What happened in the cryptocurrency space today: Will Trump destroy cryptocurrencies?

The Fed’s interest rate cut announcement last night did something strange for Bitcoin – it fell below $99,000 while buy orders were piling up.

It wasn’t the interest rate cut that spooked the market, it was Powell’s statement that future cuts were less aggressive than expected.

Crypto had a small tantrum, but quickly rebounded to over $100,000.

Altcoins followed the same emotional swings, first breaking support levels before rising again.

So what exactly is going on here? Let’s understand everything! Here is a quick summary of the most important headlines over the past 24 hours:

• Bitwise ETP’s new Solana platform in Europe offers 6.48% annual yield with a fee of 0.85%. But with so many staking options already available, Why Anyone need this? 🤔

• SEC Anti-Cryptocurrency Commissioner Carolyn Crenshaw’s Renomination Blocked After 100,000 Cryptocurrency Supporters Speak Out. It is the crypto community at last Get Political muscle? ⚖️

• Bitcoin fell to $99,000 after an interest rate cut by the Federal Reserve. What Cause This sudden discharge? 🎢

• Grayscale’s Bitcoin Mini Trust ETF reaches $4 billion in assets with the industry’s lowest fees of 0.15%. But wasn’t this the same product that everyone ignored? What Changed? 💰

• Arthur Hayes warns of a possible cryptocurrency dump on Trump’s inauguration day. But why? 📉

Let’s dive in!

Bitwise has just launched something interesting in Europe – a Solana Stake ETP that pays you for doing nothing.

Trading as BSOL on the largest German stock exchanges, this new product offers an annual yield of 6.48%. That’s almost a full percentage point higher than what 21Shares brings to the table.

Management fees? Only 0.85%.

So what’s so great about this product? Read The whole story!

A major shift has just occurred at the Securities and Exchange Commission.

Carolyn Crenshaw, the commissioner who once described cryptocurrency markets as “petri dishes for fraudulent behavior,” has lost her chance at another term. The Senate Banking Committee overturned the vote on her renomination entirely.

More than 100,000 letters from cryptocurrency supporters poured into lawmakers’ offices, urging them to block its reset. Even Coinbase CEO Brian Armstrong has publicly jumped in, calling her tenure a failure.

So, has the US become the prime example of what a pro-crypto country looks like? Read The whole story!

The Fed’s latest move did something strange to the market, wiping out $690 million in derivatives positions and sending Bitcoin down to $99,196 (before recovering back above $100,000).

The story continues