Daily News | New Coin ME Increased by Over 100% After Launch, Market Generally Expects Fed to Cut Interest Rates by 25 Basis Points
Crypto Daily Digest: BTC ETF and ETH ETF continue to experience large inflows, and ME airdrop tokens are now available for claiming
According to Farside Investor data, yesterday’s net inflow from the US spot BTC ETF was $437 million. BlackRock’s IBIT inflow was $294 million, and Fidelity’s FBTC net inflow was $210 million.
Yesterday, the US Ethereum spot ETF inflow was $303 million. BlackRock’s ETHA inflow was $80 million, and Fidelity’s FETH net inflow was $202 million.
The ME airdrop needs to be claimed on the Magic Eden App, and the linked wallet will expire on February 1, 2025
The ME Foundation has issued a statement stating that ME airdrops must be collected through the Magic Eden mobile application. If the user has already linked all wallets, they only need to load the application to claim ME.
If the user has not linked their wallet yet, don’t worry. You can link your wallet and collect ME at any time between TGE and February 1, 2025.
If users discover that there may be other wallets available for distribution after receiving ME tokens, they can link these wallets through the desktop after TGE and collect these tokens in the mobile application.
Ethereum L2 Fuel launched its native token FUEL
The high-performance Ethereum L2 network Fuel has announced the launch of its native token Fuel, and Fuel Genesis is coming soon.
Fuel guarantees a decentralized sorting system for Fuel and eliminates gas costs for users by introducing a new economic incentive structure based on Application Specific Sequencing. FUEL will change the Ignition ecosystem by providing users with a fee free experience similar to Web2, making blockchain technology accessible to the public. Fuel Ignition is the fastest (>600 TPS) and cheapest (<0.002 USD per transaction) Optimal Rollup solution on Ethereum.
Tether: USDT Recognized as Acceptable Virtual Asset by Abu Dhabi Global Market
Tether, the stablecoin issuer, announced that its USDT has been recognized as an “Acceptable Virtual Asset” (AVA) by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM). This approval enables authorized institutions operated and licensed by FSRA to provide pre approval services related to USDT, driving the region’s leadership in digital asset innovation.
This announcement comes at a time when the adoption rate of digital currencies in the United Arab Emirates (UAE) is on the rise, reflecting the country’s active promotion of the integration of traditional and digital finance. The Dirham of the United Arab Emirates is pegged to the US dollar and serves as a benchmark for global economic stability. Tether’s USDT currently has a market cap of over $138 billion, making it the most widely used stablecoin globally. With over 400 million users using USDT, it complements the stability of the United Arab Emirates in providing a trusted and efficient bridge between traditional fiat currency systems and the digital economy.
Since 2022, the adoption rate of cryptocurrencies in the United Arab Emirates has sharply increased. The progressive regulatory framework has made cities such as Abu Dhabi and Dubai leaders in global crypto innovation and blockchain technology, providing a fertile ground for the development of digital asset ecosystems.
Market Trends: The launch of the new coin ME showed impressive performance, while Altcoins are waiting for rebound before buying again
Market Hotspots
-After the launch of the new coin ME on Gate.io, it rose from $4.1 to $9.1, with a 24-hour increase of over 100%, leading the market. ME is the platform token of Magic Eden, the largest NFT trading platform on the Solana chain. The previous NFT platform token TNSR on the Solana chain fell all the way since its launch in April this year, and its current market cap is only $80 million;
-Meme Coin KOMA surged 150% within the day, now priced at $0.143; KOMA is a dog-type meme on the BNB chain, with a current circulating market cap of $100 million. The main reason for its increase is the listing of this token futures on mainstream trading platforms;
Mainstream Coins
-BTC oscillates downwards, with the psychological barrier of $100,000 still suppressing market performance for a period of time. BTC ETFs continue to receive large inflows, and BTC is still suitable for buying in the medium to long term;
-ETH fell below $3,600, despite the continuous large net inflows of ETH ETF funds in the past two weeks, ETH’s performance is still constrained by the overall market and has not shown an independent trend;
-Altcoins are still in the adjustment range, with most of them rising more than 2-3 times in the past month. Currently, it is a normal adjustment, and waiting for another bottoming out is a good time to buy.
Macro news: US stocks collectively closed lower, the market generally expects the Fed to cut interest rates by 25 basis points
The three major indexes of the US stock market collectively closed down, with the S&P 500 index falling 0.30% to 6,034.91 points; The Dow Jones Industrial Average fell 0.35% to 44,247.83 points; The Nasdaq index fell 0.25% to 19,687.24 points. The benchmark 10-year Treasury yield is 4.22%, while the 2-year Treasury yield, which is most sensitive to the Federal Reserve policy rate, is 4.15%.
Investors are focusing on the upcoming Consumer Price Index (CPI) for November, which will be one of the most important economic reports from the Federal Reserve before next week’s interest rate meeting. The overall inflation rate is expected to rise slightly from 2.6% in October to 2.7%. Although the inflation rate remains above the Fed’s 2% target, traders believe there is a high possibility of the Fed cutting interest rates next week. CME’s Federal Reserve Watch tool shows that traders believe there is an 86% chance of a rate cut next week.
