24H Trending Coins and News | Fed Hikes Rates by 25 Basis Points for the First Time in Three Years; U.S. House Ways and Means Committee Passes the Digital Asset Tax Certainty Act 38-5 (September 17)

1. Trending Coins on CEX

Top 10 CEX Trading Volume and 24-Hour Price Change:

• BTC: +0.74%
• ETH: +0.16%
• XRP: +1.89%
• SOL: +0.25%
• ZEC: +0.17%
• BNB: +0.16%
• DOGE: -0.28%
• UNI: +0.25%
• NEAR: +5.22%
• ARB: -1.87%

24-Hour Top Gainers (Data Source: OKX):

• ONE: +56.72%
• LSK: +24.41%
• ZEC: +23.57%
• IOST: +22.89%
• DASH: +17.67%
• LIT: +16.03%
• VVV: +15.97%
• RAY: +15.44%
• NEAR: +14.76%
• DGB: +13.51%

24-Hour Tokenized Stock Top Gainers (Data Source: msx.com):

AXTX: +30.43%

LITX: +21.96%

CRDU: +21.18%

COHX: +18.18%

BRUN: +16.51%

AEHG: +15.79%

BEX: +14.91%

AXTI: +14.73%

CIFR: +13.85%

VICR: +11.96%

2. Top 5 Trending On-Chain Meme Coins (Data Source: GMGN):

• musebook (Robinhood)
• FOMOBALL (Robinhood)
• GG (Robinhood)
• DUKE (Arc)
• USDC (Arc)

Headlines

Fed Raises Rates by 25 Basis Points for First Time in Three Years

The Federal Reserve raised interest rates by 25 basis points, lifting the benchmark rate to 3.75%-4.00%, the first hike since July 2023 and in line with market expectations, following five consecutive meetings of holding rates steady.

U.S. House Ways and Means Committee Passes Digital Asset Tax Certainty Act 38-5

The House Ways and Means Committee passed the Digital Asset Tax Certainty Act by a vote of 38-5 and advanced the bill to the full House for further consideration.

The bill aims to clarify tax rules for digital assets, including establishing a $10 de minimis threshold for everyday crypto payments, and addresses crypto income recognition, asset transfers, wash sale rules, mining, staking, and broker-related tax requirements, in order to advance tax treatment of digital assets similar to other financial assets. The vote came less than 24 hours after the CLARITY Act failed to pass a key procedural vote in the Senate.

Trump: U.S. Interest Rates Should Drop Below 1%, Fed Should Cut Quickly

U.S. President Trump said on social media that U.S. interest rates should be lowered to 1% or below, citing the U.S. having the world's strongest credit and the current economy attracting substantial new investment. Trump said that if the U.S. stopped trading with countries that run trade surpluses against it, the U.S. could gain at least $1.5 trillion annually.

He said "deficit" essentially means "loss," and that the U.S. can no longer bear the global trade costs it has long shouldered. Trump again urged the Fed to cut rates quickly, saying lower borrowing costs would help the U.S. economy grow.

Industry News

Fed Chair Warsh: Three Reasons Behind the Fed's September Rate Hike

The Fed raised rates in September as expected, after the central bank held rates steady at its July meeting. Fed Chair Warsh said three things changed between the two meetings. He said data released in recent weeks showed the U.S. economy performing strongly, especially the labor market. At the same time, inflation remained elevated throughout the summer, noticeably above the Fed's 2% year-over-year target. Finally, he said geopolitical factors also prompted the Fed to change its assessment of the economic outlook, though he did not directly mention the U.S.-Iran war in the Middle East. Warsh said: "All three of these things contributed to the firm and unanimous decision we made today."

3,790 Dormant Bitcoin Moved in First Half of September

According to Bitcoin News monitoring, these bitcoins came from wallets active between 2010 and 2017. Among them, 113 BTC idle in a 2013 address were moved, now worth about $8.8 million; on September 6, a 2016 wallet moved 1,260 BTC, the largest single transfer during the period. 62% of dormant bitcoin transfers in September occurred on Saturdays or Sundays.

Project News

Celsius Sues BitMEX Over 2020 Liquidation, Seeks to Recover 6,360 BTC

The administrator of Celsius Network's bankruptcy estate has sued five BitMEX-related entities over forced liquidations during the March 2020 market crash, seeking to recover 6,360 BTC, currently worth about $495 million.

Celsius claims it lost 1,325.84 BTC in a liquidation on March 12, 2020, and is also pursuing related claims assigned by investment fund JST, which lost 5,034.33 BTC the following day. The lawsuit alleges BitMEX manipulated the market and improperly liquidated customer collateral through its platform liquidation mechanism. The allegations have not been proven in court.

ZEC Hits New All-Time High This Morning, Briefly Breaching $1,385, Up Over 18% Intraday

According to OKX market data, ZEC extended its rally in the early hours of today and set a new all-time high, briefly breaking above $1,385. It is now trading at $1,334, up over 18% intraday.

Robinhood Teases New Product Launch on September 29-30, CEO Says "Not to Be Missed"

Robinhood officially announced a new round of product launches on September 29-30, with the tagline "Can you receive our signal?"

Robinhood co-founder and CEO Vlad Tenev subsequently reposted, saying it has "been too long" since Robinhood's last product launch and calling the event "not to be missed."

Robinhood to Support Arc, the L1 Network Built by Circle

Robinhood announced it will soon support Arc, the L1 network built by Circle, allowing users to deposit and withdraw USDC directly within supported networks.

Uniswap Fully Integrates Arc, Supporting cirBTC Trading and Pools Token Launches

Uniswap announced that Uniswap v2, v3, v4, and UniswapX have integrated Arc, Circle's Layer 1 network built for stablecoin finance, and will serve as its preferred DEX from day one of the Arc mainnet launch. Users can swap tokens, provide liquidity, and build applications on Arc through the Uniswap web app, wallet, and API.

cirBTC, issued by Circle and backed by bitcoin held in custody, is now live on Uniswap. Institutions can mint and redeem through Circle Mint, while other users can trade cirBTC or provide liquidity for it. Pools has become Arc's official token launch platform, and tokens launched through Pools will enter Uniswap v4 liquidity pools paired with USDC, with liquidity permanently locked and no launch platform fees charged; projects can choose instant launch or a 1-hour Crowd Launch. Developers can also integrate Arc trading functionality into applications or agents through the Uniswap API.

Funding and Investment

Kalshi Seeks to Raise at Least $750M at $40B Valuation, 30-Day Volume Reaches $14.1B

Prediction market platform Kalshi is seeking to raise at least $750 million at a $40 billion valuation, double its $22 billion valuation six months ago. The platform was approved by the U.S. Commodity Futures Trading Commission (CFTC) as a designated contract market in 2021.

As of September 4, Kalshi's trailing 30-day trading volume reached $14.1 billion, while Polymarket's was $3.1 billion, giving Kalshi about 82% of their combined volume. More than 80% of Kalshi's volume comes from sports events.

AI Agent Startup Instinct in Talks for Funding at $10B Valuation

People familiar with the matter said the startup developing personal AI assistant Instinct is in talks to raise $1 billion at a valuation of about $10 billion. It was previously reported that the startup is seeking a new funding round because its invitation-only AI agent service is facing capacity constraints, with users growing to more than 100,000 as the service expands. Sequoia Capital and Benchmark are in talks to lead the round. The funding has not been finalized, and the terms and lead investor may still change. The valuation marks a sharp jump from the company's previous funding round.

According to PitchBook data, the startup, named Spear Street Technology, raised $250 million less than a month ago at a $2.25 billion pre-money valuation. The company has raised a total of $350 million from investors to date.

Deadstock Completes $2.5M Seed Round Led by Bullish Capital

The round was led by Bullish's venture arm Bullish Capital, with participation from several angel investors. Deadstock is an on-chain marketplace and liquidity layer for physical goods created by ATH Labs and built on Arbitrum, integrating physical inventory, tokenization, marketplace trading, and redemption infrastructure to make traditionally illiquid goods easier to hold and trade. The new funds will be used to push it into public beta and build infrastructure for the global trading card market.

Tare Completes $13.25M Seed Round Led by Blockchain Capital

The round was led by Blockchain Capital, with participation from Janus Henderson, Strobe Ventures, Venture Dept, Neoclassic Capital, and the Avalanche Foundation. Aave CEO Stani Kulechov, Tether co-founder Phil Potter, and Privy CEO Henri Stern also participated. Tare plans to develop loan management software on Avalanche to create digital records for loans and automate back-office processes such as record-keeping, payment distribution, and transaction verification, in order to consolidate fragmented private credit workflows and reduce intermediary and operational costs.

Regulatory Developments

7 U.S. Senate Democrats Pledge Bipartisan Push to Pass Clarity Act

Fox Business crypto reporter posted that 7 U.S. Senate Democrats, including Gillibrand, Mark Warner, Ruben Gallego, and Angela Alsobrooks, said they are committed to advancing the Clarity Act through bipartisan efforts. According to three people familiar with the matter, all parties are making preliminary attempts to restart bipartisan negotiations and assess both sides' willingness to return to the table before year-end to push the bill forward.

U.S. House Financial Services Committee Passes American Reserve Modernization Act

The U.S. House Financial Services Committee passed the American Reserve Modernization Act introduced by Representative Nick Begich by a vote of 28-21.

Voices

Paradigm Founder: Zcash Developer Fund Is Very Important, Pure Coin-Weighted Voting May Undermine Long-Term Trust

Paradigm founder Matt Huang posted on X outlining some views on Zcash, saying blockchain ecosystems generally face long-term funding issues, especially public goods financing, and that funding a developer fund through an inflation mechanism is a viable mechanism. He believes that, amid strengthening AI cyberattack capabilities and the rapid development of quantum technology, the Zcash developer fund remains significant.

Matt Huang also said that as Zcash gains acceptance and adoption as a privacy supplement to Bitcoin, governance relying purely on coin-weighted voting may introduce unpredictability and affect its ability to build long-term trust as a monetary asset, making Zcash better suited to combining coin-weighted voting with other governance methods. Matt Huang also disclosed that Paradigm is an investor in ZEC and ZODL.