Crypto Highlights of the Day: Key Market Updates

Solana has unveiled its Seeker smartphone, the second iteration of its crypto-integrated mobile devices and US lawmakers debate SEC overstepping in a heated exchange. Meanwhile, the co-founder of the BitMEX exchange told an audience on Token2039 in Singapore that he is banking on a short-term market crash if interest rates are cut.

Solana unveils new Seeker device: not just a ‘memecoin phone’

Solana has revealed its newest smartphone dubbed “Seeker.” The device is half the cost of its predecessor, the Saga, and according to the team, it’s more than just a “memecoin phone.”

Seeker’s predecessor, a smartphone called Saga was criticized last year over its technical capabilities compared to devices like the iPhone or the Google Pixel. 

Hollyer says Seeker will have a higher-quality screen, better cameras, and an upgraded battery, making it “lighter, brighter, and better” than Saga.

The phone will also come with financial incentives for users as well, but the team doesn’t want users to think it’s just a phone for free tokens.

“Seeker, just like Saga, will be a rewards magnet, but also, it’s a huge opportunity for teams to build totally new experiences,” Solana Labs general manager Emmett Hollyer, told Cointelegraph, adding that the new device would feature an upgraded decentralized app (DApp) store and improved hardware as well.

“It’s not the memecoin phone. It’s going to enable all of the great use cases on the network, whether that is memecoins or DeFi or payments or games.”

Hollyer believes an open and unrestricted DApp store will allow developers to quickly launch and deploy new applications to Seeker users to better capture emerging narratives and use cases. 

US lawmakers want SEC clarity on crypto

US Republican lawmaker French Hill said SEC enforcement abuse makes it “harder for legitimate actors trying to follow the rules” in a scathing statement given during a hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion on Sept. 18. 

The hearing, dubbed by lawmakers as “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” featured testimony from a litany of congressional figures on both sides of the US political spectrum, with at least one democrat siding with republicans on the issue.

Arthur Hayes predicts short-term market crash on rate cuts: Token2049
As investors anticipate the first rate cut by the United States Federal Reserve in four years, BitMEX co-founder Arthur Hayes has shared his perspective on how these potential cuts could affect the cryptocurrency market.

Hayes delivered the keynote speech at Token2049 in Singapore on Sept. 18, “Thoughts on Macroeconomics Current Events.”

He addressed holding 5%-yielding Treasury Bills (T-bills) versus investing in cryptocurrencies in the context of potential market changes arising from the Fed’s rate cut decision that is expected to finally come out on Sept. 18.

Before discussing the crypto implications behind potential rate cuts, Hayes slammed the Fed for considering cutting rates amid growing US dollar issuance and increased government spending.

“I think that the Fed is making a colossal mistake cutting rates at a time when the US government is printing and spending as much money as they ever have in peacetime,” the entrepreneur opined, adding:

“While I think a lot of people are looking forward to a rate cut, meaning that they think the stock market and other things are going to pump up the jam, I think the markets are going to collapse a few days after the Fed’s rates.”

According to Hayes, the potential rate cut — which he expects to stand at 75 or 50 basis points — will likely drive a market drop because it will “narrow the interest rate differential between the US dollar and the Japanese yen.”

“We saw what happened a few weeks ago when the yen went from 162 to about 142, over about 14 days of trading that caused almost a mini financial collapse,” the former BitMEX exec said, adding: “We’re going to see a revisit of that financial stress.”

Source - https://cointelegraph.com/news/ethereums-value-accretion-narrative-under-duress-after-19-drop-in-eth-dapp-volumes