Rates down, prices up? The market remains uncertain.

Every week, Amdax summarizes what’s happening in the crypto market for you. Want to dive deeper? Click on the links in this email for more insights.

This newsletter is a co-production with our partner, Bitcoin Alpha.    

Market update

Stay informed in three steps:

1. Bitcoin shows first signs of strength after weeks of weakness
For the first time since mid-August, bitcoin has set a higher high, pushing above the volume-weighted average price. The bottom may have already been established on September 1 at $107,250, though convincing evidence is still lacking. Investors remain on the lookout for stronger signals of renewed confidence.

2. Fed rate cut could be a double-edged sword
Today, September 17, the Federal Reserve is almost certain to announce a rate cut. That would be supportive in the context of a “soft landing,” but concerning if it signals deeper economic troubles. Powell’s remarks will therefore be at least as important as the rate move itself.

3. Macro backdrop remains supportive for bitcoin and equities
Inflation figures came in better than expected and credit markets continue to show confidence. While the Fed may be running the risk of overstimulating, economic growth remains robust. The outcome: a favorable environment for risk assets, with new all-time highs for bitcoin toward the end of 2025 looking increasingly likely.

News overview

The signal in the noise:

• Vietnam launches five-year crypto pilot under strict conditions. Only domestic firms can operate trading platforms, and all transactions, issuances, and payments must be conducted in Vietnamese dong. Participation requires a minimum of 10 trillion dong (~$380 million), with at least 65% contributed by institutional parties. Foreign shareholders are capped at 49%.
   
• Kazakhstan’s president goes all-in on crypto. President Tokayev has proposed building a strategic crypto reserve through the central bank. In addition, a fully digital “CryptoCity” is planned in Alatau, where residents can pay directly with crypto. Legislation for digital assets is set to be introduced no later than 2026.
   
• Nasdaq seeks to trade tokenized securities alongside traditional equities. The exchange has asked the SEC for approval to list shares and ETFs as on-chain tokens on its main market. If approved, it would mark the first time regulated tokenized securities in the U.S. trade alongside traditional instruments. This breakthrough could take time—launch is possible from Q3 2026.

Amdax take
From Vietnam to Kazakhstan, from Nasdaq to Solana: the trend is clear. Crypto is not developing as a parallel system, but as an integrated part of the existing one. Governments and financial institutions are not rejecting it, but incorporating it—sometimes under strict conditions.

That calls for mature counterparties, with an eye for both regulation and technology. At Amdax, this is exactly the arena in which we operate: building bridges between the old world and the new. The future will not be shaped by anarchy, but by collaboration.