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The Federal Reserve raised interest rates by 25 basis points, and Waller stated that the issue lies with inflation, while the market bets on three more rate hikes next year

The Federal Reserve's FOMC unanimously decided to raise interest rates by 25 basis points, adjusting the target range for the federal funds rate to 3.75% - 4%, marking the first rate hike since July 2023. The latest dot plot shows that 16 officials expect at least one more rate hike by 2026, with the median rate expectations for 2027 and 2026 both at 4.1%.Federal Reserve Chairman Waller stated that recent data shows the U.S. economy is performing strongly, and the labor market remains resilient, but inflation is too high and has persisted for too long. The FOMC is currently not confident that inflation is moving toward the 2% target. He mentioned that the main issue for the current economy is not growth, but inflation. Waller also noted that the rise in U.S. Treasury yields is primarily driven by a strong U.S. economy, increased capital competition, and geopolitical factors.From the announcement of the decision to Waller's press conference, spot gold briefly fell by about $100, the U.S. dollar index rose by about 40 points and broke through the 100 mark, the 2-year U.S. Treasury yield rose by about 10 basis points, and the 10-year yield rose by about 5 basis points, with U.S. stocks turning lower across the board. Interest rate futures are currently pricing in an additional rate hike of about 33 basis points this year and expect a cumulative increase of about 75 basis points by June next year.

first_img The U.S. House of Representatives' fundraising committee has passed the first federal cryptocurrency tax framework

The House Committee on Ways and Means passed the "Digital Asset Tax Clarification Act" with a vote of 38 in favor and 5 against, establishing the first federal tax framework for digital assets. The bill sets a threshold for taxation, stating that cryptocurrency transactions with network or transaction fees not exceeding $10 are exempt from taxes, but this exemption does not apply to service providers conducting transactions on behalf of others, and the relevant provisions will not take effect until December 2027.The bill also requires the Treasury Department to establish a voluntary disclosure program for digital assets within 12 months of the bill's enactment, allowing eligible taxpayers to amend previous filings and settle owed taxes, interest, and penalties. The bill specifies that income from mining and staking will be taxed as ordinary income, while allowing certain investment trusts to stake without affecting their tax status. The previous version included an option for deferred income recognition, but that provision has been removed, and the issue of income recognition timing remains unresolved.Committee Chairman and Republican Congressman Jason Smith called it a historic moment for the committee. This vote took place the day after the Senate's procedural vote on the "Clarity Act" failed (49 votes to 50), with Democrats opposing the bill mainly due to ethical concerns raised by Trump's cryptocurrency interests. The House will recess until after the November elections, and the bill may advance during the lame-duck session, with public attention shifting to the Senate Finance Committee.

first_img Celsius bankruptcy liquidation party sues BitMEX, claiming 495 million USD

The liquidator of the bankrupt cryptocurrency lending platform Celsius Network has sued BitMEX, accusing it of fraud and market manipulation during forced liquidations in March 2020 amid the COVID-19 pandemic, seeking the return of 6,360 BTC, equivalent to approximately $495 million at current prices. The lawsuit was filed on September 12 in the U.S. Bankruptcy Court for the Southern District of New York by the litigation manager appointed in the Celsius bankruptcy case, Blockchain Recovery Investment Consortium.The defendants include five entities: HDR Global Trading, ABS Global Trading, Shine Effort, 100x Holdings, and HDR Global Services, registered across Bermuda, the Cayman Islands, the United Kingdom, Hong Kong, Seychelles, and the United States. Celsius claims it lost 1,325.84 BTC during a liquidation on March 12, 2020, and is seeking to recover debts transferred by the investment fund JST, which lost 5,034.33 BTC the following day. The positions held by both could only be profitable when Bitcoin was rising or stable, and the lawsuit alleges that BitMEX simultaneously controlled the system that decided when customers were liquidated and the insurance fund that profited from the liquidations.The allegations have not yet been verified, and this is the second lawsuit BitMEX has faced since announcing its liquidation in July; the exchange will cease trading on September 23.

first_img HBO Max account was hijacked, and 108 malicious ads were placed to steal cryptocurrency assets

Cybersecurity company Hudson Rock disclosed that the Reddit verified account of the streaming service HBO Max was hijacked earlier this month and deployed 108 malicious ads within approximately 48 hours. These ads used a non-existent HBO Max native macOS application as bait, luring users to open Terminal or PowerShell and paste malicious commands, a technique known as ClickFix.Researchers named this operation PasteSwitch, and its delivery system adapts based on the visitor's device and the advertised software. Observed Mac payloads include MacSync and Atomic macOS (AMOS) information-stealing trojans, targeting browser credentials, Telegram data, Apple Notes, saved passwords, and cryptocurrency wallet recovery phrases. The malware also utilized Binance Smart Chain contracts as variable C2 address delivery points and was associated with a cryptocurrency clipboard hijacker that replaces clipboard wallet addresses.According to Malwarebytes, Reddit administrators have suspended the related ads and initiated a security investigation following reports. The report did not specify how the account was compromised or the number of victims, nor was there evidence found that the HBO Max streaming service itself was breached. The ClickFix technique has previously been used multiple times in attacks targeting cryptocurrency users, including approximately 2,000 compromised WordPress sites and malicious activities disguised as CAPTCHA.
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