Jamie Crawley is a CoinDesk news reporter based in London.
Lower borrowing costs have historically been a bullish driver of risk assets such as cryptocurrencies. Traders are currently pricing in a 65% chance of a 50 basis-point cut, which could actually have the reverse effect of sending a signal of concern about the economy. The Federal Open Market Committee's announcement is due at 2 p.m. Eastern time. Ahead of the decision, BTC is trading around $59,900, about 1.3% higher in the last 24 hours.
ETH is little changed this year, while BTC is up 30% and SOL 31%. Nevertheless, Ethereum is the domain for the majority of stablecoins and 60% of all DeFi assets."Ethereum has the most active developers, the most active users, and a market cap that is 5X bigger than its closest competitor," wrote Matt Hougan, Bitwise's CIO.
The stablecoin, dubbed USDS, will be backed by short-duration Treasury bills, overnight repos, and cash, like others on the market. It will be what BitGo calls the first open-participation stablecoin. BitGo's offering will differ from its rivals with a rewards-based approach, which incentivizes institutions providing liquidity to the USDS network by distributing a portion of the returns generated from its reserves.
Previous instances of Binance volume spiking on Aug. 20 and 24 both marked local tops in BTC's price.
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