Happy Wednesday!

In today’s Daily, Bitget and Foresight Ventures invest $30 million in TON blockchain, CME futures traders are poised for bitcoin volatility ahead of the Fed’s interest rate decision, Google Cloud rolls out an Ethereum RPC service and more.

Bitget, Foresight Ventures invest $30 million in TON blockchain

Crypto exchange Bitget and Foresight Ventures announced a $30 million strategic investment in The Open Network (TON) blockchain on Wednesday.

• The investment aims to support Telegram-based projects, focusing on tap-to-earn games like Hamster Kombat and Notcoin, allocated through the acquisition of TON coins.
• Telegram and the TON blockchain operate independently but collaborate closely to support ecosystem growth.
• Telegram clicker games have attracted millions of users recently with promises of earning crypto tokens on the TON blockchain via airdrop rewards.
• “The surge of the TON ecosystem represents the biggest growth opportunity in the cryptocurrency market this year,” said Foresight Ventures co-founder and CEO Forest Bai.
• Bitget and Foresight also plan to enhance their involvement in TON blockchain governance and future development.

CME futures traders increase bitcoin short positions ahead of Fed rate decision

CME bitcoin futures traders have increased their short positions, signaling market caution ahead of a key Federal Open Market Committee meeting on Wednesday, according to K33 Research analysts.

• The FOMC is expected to announce its latest interest rate decision at 2 p.m. ET, with traders predicting a 55% likelihood of a 50 basis-point cut and a 45% probability for a 25 basis-point cut, marking the first reduction in the benchmark rate since 2020.
• The analysts noted that while interest rate cuts could improve liquidity for risk assets, concerns over a potential economic slowdown persist.
• Meanwhile, SkyBridge Capital founder Anthony Scaramucci predicts that rate cuts combined with favorable crypto regulations could drive bitcoin to new all-time highs, possibly reaching $100,000 by year-end.

Google Cloud releases Ethereum-compatible RPC service

Google Cloud has launched an Ethereum-compatible remote procedure call service, enabling developers to access blockchain data and functionality via API calls.

• The “Blockchain RPC” service supports both the Ethereum mainnet and its test networks, with plans for expansion to additional blockchains next year.
• It will compete with existing providers like Infura, Alchemy, Ankr, and QuickNode that allow developers to interact with the blockchain without running a full node.
• Google Cloud already provides node hosting and data analytics for several blockchains, including Ethereum, Solana, and Aptos.

Monerium rolls out first euro-backed stablecoin on Cosmos via Noble

MiCA-compliant fintech firm Monerium has launched EURe on the Noble blockchain, making it the first euro-backed native stablecoin within the Cosmos ecosystem.

• EURe is backed by euro-denominated deposits and integrated with the SEPA framework for instant transfers between on-chain and custodial bank accounts.
• Monerium provides a unique IBAN linked to each user’s self-custodial Noble address to facilitate these transfers.
• Noble also serves as the native asset issuance network for Circle’s USDC stablecoin in the Cosmos ecosystem and has facilitated over $3 billion in transfer volume.

‘It’s cool to hate Ethereum right now. I bet this ends up looking silly,’ Bitwise CIO says

“No one likes Ethereum right now,” according to Bitwise CIO Matt Hougan, noting the ETH/BTC ratio recently hitting its lowest in three years below 0.04 amid election risks, mixed ETF results, and rising competition.

• ETH is trading flat for the year, up less than 1% in 2024, while BTC and SOL have gained 41% and 26%, respectively.
• Despite challenges, the “Microsoft of blockchains” offers a contrarian bet into year-end amid potential post-election regulatory clarity, given its dominance in stablecoins, DeFi, NFTs, and tokenization of real-world assets, Hougan stated.

In the next 24 hours

• The Bank of England’s latest interest rate decision is due at 7 a.m. ET on Thursday. U.S. jobless claims data follow at 8:30 a.m.
• TOKEN2049 concludes in Singapore.

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