Daily Crypto Roundup - 15 Sep

Today’s Market Update

Bitcoin was down 0.67% at $114,701, Ethereum was down 2.13%, Solana was down 4.14%, and XRP was down 0.48% over the past 24 hours.

The central bank is widely expected to lower interest rates by a quarter of a percentage point, but it could give Bitcoin a boost if it opts for an outsized half-point cut.

When borrowing costs fall, the returns on safe investments like bonds and cash become less appealing, making cryptos and other risk-on assets more attractive because of their higher potential yields.

Crypto Dynamics Roundup

Galaxy Digital Research Head: US Likely to Establish Strategic Bitcoin Reserve This Year

Alex Thorn, Global Head of Research at Galaxy Digital, stated that there is a significant likelihood the US government will establish a strategic Bitcoin reserve before year-end. In a post on X, Thorn noted that the market seems to have completely underestimated the possibility of such an announcement.

Reports indicate that although President Trump signed an executive order in March to formally establish a strategic Bitcoin reserve and a US digital asset reserve, a detailed plan has yet to be confirmed.

Data: Bitcoin Finds Strong Support at $110,000–$114,000, Next Resistance Near $117,000

According to Cointelegraph, based on Coinglass data, Bitcoin’s cost basis indicates strong support between $110,000 and $114,000, with the next resistance zone near $117,000.

Standard Chartered Hong Kong: Intends to Engage in Crypto Trading in Hong Kong

Tsang Chi-chit, Head of Financial Markets and Strategic Clients for Hong Kong, Greater China, and North Asia at Standard Chartered Bank, said that while significant contributions have not yet been seen in the second half of the year, he believes custody and financing businesses will take shape in the next one to two years.

If virtual asset custody can be established in Hong Kong, it could lead to related financing activities, with plans to engage in crypto trading and hopes of creating an ecosystem for fiat-to-virtual asset swaps in the future.

Gemini Co-Founder Predicts Bitcoin Will Reach $1 Million in 10 Years

According to CNBC, Gemini co-founder Tyler Winklevoss stated, “We see Bitcoin as Gold 2.0. If Bitcoin can replace gold, we’re still in the ‘first inning top half,’ as we expect its price to reach $1 million per coin. From current levels, Bitcoin has at least a 10x upside and remains in a very early stage.

Looking back in 10 years, we’ll say, ‘Wow, it was too early.’ Almost no one listened then—hopefully more will now. We’ve come a long way.”

Data: Tesla Holds 11,509 Bitcoin, Ranks 11th Among Public Companies

According to Ark Invest Tracker citing Treasury Tracker data, Tesla holds 11,509 Bitcoin, ranking 11th among public companies.

Pizza Hut and KFC in South Africa Now Accept Bitcoin Payments

The Bitcoin Historian reported that with payment provider ZAPPER integrating the Lightning Network, Pizza Hut and KFC in South Africa have begun accepting Bitcoin payments.

Circle Executive: About 90% of USDC’s Backing Assets Custodied by BlackRock

David A. Katz, Circle’s Vice President of Strategy and Public Policy for Asia-Pacific, said at a Singapore forum that digital assets must first ensure network security against hacker attacks and second be backed one-to-one by real, high-quality, liquid assets, custodied by suitable institutions—for instance, about 90% of USDC’s backing assets are custodied by BlackRock.

Circle currently employs over 900 people, including about 300 lawyers and compliance officers. Stablecoins and other digital assets also require government regulation to become part of the international financial system.