$13 Million BTC, PayPal and Venmo Embrace ENS, Expected Fed Rate Cut, Green BTC Mining, Mastercard Crypto Card, Major M2 News
M2 News
M2 x Lyvely
M2 joins Phoenix Group and Cypher Capital to empower creators and freelancers through Lyvely. This collaboration aims to shape the future of online monetization enhancing creator opportunities in the digital space.
M2uned Launch
We are proud to introduce our new interview series featuring leading industry experts. Join us live this Friday, September 13, at 10:00 AM GST on M2’s social media channels for the inaugural episode, "UAE Crypto and Blockchain Ecosystem." Lory Kehoe, CCO and Head of International at M2, and Abdulla Al Dhaheri, CEO of The Blockchain Center, will discuss the UAE's dynamic crypto and blockchain landscape.
M2 Bolts
Applications are now open for the M2 Bolts Ambassador Program. This initiative provides an opportunity to connect with a global network dedicated to advancing the crypto ecosystem. M2 Bolts benefits include exclusive merchandise, VIP event access, social media recognition, and more.
M2 x MEIMA
We are pleased to announce our partnership with the Middle East Investment Management Association (MEIMA). M2 will play a proactive role on MEIMA’s Innovation Committee, aiming to advance the investment management industry and support the adoption of virtual assets in the UAE.
August CPI Dip Signals Potential Fed Rate Cut
August Consumer Price Index (CPI) data declined to 2.5% as anticipated, while Core CPI held steady at 3.2%. This represents the lowest annual inflation rate since March 2021. CPI measures overall consumer price changes, whereas Core CPI excludes volatile items to reveal more stable inflation trends. The Federal Open Market Committee (FOMC) is set to convene on 18 September to discuss rate cuts, with expectations of the first-rate reduction since 2020. This development could reignite investor interest in risk-on assets, including cryptocurrencies.
Traditional Payment Platforms Embrace ENS
PayPal and Venmo have introduced support for Ethereum Name Service (ENS), allowing U.S. users to send crypto using easy-to-read "xyz.eth" addresses instead of complex alphanumeric strings. By integrating ENS, the platforms aim to simplify transactions, reduce errors, and enable automatic resolution of ENS names to wallet addresses. This initiative, if widely adopted, could boost crypto adoption and set a new standard for accessibility on mainstream payment platforms.
Japan Explores Green Bitcoin Mining
Agile Energy X, a Tokyo Electric Power Company (TEPCO) subsidiary, is developing eco-friendly Bitcoin mining solutions using excess solar energy in Japan. The company is deploying mining equipment near solar farms to minimize energy waste and boost renewable energy usage. This initiative, if successful, could establish a precedent for more sustainable Bitcoin mining practices and potentially serve as a blueprint for other regions.
Mastercard Launches Crypto Debit Card in Europe
Mastercard has teamed up with European payments provider Mercuryo to introduce a new euro-denominated crypto debit card. This card allows users to spend over 40 cryptocurrencies directly from a self-custodial wallet, giving them full control over their private keys for enhanced security. It is accepted by over 100 million merchants across Europe and offers broad wallet compatibility. This initiative represents a major step toward integrating digital assets into the traditional financial system, making cryptocurrency easier to use for everyday purchases.
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Market Update
Over the past 7 days, the total crypto market cap has risen by a modest 2%, now standing at $2.4 Trillion. Despite this increase, market sentiment remains in the Fear zone, with a slight uptick from 30 to 37 points since last Thursday.
The week began with a notable decline, driving Bitcoin down to $52K, a level not seen since February. Similarly, Ethereum fell to $2.1K, levels last seen in December 2023. However, in the past three days, both Bitcoin and Ethereum have recovered, with Bitcoin now trading at $58K and Ethereum at $2.3K.
Global crypto investment products experienced $726 million in net outflows last week, matching the largest net outflows recorded in March.
Quick News
MicroStrategy co-founder predicted Bitcoin would reach $13 Million per coin by 2045 during a mega-bullish keynote speech at the Bitcoin 2024 conference.
The Japanese firm purchased an additional $2 Million worth of Bitcoin, bringing its total holdings to $26M.
The credit card will let users borrow money against their crypto collateral.
The Property (Digital Assets etc) Bill, introduced in Parliament, will mean that for the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law.
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