SwissOne Capital: Fed Rate Cuts May Limit Bitcoin Market Share Growth

According to BlockBeats, on October 10, SwissOne Capital, a cryptocurrency asset management company, stated that the Federal Reserve's rate-cutting cycle might hinder the continuous rise in Bitcoin's (BTC) market share, potentially leading to broader gains for the entire crypto market.Data from TradingView indicates that Bitcoin's market share, which is its proportion of the total cryptocurrency market capitalization, has increased from 38% to 58% over two years. In other words, Bitcoin's growth has outpaced the overall market, driving the total digital asset market capitalization to double, surpassing $2 trillion.SwissOne Capital noted that due to the Federal Reserve's recent 50 basis points rate cut, initiating a so-called easing cycle, there is limited room for Bitcoin's market share to rise further."Bitcoin's market share has a positive correlation with the U.S. federal funds rate," SwissOne Capital mentioned in a market update, adding that during previous rate-cutting cycles, Bitcoin's market share declined.SwissOne Capital highlighted, "If history repeats itself, the recent rate-cutting cycle in the U.S. undoubtedly suggests that Bitcoin's market share has almost no room for further increase."SwissOne Capital also pointed out, "With stablecoins' market capitalization nearing 10% of the total market cap, we believe this explains why Bitcoin's market share might peak between the current level and 60% (at most), followed by a significant reversal."

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Fed's Daly Confident in Achieving 2% Inflation Target

According to BlockBeats, on October 10, Federal Reserve's Mary Daly expressed full support for the 50 basis points rate cut in September. Daly conveyed confidence in the path to achieving the 2% inflation target and indicated that there might be one or two more rate cuts this year. She noted that while the policy rate remains stable, the real interest rate is rising. Daly emphasized the importance of monitoring data, particularly the labor market and inflation, and adjusting interest rates as necessary. The extent of the September rate cut does not imply the future pace or magnitude of rate cuts.

US 30-year mortgage rate jumps to 6.36%, biggest weekly gain in 15 months

The average contract rate on a 30-year fixed-rate mortgage rose 22 basis points in the week ended Oct. 4, the Mortgage Bankers Association said on Wednesday. The last time it rose that much was in July 2023, when the Fed was still increasing interest rates in its battle to bring down inflation. Mortgage rates had peaked in October 2023, near 8%, and by the time of the Fed's September policy-setting meeting had fallen by more than 1.75 percentage points in anticipation of the Fed's pivot to policy easing.

Stock market today: S&P 500, Dow head for fresh records

Federal Prosecutors Charge Crypto Market Manipulators

According to CoinDesk, federal prosecutors have charged two purported market makers, several crypto projects, and over a dozen individuals with manipulating various crypto markets. The charges allege that these entities profited from fees and selling manipulated coins at elevated values.The charging documents, unsealed on Wednesday, reveal that Gotbit and ZM Quant engaged in wash trading of various tokens to create the illusion of legitimate activity. They sold these tokens at artificially inflated prices, marketed them on various platforms, and convinced exchanges to allow them to buy tokens with reduced fees. Prosecutors claim that both Gotbit and ZM Quant publicly presented themselves as legitimate market makers offering legal services, while privately providing illegal services, including wash trading.In Gotbit’s case, the illegal activities were not entirely private. In 2019, Gotbit co-founder Alexey Andryunin, then a 20-year-old college sophomore, explained to CoinDesk how the wash trading services worked. He admitted that Gotbit was not registered in any jurisdiction because it was “not entirely ethical.” ZM Quant was registered in the British Virgin Islands, but its employees named in the indictment were based in Hong Kong. Gotbit's employees are believed to be Russian.The manipulated tokens included Robo Inu, which saw a price increase after the indictment was unsealed. Other named defendants include VZZN, NextFundAI, and Saitama. According to the indictments, each token, including Robo Inu, is classified as a security. Several individuals behind these projects, including Robo Inu founder Vy Pham, have also been named as defendants.The U.S. Securities and Exchange Commission (SEC) has unveiled parallel civil charges against Gotbit and its employee director Fedor Kedrov, a Russian resident.

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