Top-5 crypto news of the week! (16 - 22 September)
Dear PointPay Family,
We’ve just wrapped up an entire week full of events and changes. Sometimes, it can be hard to keep track of everything. That’s why we’ve prepared a top-5 list of the most interesting and important news from this week for you!
Louisiana Accepts Its First Crypto Payment for State Services
Louisiana has taken a historic step by accepting cryptocurrency as payment for state services. The Department of Wildlife and Fisheries processed the first crypto transaction using Bitcoin's Lightning Network. This initiative, announced by State Treasurer John Fleming, allows residents to pay with Bitcoin, the Lightning Network, or USDC, all via any crypto wallet.
Fleming highlighted that, while crypto payments are accepted, the funds are immediately converted into US dollars to protect against volatility. This move is part of Louisiana's broader effort to modernize state systems and offer more flexible payment options for its residents.
Bitcoin Surges to $62.6K as US Federal Reserve Slashes Interest Rates
Bitcoin surged to a three-week high of $62,600 after the US Federal Reserve implemented a rare 0.5% interest rate cut. This significant market move triggered the liquidation of short BTC positions totaling $128 million across exchanges.
As Bitcoin continues its upward trend, experts caution investors to reduce leverage or lock in profits to avoid potential risks. This development could signal a divergence in Bitcoin’s relationship with traditional stock markets as the financial landscape shifts.
XRP User Accidentally Pays $15K in Fees for a $0.09 Transaction
An anonymous user mistakenly paid over 25,000 XRP (worth $15,000) in fees while transferring just 0.15 XRP, valued at $0.09, to the Coincheck exchange. The costly transaction was flagged by XRP Ledger validator dUNL Vet, raising awareness of the importance of attention to detail in crypto transfers.
The incident underscores the potential complexities of blockchain transactions and serves as a reminder of the risks associated with sending digital assets without double-checking the details.
Tether’s USDT Matches Visa in Transaction Volume and Profitability
Tether’s stablecoin, USDT, reached a major milestone in 2023 by matching Visa’s transaction volumes and profitability. This achievement highlights the growing influence of digital assets, with Tether playing a critical role in providing liquidity in crypto markets.
Tether’s success extends beyond transaction volume, surpassing BlackRock by $700 million in profits. This reflects the increasing adoption of USDT in global finance and its growing importance in facilitating crypto transactions.
Hong Kong Rises as East Asia’s Leading Crypto Hub
Hong Kong has emerged as a top crypto hub in East Asia, with an adoption rate of 85.6%, according to a recent Chainalysis report. Despite China's strict regulations, Hong Kong’s flexible approach has attracted significant digital asset flows, positioning the region as a key player in the global crypto ecosystem.
Since June 2023, over 40% of the global stablecoin supply has flowed into Hong Kong, following new government regulations that promote the use of digital assets. This solidifies Hong Kong’s role as a central point for both retail and institutional crypto adoption.
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