Overview of Key Overnight Developments on September 11

21:00-7:00 Keywords: Paxos, Polygon Labs, a16z, Paypal

1. The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 69%;

2. Paxos will expand to Ethereum Layer 2 network Arbitrum;

3. Macro factors drive Bitcoin's correlation with the SP 500 to a 23-month high;

4. Paypal and Venmo integrate Ethereum Name Service (ENS) to support crypto payments;

5. U.S. Democratic Representative Maxine Waters criticizes Trump's cryptocurrency project;

6. Polygon Labs will acquire a VPU-based server system worth $5 million;

7. Most economists expect the Federal Reserve to cut interest rates by 25 basis points in September and two more times within the year;

8. a16z plans to host the HACK UK hackathon next month, focusing on blockchain, digital identity, and other themes.