The global financial markets experienced turbulence as Bitcoin and global stocks fell sharply. China’s unexpected interest rate cut ignited fears of an economic slowdown, causing the yield curve on US Treasuries to steepen, a clear signal of mounting concerns about the economic outlook. The selloff persisted despite the US Federal Reserve pausing its rate hike cycle, indicating rising investor anxiety about the global economy’s health.
Ether (ETH) also witnessed a significant decline, dropping over 7.5% amid substantial outflows from the Grayscale Ethereum Trust (ETHE). Investors are increasingly worried about regulatory scrutiny and unfavorable market conditions, leading to a noticeable shift in sentiment.
Meanwhile, Jersey City announced plans to invest in Bitcoin exchange-traded funds (ETFs), joining the growing list of public pension funds and diversifying their portfolios with digital assets. This decision underscores the increasing acceptance and adoption of crypto assets among institutional investors.
Marathon Digital, a leading Bitcoin mining company, has invested $100 million in Bitcoin and recommitted to its “full HODL” strategy. By holding rather than selling its Bitcoin, Marathon Digital demonstrates its strong confidence in Bitcoin’s long-term value and its dedication to accumulating digital assets.
In India, Raipur city has implemented a blockchain-based system for managing real estate records using Airchains technology. The initiative aims to enhance transparency, security, and efficiency in property transactions. By digitizing land records, Raipur seeks to reduce fraud and streamline the real estate buying and selling process.
