The Federal Reserve cut interest rates by 25 basis points as expected, lowering the benchmark rate by 25 basis points to 3.75%-4.00%, marking the second consecutive meeting of rate cuts, in line with market expectations. The Federal Reserve announced that it will end the balance sheet reduction on December 1. Powell: A further rate cut in December is far from certain; inflation levels remain slightly elevated; the job market is still cooling, and the CPI trend is slightly below expectations.
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The Australian Securities and Investments Commission (ASIC) has released an update to its guidance on digital assets, expanding the applicability of existing financial services laws to cryptocurrency businesses, clarifying when digital asset products and services may be considered financial products under the Corporations Act. The latest update replaces earlier terminology related to crypto assets with the broader term digital assets, covering virtualization, tokenization, and token-based products. An Australian Financial Services License may be required under existing laws. The Hong Kong Monetary Authority has released a report on the second phase of the pilot scheme for the digital Hong Kong dollar, presenting experimental results and experiences. The Hong Kong Monetary Authority noted that it will continue to advance preparatory work in policy, legal, and technical aspects to prepare for the possible future promotion of the digital Hong Kong dollar for individual and business use. Bloomberg: Canada is seeking feedback on stablecoin regulatory rules and may announce updates in next week's federal budget. OpenAI has stated that it has completed a capital restructuring, streamlining the company's structure, with the nonprofit organization still controlling the for-profit entity. This agreement will enable OpenAI to break free from the nonprofit foundation and may allow for an IPO. OpenAI CEO Sam Altman stated: Considering the company's future capital needs, an IPO is the most likely route.
Korean listed company Bitplanet increased its holdings by 9 BTC, bringing its total holdings to 110.67 BTC. American listed company American Bitcoin Corp. increased its holdings by approximately 1414 BTC, bringing its total holdings to around 3865 BTC. ZOOZ Strategy Ltd. increased its holdings by 94 BTC, bringing its total holdings to 1036 BTC. The Assistant President of the Hong Kong Monetary Authority (Financial Infrastructure) Zhou Wenzheng stated that according to the intentions received by the Monetary Authority, seven banks have expressed interest in launching tokenized deposits this year. Glassnode stated: BTC's rebound from $107,000 coincides with the inflow of the U.S. BTC spot ETF turning positive again, although the current inflow remains below 1000 BTC daily, significantly weaker than the initial phase of this cycle when daily inflows exceeded 2500 BTC. Demand is recovering, but the intensity has yet to reach the levels seen in previous rounds of increases. Matrixport stated that BTC is still in a range-bound oscillation, whereas U.S. stocks have repeatedly reached historical highs driven by the AI boom. The short-term outlook is mainly cautious, while the medium-term pattern remains unchanged. If the Federal Reserve maintains a dovish stance and continues to cut interest rates, the market will likely reflect a wait for clearer external driving signals. Historically, similar rhythms have often been observed: after a period of consolidation, volatility tends to be released in a concentrated manner over a short period. Bloomberg: Several ETFs focusing on small cryptocurrencies debuted on Wall Street this week, despite the U.S. government still being in a shutdown, the issuers continued to push for listings. The U.S. Securities and Exchange Commission (SEC) shutdown guidelines allow certain filings to automatically take effect after 20 days, and this procedural coincidence has allowed the listing of crypto ETFs to continue.
On October 28, U.S. spot BTC ETFs saw an inflow of $202.4 million, and ETH ETFs saw an inflow of $246 million. Circle issued an additional $750 million in stablecoins; Tether and Circle have cumulatively issued $8.5 billion in stablecoins since the market crash on October 11. CoinShares weekly report data indicated that last week, digital asset investment products saw an inflow of $921 million, benefiting from increased market confidence following lower-than-expected U.S. CPI data. Bloomberg ETF analyst Eric Balchunas: The Bitwise-affiliated Solana staking ETF achieved a trading volume of $56 million on its first day of listing in the U.S., the highest among all newly listed ETFs this year, marking a strong start. Tech giant IBM announced the launch of its digital asset operations platform, IBM Digital Asset Haven, a comprehensive platform for secure management and expansion of digital asset operations for financial institutions, governments, and enterprises, allowing banks and administrative agencies to manage their digital asset lifecycle, including custody and settlement, through a single solution. Oracle (ORCL.N) announced that its digital asset data hub will launch next year. Trump criticized the Federal Reserve, accusing Powell of being slow to act on interest rate cuts. Trump expects the U.S. economy to achieve 4% growth in the first quarter of 2026. Trump lambasted Powell for not cutting rates quickly enough, stating that the Federal Reserve is lagging behind its European counterparts, undermining business confidence. Trump stated that Federal Reserve Chairman Powell is either incompetent or a bad person and will resign within months.
The Federal Reserve cut interest rates as expected by 25 basis points, lowering the benchmark rate to 3.75%-4.00%, marking the second consecutive meeting of rate cuts, in line with market expectations. The Federal Reserve's statement indicated that it will end the balance sheet reduction on December 1 (currently reducing $5 billion in U.S. Treasuries and $35 billion in MBS each month); the committee closely monitors the risks of its dual mandate and believes that the downside risks to employment have increased. Federal Reserve Governor Milan opposed this rate decision, arguing that rates should be cut by 50 basis points. Federal Reserve Chairman Powell: The rate cuts in September and today are risk management-style cuts, but future situations may not be the same; further lowering the policy rate at the December meeting is not a given; the inflation rate excluding tariffs is not far from the 2% target; inflation levels remain slightly elevated; the job market is still cooling, as policies are restrictive, and further balance sheet reduction yields limited benefits, with CPI trends slightly below expectations. On Wednesday, U.S. stock indices opened, with the Nasdaq index up 0.4% during the session, the S&P 500 index down 0.03%, and gold up 0.3% to $3966 per ounce. BTC fell by 3.3%, and ETH fell by 4.3%. The BTC spot ETF saw an inflow of $4.21 billion this month, reversing the outflow trend of $1.23 billion in September. Analyst Kobeissi: The Federal Reserve cut rates against the backdrop of the S&P 500 index reaching an all-time high, marking the fifth occurrence in history; in the previous four similar events, the S&P 500 index rose after 12 months, with an average increase of nearly 20% over 12 months. The Federal Reserve's actions are quite dovish, cutting rates by 25 basis points and stopping the balance sheet reduction, but Powell emphasized in the press conference that a rate cut in December is far from a sure thing, cautioning the market, and the probability of a December rate cut decreased from 92% to 70%. Further rate cuts and stopping balance sheet reduction are expected to yield good performance in the currency market under loose monetary policy. #加密市场回调
