This Week in Crypto (September 21–28): Bitget Loses $351.6M to a Spoofed Authorization, the Fed Writes the Stablecoin Rulebook, and Bond Yields Hit a Nineteen-Year High While Crypto Rallies Anyway.
Two things happened this week in crypto that are not supposed to happen together. The 10-year Treasury yield broke above 5.1% on September 23, its highest in nineteen years, and bitcoin rallied into it while $2.4 billion of ETF money arrived. Then Thursday supplied the counter-argument: $351.6 million out of Bitget's hot wallets, and no stolen private key anywhere in the story. The Fed proposed the first GENIUS Act stablecoin rules the same afternoon. Here's the week, story by story. The week