🚀 Crypto Markets Rally On Rate Cuts

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Crypto markets surged in response to the U.S. Federal Reserve cutting interest rates by a whopping 50 basis points. The combined cryptocurrency market cap is up 6% in 24 hours to tag a nearly four-week high of $2.3 trillion. BTC and ETH are up 7%, while SOL and DOT have soared 12% and 9%, respectively.

Aave’s community is unfazed by Wrapped Bitcoin’s controversial imminent restructure. A governance proposal calling on Aave to pause new WBTC loans is failing to garner traction.

Worldcoin has launched Face Auth, a facial recognition mechanism designed to deter World ID sales and theft.

Plus, BlackRock lauds Bitcoin for portfolio diversification, Moody’s says DePIN could be the future of physical infrastructure, and Rari Capital settles with the SEC.

✍️ In today’s newsletter:

Digital assets rally on interest rate cuts
Aave community unwilling to offboard WBTC
Worldcoin trials facial recognition to stop fraud
BlackRock backs Bitcoin as portfolio diversifier
Moody Ratings praises DePIN
Rari Capital settles securities violations charges

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Goat Network is the first BTC L2 to offer sustainable BTC yield

DIA launches ‘Lumina ’ – a brand-new trustless oracle network. Its modular, rollup-based design enables the verifiable sourcing and delivery of any data to any blockchain. Fully decentralized and permissionless.

🚀Bitcoin Rallies Above $63,000 Following Fed Rate Cut

Cryptocurrency markets surged on Thursday in response to the Federal Reserve cutting interest rates by 50 basis points. Top gainers include memecoin Popcat (POPCAT), which surged by 35%, followed by Sei (SEI), which increased by 28%, Celestia with a 24% gain, and Bittensor (TAO), which rose 19%.

🛑 Aave Community Opposes Offboarding WBTC Despite Looming Restructure

Aave’s community is undeterred by Wrapped Bitcoin’s pending ownership overhaul. A proposal from LlamaRisk to prevent new WBTC loans is attracting pushback on Aave’s governance forum.

🌐 Worldcoin Pilots ‘Face Auth’ Account Verification To Prevent Fraud

Worldcoin launched a pilot for its new Face Auth feature in a bid to clamp down on World ID sales and theft. Users can verify they are the rightful owner of a World ID account through a facial recognition check using their own smartphone.

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👀 BlackRock Calls Bitcoin ‘Unique Diversifier’ in Research Paper

BlackRock, the world’s largest asset manager, published a report extolling the value of Bitcoin as a portfolio diversifier. The paper emphasizes Bitcoin’s low historic correlation with U.S. equities and detachment from “banking system crises, sovereign debt crises, currency debasement, and geopolitical disruption.”

✅ Moody’s Touts DePIN as Promising Approach to Infrastructure

Moody Ratings, the global credit ratings provider, published a report espousing the benefits of decentralized physical infrastructure (DePIN). Moody’s said DePIN could comprise the “future of physical infrastructure,” emphasizing the “real-world use cases” of the web3 sector.

💰 Rari Capital Settles With SEC Over Unregistered Offerings

Rari Capital, a defunct DeFi protocol, entered into an undisclosed settlement with the SEC. Rari Capital and its executives did not admit to or deny charges of offering unregistered securities and operating as an unlicensed broker as part of the deal. At its peak, Rari Capital boasted a TVL of $1.3 billion.

🌍 ELSEWHERE

Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading (Bitcoin Magazine)
Police Arrests Two People Related to $243M Crypto Heist Targeting Genesis Creditor (CoinDesk)
Sea-Tac Airport refuses to pay 100-bitcoin ransom after August cyberattack (The Seattle Times)
Solana Developer Platform Helius Raises $21.75 Million in Series B Round (Unchained)