt coin deposits for its Binance.US exchange tomorrow, accepting Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and USDT. Binance officially announced 5 days ago that it would accept accept US deposits on 9/18. Bakkt is also set to launch its physically-settled bitcoin futures trading platform on 9/23, 6 days from today.
Top News Of The Day
New York Fed steps into financial markets for the first time since late 2008 by adding $53B, and will add up to $75B, to help maintain the federal funds rate within the target range of 2 to 2-1/4 percent. - Link
Binance makes its first investment in China in crypto media startup Mars Finance, which operates a popular news app across Asia. - Link
VanEck and SolidX withdraw bitcoin ETF proposal. - Link
Binance is launching Binance.US platform tomorrow, excluding customers from Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington. - Link
Wells Fargo is launching its first dollar-linked stablecoin called Wells Fargo Digital Cash. - Link
Hedera Hashgraph HBAR trades currently at $0.09, down 25% from its last private sale round price of $0.12, and up 22.5x from its seed round price of a reported $0.005, and up 90x from its earliest seed round of $0.001, which both currently have vesting terms. - Link
Binance will launch its own stablecoin BUSD trading pairs tomorrow. BUSD is created in partnership with Paxos and received approval from the New York State Department of Financial Services (NYDFS). - Link
Blackstone CEO says he was raised in a world where someone needs to control currencies and Bitcoin is hard for him to understand. - Link
Source code management tool GitLab raised $238M Series E at $2.75B valuation ahead of planned IPO in 2020. - Link
A16Z’s 2010 and 2011 funds show IRR of 16% and 12% respectively, marking a decline from 44% return rate for its 2009 fund. - Link
Top Tweets Of The Day
“1/ Gas usage on #Ethereum hit ATH.
How is it being used?
#Tether has been on the rise, with a recent peak of 20% of all network fees used to transfer $USDT.
While less gas is used to move $ETH, the bulk is consumed by non-standard contracts, that require heavier computations.” - glassnode (@glassnode)
“But no, that's not it. It had nothing to do with it. They just traded off your ability to validate the system so they could run a smaller network with high TPS.
This is the super-classic trick, I'm surprised it worked in 2019. But it worked because of those few tweaks above.” - Eric Wall (@ercwl)
“#Decentralized has become a subjective word used to describe personal utopian beliefs, and has no consistency in definition from person to person. Its becoming synonymous with “Heaven” and is being used less by authentic projects and more to bait the uninformed” - Brendan Blumer (@BrendanBlumer)
“Ether is money... for DeFi
Ether is reputation... for DAOs
Ether is security... for Ethereum
Ether is Bitcoin... for tBTC
Ether is a ticket... for Kickback
Ether is voting... for TCRs
Ether is betting, insurance, whatever you want.
Ether is a Turing-complete currency.” - Alex Masmej (@AlexMasmej)
“Yesterday, the Ethereum network processed the most activity in its history.” - Eric Conner (@econoar)
“1/ We're proud investors in @bloXrouteLabs (Layer-0 blockchain scalability solution) and believe in their vision to scale all blockchains. Today, bloXroute announced a first look at the results of their ETH Mining Test, showing they can scale ETH TODAY. Here's why we're excited:” [thread] - Pantera Capital (@panteracapital)