1. Current BTC Price: $63,665 and still rising

2. FOMC Slashes Rates: Interest rates were lowered by 50 basis points. This marks the first rate cut in four years. The Federal Open Market Committee (FOMC) held key interest rates steady since July 2023, keeping the rate range at 5.25%-5.5%. What does this have to do with bitcoin? Markets are flooded with fresh capital and risk assets become more attractive.

When the Federal Reserve cuts interest rates, borrowing becomes more affordable for both consumers and businesses, encouraging increased spending and investment. This surge in activity can drive robust economic growth, strengthen the housing market, and boost financial markets and commodities like bitcoin.

Bitcoin price accelerated almost immediately after the rate cuts were announced. Additionally, lower rates can make exports more competitive by potentially easing currency valuations, fostering a more dynamic international trade environment. While savings returns may decrease, the overall stimulation of the economy creates more opportunities for individuals and businesses to thrive.

3. BlackRock Loves Bitcoin: In 2022, BlackRock made headlines by officially diving into Bitcoin, a significant shift in the investment landscape. On September 17th, 2024, BlackRock published their report titled, "Bitcoin: A Unique Diversifier." The full report is available online.

Their findings are that bitcoin stands out as a unique diversifier for investors, thanks to its unique detachment from traditional risk and return drivers, driven by its global, decentralized, fixed-supply, and non-sovereign nature. Over the past decade, Bitcoin has electrified the market with annualized returns soaring beyond 100%, consistently outperforming major asset classes. Its low correlation with traditional equities and other risk assets supercharges portfolio diversification, making it a coveted asset for savvy investors.

According to BlackRock’s report, the surge in Bitcoin adoption is fueled by mounting concerns over global monetary stability, escalating geopolitical tensions, US fiscal sustainability, and political instability. These factors position Bitcoin as a powerful hedge against a turbulent economic landscape.

However, Bitcoin's thrilling potential comes with its share of volatility and risks, primarily driven by regulatory hurdles and an evolving ecosystem. BlackRock advises that while adding Bitcoin in modest amounts can electrify a portfolio with diversification benefits, larger investments could significantly amplify overall portfolio risk.

4. Coinbase Announces cbBTC: On September 12th, Coinbase announced their new product, cbBTC. The new token is described by Coinbase as, "An ERC20 token that is backed 1:1 by Bitcoin (BTC) held by Coinbase."

It seems that the intent behind cbBTC is to continue to attract new users to the crypto world and specifically onboard new Coinbase users who are looking for an alternative to wrapped bitcoin (wBTC).

Coinbase is doing their best to make their platform more accessible by adding the Lightning Network and introducing cbBTC. The newly announced token, cbBTC, is a version of bitcoin that is backed by Coinbase, allowing users to use their bitcoin with Ethereum-based financial apps. This means customers can participate in decentralized finance (DeFi) activities like providing liquidity, using bitcoin as collateral, and accessing various DeFi platforms.

5. Letter to the Editor: on September 19th, 2024, Robert F. Kennedy Jr., former 2024 presidential candidate, penned a critical letter to the editors at The Economist. The letter was in response to their negative reporting regarding bitcoin mining energy usage.

Kennedy argued that the portrayal of bitcoin mining as environmentally detrimental overlooks significant advancements in sustainable practices within the industry. He emphasized the importance of balanced and accurate coverage to support informed discussions about the future of cryptocurrency and its environmental impact.