Fed cuts rates to 4.0–4.25% as growth slows and job risks rise, crypto market reacts positively
Daily top performer — EigenCloud (EIGEN)
The S&P 500 fell 0.1%, with tech lagging and financials leading after the Fed’s 25 bps rate cut and cautious outlook. Gold slipped 0.8% to $3,660 after the Fed’s 25 bps cut, though expectations of more easing later this year support a bullish outlook. The Coindesk Indices, which tracks the broader crypto market, rose 1.78%, with Bitcoin and Ether up 0.10% and 0.10%, respectively in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this link.
Today’s top performer is EIGEN, up 16.8% after EigenCloud partnered with Google Cloud to launch the Agent Payments Protocol for verifiable AI transactions.
EigenCloud (EIGEN), formerly EigenLayer, was founded in 2021 and is an Ethereum protocol that enables users to restake ETH for additional rewards while maintaining usability. It also allows developers to leverage this pooled security for their own projects, thereby boosting yields and decentralization. EigenCloud has partnered with Google Cloud to launch the Agent Payments Protocol (AP2), a new standard enabling AI agents to transact securely with verifiability and accountability. The initiative aims to build a global verifiable economy, with EigenCloud ensuring agents can prove actions and be held accountable.
Check out the latest prices, charts, and data of EIGENUSDT perp and EIGEN/USDT spot contracts!
Talk of the town
The Federal Reserve cut rates by 25 bps to a target range of 4.0–4.25%, citing slower growth, softer job gains, and elevated inflation. The Fed noted rising downside risks to employment but reaffirmed its commitment to maximum employment and 2% inflation. Further policy moves will depend on incoming data and risks. Stephen Miran dissented, favoring a larger 50 bps cut.
Bitcoin spot ETF flows
Yesterday, BTC spot ETFs saw $201M in outflows, with $62.6M from GBTC and $138.4M from non-GBTC funds.
Airdrop to watch
Linera has launched its third testnet, Conway, featuring ultra-low latency, built-in wallet support, and a points program with quests, games, and daily check-ins. New users can still join. Linera, a next-gen L1 founded by ex-Meta researcher Mathieu Baudet and backed by a16z crypto, is designed for the real-time, agentic web.