This week, digital assets are trading in the green zone: BTC is around 63937.26 ( 10.47%), ETH is at 2542.36 ( 7.98%), USDT is at 1.0000 ( 0.01%), BNB is around 574.01 ( 5.66%), and SOL is around 148.02 ( 10.09%). The total capitalization reached 2.21T dollars, and the share of BTC is 57.0%.

Investors are focused on the results of the US Fed monetary policy meeting. The interest rate was cut by 50 basis points to 4.75–5.00%, although the August nonfarm payrolls grew by 142.0K against the forecast of 161.0K. Unemployment fell from 4.3% to 4.2%, while average hourly earnings rose by 0.4% compared to the consensus forecast of 0.3%. The regulator’s representatives emphasized the effectiveness of the steps already taken to slow down the inflation rate. In August, it fell from 2.9% to 2.5% relative to the calculations of 2.6% YoY and accelerated by 0.2% MoM. They noted they gained confidence that it was steadily moving towards 2.0%, and the risks of negative dynamics in employment and consumer price growth were balanced approximately. Meanwhile, Dante Disparte, head of global policy at Circle, believes that stablecoins have the potential for development and will be able to become the main means of payment soon since they are already attracting increased interest from businesses focused on online transactions and financial services provided online. At the same time, he emphasized that all participants must comply with the rules for combating money laundering, as well as the principles of increasing the reliability of systems, which, in particular, will be facilitated by relevant legislation in the United States. The UK could be one of the first to grant cryptocurrencies the status of a new form of property. The corresponding document has been submitted to parliament already and, if approved, according to the developers, will help avoid uncertainty and protect citizens in disputes or from fraudulent activities. After studying the limited benefits and possible problems of a retail CBDC, officials at the Reserve Bank of Australia (RBA) announced the launch of a three-year program to develop a wholesale digital currency aimed at exploring new areas of application, operating models, and the impact of the instrument on the country’s financial system. The agency’s experts believe that the project can significantly improve the efficiency, transparency, and sustainability of wholesale markets, mitigating operational risks and reducing the costs associated with intermediary activities.

The third-largest cryptocurrency by market cap received some support from asset manager Grayscale Investments, who announced the launch of an XRP-based trust (Grayscale XRP Trust) after the company’s first such product was liquidated in 2021 due to a lawsuit by the US Securities and Exchange Commission (SEC) against Ripple for distributing 1.3B dollars in unregistered securities. It is invested in the token underlying the decentralized Ledger technology XRP (XRPL) fully, following the same four-phase product cycle. The product is currently in a private placement stage, after which it will begin a public listing stage to make the shares available to all investors. Meanwhile, MicroStrategy Inc. management announced plans to list 700.0M dollars in four-year senior unsecured convertible notes, allowing the company to replenish crypto reserves and fund general corporate purposes. The coupon period will last 182 days, and the maturity date is due on September 15, 2028, if the securities are redeemed or converted early.

Regulatory pressure on cryptocurrency companies remains. Thus, the SEC accused the management of Binance and its American division BAM Trading of illegal trading in unregistered securities – SOL, ADA, FIL, BNB, BUSD, MATIC, ATOM, SAND, MANA, ALGO, AXS, and COTI tokens again. According to officials, clients were not informed about the risks and legal basis for conducting transactions with such instruments on the platforms properly. In turn, the Hong Kong authorities intend to tighten legislation regarding stablecoin issuers and prohibit any offers of such instruments to retail investors without a license from the Hong Kong Monetary Authority (HKMA).

In addition, they will be required to register in the country and appoint a local CEO. Next week, most of the largest digital assets may continue their positive dynamics or begin to consolidate.