![Speed Launches USDT-L, Tether's First Iteration on Top of Bitcoin's Lightning Network](https://static.news.bitcoin.com/wp-content/uploads/2024/08/143a04f9-7363-4afe-9fe6-86456b219767.jpg)

**Speed**, the innovative company behind the **Speed Wallet**, has officially **launched USDT-L**, marking Tether's first iteration on **Bitcoin’s Lightning Network (LN)**. This **wrapped token** harnesses the power of the recently introduced **“taproot assets” protocol** by Lightning Labs, aiming to integrate the advantages of LN with stablecoin assets.

In a recent blog post, Speed expressed its goal to **enhance the utility and adoption** of both technologies, offering users a **stable-value option** for **quick and low-cost transactions**. One of the standout features of USDT-L is its **privacy benefits** compared to traditional USDT on other L1 chains. Transactions conducted with USDT-L occur **off-chain**, ensuring that payment routing is **obfuscated** and requires **limited information disclosure** for each transaction, enhancing user privacy significantly.

**Image Credits**: Shutterstock, Pixabay, Wiki Commons

Speed launched USDT-L, the first iteration of Tether, the largest stablecoin on the crypto market, on top of Bitcoin's Lightning Network.

Revolutionizing Transactions: Tether's USDT-L Launches on Bitcoin's Lightning Network

### Bitcoin's Recent Rally

Bitcoin has seen a significant increase, driven by **optimism about a potential reduction in borrowing costs by the Federal Reserve**. This rise has led to a greater demand for speculative assets, with Bitcoin trading near **$60,000** as of 8:50 a.m. in Singapore on Wednesday. The cryptocurrency climbed as much as **6.4%** on Tuesday, marking its most substantial intraday gain since August 8, reaching over **$61,000** during US hours.

### Market Sentiment

Current market conditions suggest that there is about a **55% chance** that Fed policymakers will announce a **50-basis-point rate reduction**. Traders have already priced in a quarter-point easing. 

### Influential Factors

According to **Shiliang Tang**, president of Arbelos Markets, the **increasing correlation** between cryptocurrency and traditional markets is contributing to Bitcoin's price surge. Additionally, **MicroStrategy Inc.** recently announced plans to sell convertible notes to purchase more Bitcoin, further fueling optimism.

### Trading Dynamics

Despite the excitement, Bitcoin has been trading within a relatively narrow range since hitting a record high of nearly **$74,000** in March. **Stephane Ouellette**, co-founder and CEO of FRNT Financial, noted that the market remains relatively thin, meaning that small changes can lead to significant price movements. 

![Bitcoin Price Chart](https://example.com/bitcoin-price-chart.jpg)  

*Note: This image is for illustrative purposes.*

(Bloomberg) -- Bitcoin pared a rally that was spurred by expectations of a reduction in borrowing costs by the Federal Reserve leading to greater demand for speculative assets. Most Read from BloombergCalifornia’s Anti-Speeding Bill Can Be a Traffic Safety BreakthroughPipe Fire Near Houston Forces Residents to EvacuateLondon Mayor Plans to Pedestrianize Busy Oxford StreetTo Build a Happier City, Design for DensityAn Artist Reimagines the Spaces of Childhood, With Thorny ResultsThe largest digita

Bitcoin Surges: Is the Fed Rate Cut Driving a New Bull Run?

### Hong Kong's Cryptocurrency Surge

Hong Kong has made significant strides in the **Global Cryptocurrency Adoption Index**, climbing to **30th place** from **47th** last year, according to a recent report by **Chainalysis**. This remarkable leap is highlighted by an **85.6% year-on-year increase** in cryptocurrency transaction value, marking the **largest growth** in **East Asia**.

### Regulatory Impact

The report attributes this growth to Hong Kong regulators' **acceptance of cryptocurrencies** and their **decisiveness** in establishing a comprehensive **regulatory framework** that has fostered **institutional adoption**. The index evaluates activity across various cryptocurrency services, including both **centralized exchanges** and **decentralized protocols**.

### Regional Comparison

While Hong Kong is on the rise, **South Korea** still leads the region with the highest cryptocurrency transaction value. The Chainalysis report positions Hong Kong as the **second-largest** crypto market in East Asia, with **mainland China** following closely in fifth place.

![Cryptocurrency ATMs in Hong Kong](https://img.i-scmp.com/cdn-cgi/image/fit=contain,width=1024,format=auto/sites/default/files/d8/images/canvas/2024/09/17/262693ed-fd86-434a-9e6a-ecb46ca53779_34f54c2a.jpg)
*Cryptocurrency automated teller machines, operated by Coinhero, seen in Hong Kong on August 5, 2024. Photo: Bloomberg*

### Conclusion

These rankings underscore how **regulatory clarity** in Hong Kong has not only made the virtual-asset market more attractive but has also helped mitigate risks for **retail investors**.

The city rose to 30th place, up from the No 47 spot last year, in this year’s Global Cryptocurrency Adoption Index rankings by Chainalysis.

Hong Kong Rises to 30th in Global Cryptocurrency Adoption: A Surge in Activity

## El Salvador's Financial Strategy

In a bold statement, **President Nayib Bukele** announced that **El Salvador** will **self-finance** its budget for the year **2025** and will not issue any debt, declaring, "we won't issue even a cent" of debt. This approach marks a significant shift in the country's financial strategy, which has been under scrutiny since its adoption of **Bitcoin** as legal tender.

### Background

El Salvador has been in the spotlight since it became the first country to adopt Bitcoin as a legal currency in **September 2021**. This decision aimed to promote financial inclusion and stimulate the economy, but it has also faced criticisms and concerns about potential risks.

### Key Points from Bukele's Announcement

- **Self-Financing:** Bukele emphasized that the country will utilize its own resources to meet budgetary needs, avoiding reliance on external debt.
- **Economic Independence:** This move is seen as a step towards greater economic independence for El Salvador, particularly in the context of its previous financial struggles.
- **Confidence in Bitcoin:** Bukele's administration continues to express confidence in the long-term viability of Bitcoin, suggesting it will play a crucial role in the country’s economic future.

### Implications

This announcement could have significant implications for El Salvador's economy and its relationship with international financial institutions. By choosing not to issue debt, the government aims to showcase its commitment to fiscal responsibility and economic stability, potentially attracting more investment into the country.

![El Salvador's Bitcoin Initiative](https://news.bitcoin.com/images/uploads/stake-com/header-mob-2.gif)  

As the situation develops, many are watching closely to see how this strategy unfolds and impacts the nation's financial landscape.

El Salvador's Bold Move: Self-Financing the 2025 Budget Without Debt!

### David Letterman Misses Jury Duty for Cryptocurrency Fraud Case

“**Juror 16**,” aka comedian **David Letterman**, was unexpectedly **rejected** as a juror in a federal criminal trial without any explanation from the prosecutor. 

Judge **P. Kevin Castel** questioned the former late-night talk show host during the jury selection process in **Manhattan federal court** on Monday, where Letterman was considered for a **cryptocurrency fraud case**.

Letterman initially feigned living in **Hartford**, which would have disqualified him from serving. However, Judge Castel quickly pointed out that he had also overlooked **Queens**, another jurisdiction that would have excluded him from consideration.

In a humorous exchange, Letterman mentioned he earns his living through a company called **Netflix**, referencing his talk show, **“My Next Guest Needs No Introduction.”** When asked about his history with jury duty, he remarked, “**Been called many times. Just couldn’t make it happen.**”

This isn’t Letterman’s first brush with jury duty; in **2000**, he tried to secure a spot as an alternate juror in a car-accident case but ultimately did not make the cut due to timing issues.

Legal experts expressed concerns regarding Letterman’s celebrity status, suggesting that it could distract the jury. “**You want people paying attention to the witnesses, not a fellow juror,**” explained attorney **Philip French**.

As he made his way to court, Letterman greeted fans and passersby, leaving a memorable impression on those who encountered him. One dog walker, **Jim Kontnier**, shared, “I saw him approaching and thought, ‘Why do I know this person?’” 

![David Letterman reports to jury duty at Manhattan Federal court](https://i0.wp.com/www.nydailynews.com/wp-content/uploads/2024/09/TNY-Letterman-Williams-8487.jpg?fit=620%2C9999px&ssl=1)
*Barry Williams for New York Daily News*  
David Letterman reports to jury duty at Manhattan Federal court Tuesday.

“Juror 16,” aka comedian David Letterman, was rejected with no explanation by a prosecutor in a federal criminal trial.

David Letterman: The Comedian Who Couldn't Serve on a Cryptocurrency Jury

### Bitcoin Breaks the $60,000 Barrier

Bitcoin **reclaimed the $60,000 mark** on Tuesday as investors eagerly awaited details on the **Federal Reserve's rate cutting plans**. The flagship cryptocurrency saw a **4.3% increase**, reaching **$60,394.41** at one point, even climbing as high as **$61,335.83**.

This upward momentum began on Monday night when former President **Donald Trump** announced his new crypto venture, **World Financial Liberty Coin**.

### Fed's Policy Meeting

Bitcoin's rise coincided with the **Federal Reserve's two-day policy meeting**, where a **rate cut** is widely anticipated for the first time in four years. Such a move could potentially boost risk assets, including bitcoin.

Philipp Pieper, co-founder of **Swarm Markets**, commented, "Bitcoin is likely to react to the news of a Fed rate cut with some retrenchment as the short-term market dynamics filter out. However, the longer-term implications of easing monetary conditions lend themselves to a **fresh bull cycle for bitcoin**, ether, and the rest of the market."

Historically, bitcoin has shown correlations with major tech indices like the **Nasdaq**, often moving in line with monetary conditions as investors seek yield in lower-rate environments.

### Market Expectations

The market remains divided on the Fed's potential rate cut, with traders estimating a **63% chance of a 50 basis point reduction**. Bitcoin has fluctuated between **$55,000 and $70,000** this year, with investors anticipating factors such as **Fed rate cuts**, the growth of **bitcoin ETFs**, and the upcoming **U.S. presidential election** to influence the crypto market.

Bitcoin reclaimed $60,000 on Tuesday as investors awaited details on the Federal Reserve's rate cutting plans.

Bitcoin Surges Past $60,000: What the Fed's Rate Decision Means for Investors

Wall Street witnessed a **slightly positive session** on Tuesday, driven by **investor optimism** as the Federal Open Market Committee (FOMC) commenced its two-day meeting, anticipated to announce the **first interest rate cut in over four years** on Wednesday.

The **Russell 2000 index** shone brightly, **surging 1.3%**, aiming for its highest close since early August, and outperforming larger-cap indices. **Solar, clean energy, and regional banks** led the charge, with traders eyeing sectors likely to benefit from lower interest rates.

On the macroeconomic front, **August retail sales** surprised on the upside, registering a **0.1% month-over-month increase**, contrary to the expected **0.2% decline**. This unexpected boost slightly reduced the likelihood of a more aggressive **50-basis-point rate cut**, with market-implied probabilities slipping from **67% to 63%**.

**Short-dated Treasury yields** rose as expectations for a substantial rate cut moderated, while the **US dollar strengthened**, gaining **0.2%**. In commodities, **gold retreated 0.7%** from Monday’s record close, while **oil prices increased by 1.3%** amid escalating geopolitical tensions in the Middle East.

Reports of a **coordinated attack in Lebanon** have surfaced, leading to numerous casualties among **Hezbollah militants**. Additionally, Iran’s ambassador to Lebanon was reportedly injured, although the official responsibility for the attack remains unclaimed.

In the cryptocurrency market, **Bitcoin (BTC/USD)** jumped over **4%**, buoyed by positive **ETF inflows**, signaling renewed investor interest in the digital asset space as interest rates shift.

### Tuesday’s Performance In Major US Indices, ETFs

| Major Indices                        | Price      | 1-day %chg |
|--------------------------------------|------------|-------------|
| Russell 2000                         | 2,220.44   | 1.3%        |
| S&P 500                             | 5,642.79   | 0.2%        |
| Nasdaq 100                          | 19,441.83  | 0.1%        |
| Dow Jones                           | 41,636.05  | 0.0%        |

*Updated at 12:38 p.m. ET*

According to **Benzinga Pro**:
- The **SPDR S&P 500 ETF Trust (SPY)** was **0.1% higher** at **$563.44**.
- The **SPDR Dow Jones Industrial Average (DIA)** inched **0.1% up** to **$417.61**.
- The tech-heavy **Invesco QQQ Trust Series (QQQ)** also rose **0.1%** to **$473.60**.
- The **iShares Russell 2000 ETF (IWM)** climbed **1.2%** to **$220.28**.
- The **Energy Select Sector SPDR Fund (XLE)** outperformed, up **1.2%**, while the **Health Care Select Sector SPDR Fund (XLV)** lagged, down **0.9%**.

### Tuesday’s Stock Movers
- **Moderna Inc. (MRNA)** surged over **6%** after receiving approval from Health Canada for its updated COVID-19 vaccine.
- **GE Vernova Inc. (GEV)** climbed **3.5%** following an upgrade from Bank of America.
- **Hewlett Packard Enterprise Co (HPE)** advanced nearly **5%** after a similar upgrade from Bank of America.

*Image created using artificial intelligence MidJourney.*

Wall Street experienced a slightly positive session Tuesday, supported by investor optimism as the Federal Open Market Committee (FOMC) kicked off its two-day meeting, expected to deliver the first interest rate cut in over four year

Bitcoin Surges Over 4% Amid Fed Rate Cut Speculation and Strong Retail Sales

### Enerfore's Appeal Granted

The **Williams County Commission** convened on Tuesday morning and granted an appeal to **Enerfore Digital**. This decision allows the company to temporarily bypass a **noise setback zoning ordinance** requirement. The aim is to conduct a **noise survey** for their proposed **Pleasant Valley Data Center** in **Dry Forks Township**.

### Background on the Proposal

Representatives from Enerfore discussed the proposed **Bitcoin mining data center** with the commission. In **July**, they had previously engaged with **Interstate Engineering** regarding the construction plans. However, it was found that the proposed site did not comply with the setback requirements due to the proximity of three “sensitive” properties, all of which are residential homes, within a **one-mile boundary**.

### Next Steps for Enerfore

By appealing the setback decision, Enerfore aims to conduct necessary **noise studies** to ascertain whether the nearby properties would experience disturbances from the data center operations. Should the findings indicate minimal impact, Enerfore will proceed by submitting a **Conditional Use Permit** and a **variance application** to continue their project plans.

WILLISTON — The Williams County Commission met Tuesday morning and approved an appeal by Enerfore Digital to temporarily bypass a noise setback zoning ordinance requirement in order to conduct a

Revolutionizing Transactions: Tether's USDT-L Launches on Bitcoin's Lightning Network

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David Letterman: The Comedian Who Couldn't Serve on a Cryptocurrency Jury

Bitcoin Surges Past $60,000: What the Fed's Rate Decision Means for Investors

Bitcoin Surges Over 4% Amid Fed Rate Cut Speculation and Strong Retail Sales

Enerfore's Bitcoin Mining Data Center Gains Approval Amid Noise Concerns