Headlines

▌The Fed Raises Interest Rates by 75 Basis Points to a New High Since 2008

The Federal Reserve raised interest rates by 75 basis points to raise the benchmark interest rate to the range of 3.00%-3.25%, and the interest rate level rose to a new high since 2008. After the Federal Reserve announced a 75 basis point interest rate hike, U.S. stocks fell short-term, and the three major U.S. stock indexes quickly turned down. The U.S. dollar index DXY rose 60 points in the short-term to a maximum of 111.66. Bitcoin once fell by $1,100 in the short-term, to a minimum of $18,713/piece, and has now recovered to $19,131/piece.

Cryptocurrency

▌Tether Has Agreed to Provide Documentation to Prove USDT Reserves

Tether has agreed to provide documents to prove the reserves of USDT, and said that the dispute only involves the scope of the documents to be provided. Tether said the order issued by the court was merely a routine order and did not substantiate the plaintiff's baseless claims.Stablecoin issuer Tether has been asked by a U.S. judge to provide financial records in support of USDT, including “general ledger, balance sheet, profit and loss statement, cash flow statement and profit and loss statement”, as well as Tether’s commitment to other cryptocurrencies or stablecoins, and transaction or transfer records of coins.

▌Bloomberg Senior Strategist Says Bitcoin Price Is Now at an Extreme “Discount”

In an analysis of the current situation in the financial market, Bloomberg senior strategist Mike McGlone pointed out that Bitcoin and U.S. Treasuries are currently the two safest assets and are currently at extremely low prices. He used the word "discount" in the statement to refer to the current prices of these assets.

▌Cardano Vasil Upgrade Now 24 Hours Away, Hardware Wallet Ledger Announces Support

The Vasil upgrade, which significantly improves and enhances Cardano's capabilities, is now a little under 24 hours away from deployment. Top exchanges have indicated support, as well as several dApps. Ledger, the cryptocurrency hardware wallet provider, has indicated readiness for the Vasil upgrade scheduled for Sept. 22.

▌US Draft Bill Plans To Ban Algorithmic Stablecoins

Draft legislation in the United States House of Representatives would place a two-year ban on new algorithmic stablecoins. The bill would criminalize the creation or issuance of new “endogenously collateralized stablecoins,” according to a current draft of the legislation obtained by Bloomberg. However, the legislation includes a grace period of two years for existing algorithmic stablecoin providers to change their models and collateralize their offerings differently.