Golden Encyclopedia | What is the new domain name dacc.eth registered by Vitalik?
Ethereum co-founder Vitalik Buterin has just paid around $500 to register a new Ethereum Name Service (ENS) domain called “dacc.eth.”
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Fed rate cut boosts Bitcoin, China's central bank follows suit
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As central banks shift from monetary tightening to easing, the recent actions by the U.S. Federal Reserve have had a notable impact on Bitcoin’s price. On September 18, the Fed's decision to cut interest rates by 50 basis points sparked a 5.2% surge in Bitcoin’s value within 24 hours.
This marked a turning point after more than a year of rate hikes designed to control inflation following the COVID-19 pandemic.
Other central banks, including the Bank of England (BoE) and the European Central Bank (ECB), have also cut interest rates in recent months. However, similar moves by these institutions resulted in a downturn for Bitcoin, with the BoE's August 1 cut leading to a 6% drop, and the ECB’s June 6 cut causing a 4% decline. The stark contrast suggests that U.S. monetary policy has a far stronger influence on the cryptocurrency market than its European counterparts.
Bitcoin response to central bank rate cuts, per Kaiko
Related reading：The Fed's 50 basis point interest rate cut caused Bitcoin to break through $60,000. Is Bitcoin returning to $70,000 soon?
China follows suit with quantitative easing
Not long after the Fed’s actions, the People’s Bank of China (PBoC) introduced a series of quantitative easing measures aimed at bolstering its struggling economy. Among these measures was a reduction in the short-term seven-day reverse repo rate from 1.7% to 1.5%, alongside a cut in reserve requirements for lenders by 0.5%. These actions are expected to inject roughly RMB 1 trillion (around $142 billion) into China’s financial system, according to the Financial Times.
Despite these significant steps, Bitcoin’s reaction has been minimal, with a 0.1% decline over the past 24 hours. This muted response further underscores the relative importance of U.S. monetary policy in driving cryptocurrency market dynamics compared to other global central banks.
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