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Crypto Ahmet
Crypto Ahmet
followers

😱💥Fed's meeting minutes have been published. Interesting Data What Will It Impact on Crypto? #US Central Bank policymakers have taken a cautious stance on cutting interest rates too quickly, according to the minutes of their January 30-31 meeting. The majority of officials expressed concern about the potential risks of prematurely loosening monetary policy, stressing the importance of inflation moving steadily towards the Fed's 2% target before making rate adjustments. The minutes indicated that while most participants were cautious about cutting interest rates too quickly, a few pointed out the dangers of maintaining a highly restrictive policy over a long period of time. The consensus among policymakers was that there should be "more confidence" in the Deceleration trend in inflation before considering rate cuts. December January The #Fed kept its benchmark overnight interest rate in the range of 5.25%-5.50%, which has been in effect since July. Officials have agreed to consider rate cuts when they are confident that inflation is on a sustainable downward path towards the 2% target. Fed Chairman Jerome Powell, at a press conference on January 31, effectively dismissed the possibility of a rate cut for the March 19-20 meeting, in line with the cautious tone in the minutes of the meeting. Recent economic data, including employment growth and inflation figures that came in stronger than expectations in January, have not significantly changed the Fed's view that inflation will probably fall over the course of the year. However, these reports did not support the level of confidence that the authorities were looking for in order to loosen the tight monetary policy, which has been effective in combating the highest inflation rates seen since the 1980s. The Fed staff pointed out various risks that could reduce economic activity more than expected, such as "significant" vulnerabilities in the US financial system, including the decline in commercial real estate prices, and the potential for the fight against inflation to take longer than expected. #binance

about 5 hours ago
Cryptoglobe
Cryptoglobe
Jerome Powell Discusses Inflation and Economic Strategy at Post-FOMC Press Conference
21 days ago
Territorio Blockchain
Territorio Blockchain
followers

Pay attention to today, Wednesday, which will be one of the topics to watch, with the statement from the FOMC (Federal Open Market Committee) and the press conference with the president of the Federal Reserve, Jerome Powell Markets will be looking for any clues about the Fed's planned interest rate cuts, how many we might see this year and when they might begin. We have seen in the past that in times of loose monetary policy, cryptoasset prices have performed significantly well. If Wednesday's conference is not to the market's liking, and the Fed signals that it will keep its foot on the brakes for longer, we could see a sell-off. On the contrary, more optimistic language at the press conference could drive crypto assets higher. #FED #Bitcoin #BTC $BTC $ETH

21 days ago
CryptoPotato
CryptoPotato
followers

To crack down on fraudulent activities and safeguard consumer interests, the Federal Communications Commission (FCC) has officially prohibited using artificial intelligence-generated voices in unwarranted robocalls across the United States. This move follows an incident where New Hampshire residents received fabricated voice messages mimicking U.S. President Joe Biden, advising against participation in the state’s primary election. FCC Extends TCPA Protections The ban, implemented under the Telephone Consumer Protection Act (TCPA), represents a step towards curbing the proliferation of robocall scams. FCC Chairwoman Jessica Rosenworcel stated, “Bad actors are using AI-generated voices in unsolicited robocalls to extort vulnerable family members, imitate celebrities, and misinform voters. We’re putting the fraudsters behind these robocalls on notice.” Robocall scams, already outlawed under the TCPA, rely on sophisticated AI technology to mimic voices and deceive unsuspecting recipients. The latest ruling extends the prohibition to cover “voice cloning technology,” effectively stopping an essential tool used by scammers in fraudulent schemes. We’re proud to join in this effort to protect consumers from AI-generated robocalls with a cease-and-desist letter sent to the Texas-based company in question. https://t.co/qFtpf7eR2X https://t.co/ki2hVhH9Fv — The FCC (@FCC) February 7, 2024 The TCPA aims to protect consumers from intrusive communications and “junk calls” by imposing restrictions on telemarketing practices, including using artificial or pre-recorded voice messages. In a statement, the FCC emphasized the potential for such technology to spread misinformation by impersonating authoritative figures. While law enforcement agencies have traditionally targeted the outcomes of fraudulent robocalls, the new ruling empowers them to prosecute offenders solely for using AI to fabricate voices in such communications. Texas Firm Linked to Biden Robocall In a related development, authorities have traced a recent high-profile robocall incident imitating President Joe Biden’s voice back to a Texas-based firm named Life Corporation and an individual identified as Walter Monk. Attorney General Mayes has since sent a warning letter to the company. “Using AI to impersonate the President and lie to voters is beyond unacceptable,” said Mayes. She also emphasized that deceptive practices like this have no place in their democracy and would only further diminish public trust in the electoral process. I stand with 50 attorneys general in pushing back against a company that allegedly used AI to impersonate the President in scam robocalls ahead of the New Hampshire primary. Deceptive practices such as this have no place in our democracy. https://t.co/CqucNaEQGn pic.twitter.com/ql4FQzutdl — AZ Attorney General Kris Mayes (@AZAGMayes) February 8, 2024 Attorney General John Formella has also confirmed that a cease-and-desist letter has been issued to the company, and a criminal investigation is underway. “We are committed to keeping our elections free and fair,” asserted Attorney General Formella during a press conference in Concord, New Hampshire. He condemned the robocall as an attempt to exploit AI technology to undermine the democratic process, vowing to pursue strict legal measures against perpetrators. The robocall, circulated on January 21 to thousands of Democratic voters, urged recipients to abstain from voting in the primary election to preserve their votes for the subsequent November election. The post US Bans AI-Generated Voices Used in Scam Robocalls After Biden Impersonation Frauds appeared first on CryptoPotato.

11 days ago
Cointelegraph
Cointelegraph
followers

Since the end of January, the market has experienced a remarkable U-turn on its interest rate expectations, and that’s no surprise. On Jan. 31, we saw the first United States Federal Open Market Committee (FOMC) meeting of the year and, contrary to expectations, policymakers took a decidedly hawkish stance, all but ruling out the chances of an interest rate cut in March. Then, on the subsequent Friday, U.S. labor data came in far stronger than expected.  Now, 83.5% of market participants expect the Federal Reserve to hold rates at their current level of 5.25%-5.5% in March, according to the CME FedWatch Tool: a remarkable change of heart from just a week ago, when more than half of market participants were convinced that rate cuts were imminent. Indeed, even a May rate cut appears less certain now, with 70% of respondents to a recent CNBC Fed Survey forecasting a cut no earlier than June. With the labor market as strong as it has been, this gradual loss of confidence in a March rate cut is to be expected. The January unemployment report revealed that the U.S. economy added a whopping 353,000 jobs for the month, nearly doubling analysts’ expectations of 185,000. Unemployment is sitting at 3.7%, a multi-year low. And while there’s some anecdotal talk of layoffs, we’re yet to see any meaningful weakness filter through to the broader employment metrics. Related: An Ethereum ETF is coming sooner than you expect In short, the U.S. economy is still going gangbusters, despite interest rates hovering at a 22-year high since July 2023. And so, as clearly stated by Federal Reserve Chairman Jerome Powell during the post-FOMC meeting press conference, the Central Bank will proceed with caution until they are certain that the threat of inflation has receded once and for all. And it appears global markets have accepted this at face value. The S&P 500 index has barely moved since the FOMC meeting, while Bitcoin (BTC) has remained maddeningly stable between $42,000 and $44,000. In fact, we’re getting close to 150 days in a $5,000 BTC trading range. Monthly U.S. unemployment rate. Source: Trading Economics and Bureau of Labor Statistics. But just because the Fed is holding doesn’t mean that the only option open to investors is to HODL as well. Sideways trading markets present the perfect opportunity to explore alternative investment strategies, and there are plenty of those around. For example, crypto structured products could be one potential avenue to explore to maximize returns without taking on excessive additional risk. These vehicles offer enhanced annual percentage yields (APYs), often come with an element of downside protection, and can be suitable for all market conditions, including flat markets. And the good news is that there is a growing choice of these investment vehicles in crypto, whose origins can be traced deep into the history of traditional investing. So what does this U.S. monetary policy outlook mean for both crypto and TradFi markets for the rest of 2024? Unfortunately, those who expected an explosive bull market in the first half of the year will likely be sorely disappointed, because the lack of volatility we’ve seen in the markets this week is a sign of things to come. Indeed, until the Fed finally pulls the trigger on interest rate cuts, we’re unlikely to see the much-anticipated injection of liquidity needed to lift the markets to new highs. Despite the hype around the spot Bitcoin ETF approval and Bitcoin’s upcoming halving in April, it’s likely crypto and TradFi will remain flat as a pancake at least until the second half of 2024. Bitcoin monthly returns since 2013. Source: Coinglass And then, of course, there’s also the tried and tested method of dollar cost averaging. When volatility in crypto is high, many investors try to time market entry points. But it’s worth remembering the old adage: "Time in the market beats timing the market." A wealth of research proves market timing to be, by and large, a losing strategy compared to dollar-cost averaging (DCA), especially for investors with little experience. Related: This is why Bitcoin won’t crash 30% after the ETF decision The beauty of a market that has come to a standstill is that there is no temptation to attempt entry and exit timing. Psychologically, it’s much easier to trickle regular small amounts into a chosen few assets and await a breakout to higher levels. Historical BTC/USD performance after Bitcoin halving. Source: Pantera Capital That is not to say that the only way is up from here. Volatility will likely return in the foreseeable future and, as in previous halving cycles, we may well see another “sell the news” event in crypto following the Bitcoin halving itself, which is now expected around April 18. But this is exactly the reason why choosing a strategy and sticking to it will be more important than ever in 2024.  Previous halving cycles show that it takes between 220 and 240 days for Bitcoin to reach a new all-time high after a halving, which means we may not see the next all-time high until the end of the year. This means nearly 11 months, or 46 weeks of DCA opportunities from here, or perhaps a chance to explore a more sophisticated strategy. When you think of it that way, a flat crypto market may well be a blessing in disguise. Let the Fed navigate the choppy waters of its first interest rate cut decision of the cycle and be positioned well when the bull market gets into full swing. Lucas Kiely is the chief investment officer for Yield App, where he oversees investment portfolio allocations and leads the expansion of a diversified investment product range. He was previously the chief investment officer at Diginex Asset Management, and a senior trader and managing director at Credit Suisse in Hong Kong, where he managed QIS and Structured Derivatives trading. He was also the head of exotic derivatives at UBS in Australia. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

14 days ago
金十数据APP
金十数据APP
followers

The Federal Reserve announced on Thursday that it would keep interest rates unchanged, and Fed Chairman Jerome Powell denied that the Fed would start cutting interest rates in March. The Fed chair also tried to repeatedly emphasize that good economic data is still good news for the Fed and dispel the idea among investors that the Fed will need a period of "bad news is good news" this year before it can continue to cut interest rates. Powell said: "So, I think we're seeing stronger growth and we don't think that's a problem. Right now, we want to see strong growth. We want to see a strong labor market. We don't think the labor market is going to weaken. , and expects inflation to continue to fall as it has over the past six months." The preliminary value of fourth-quarter GDP released last week showed that the U.S. economy grew at an annualized rate of 3.3% in the last three months of 2023. Compared with the fourth quarter of 2022, real GDP increased by 3.1% in the fourth quarter. As of December, the unemployment rate was 3.7%. On the inflation front, the core personal consumption expenditures (PCE) data favored by the Fed increased by 2.9% year-on-year in December, the lowest level since March 2021, approaching the Fed's 2% target. On a six-month annual basis, core PCE was 1.9% in December, already below the Fed's target. Looking at three-month annualized data, core PCE fell to 1.6% last month. The Fed said in a statement that it needed to see "more progress" in inflation before cutting interest rates. During Thursday's press conference, Bowie

20 days ago
CoinDesk
CoinDesk
followers

Federal Reserve chair Jerome Powell tempered expectations of an imminent interest rate cut in March during Wednesday's FOMC press conference. Bitcoin dipped to $42,300, while crypto majors ETH, ADA, DOT fell 3%-4% with Solana's SOL tumbling over 6%. Bitcoin remains in a channel consolidating without clear direction between $42,000 and $44,000, Swissblock said. Cryptocurrencies tumbled lower Wednesday with bitcoin {{BTC}} sliding below $43,000 as Federal Reserve Chair Jerome Powell's hawkish comments cooled hopes about an imminent rate cut. In a universally anticipated move, the Fed left its benchmark fed funds rate range unchanged at 5.25%-5.5% following the first Federal Open Market Committee meeting of the year. Market participants were more keen to monitor clues about when the Fed might start lowering rates, with many observers expecting it to happen as soon as the next meeting in March. "Based on the meeting today," said Powell at his post-meeting press conference, "I don't think it's likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to [cut]." Powell gives a hard shove against a March cut: "I don't think it's likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to [cut], but that's to be seen." — Nick Timiraos (@NickTimiraos) January 31, 2024 Risk assets including cryptos turned sharply lower in the immediate aftermath of that remark. BTC fell to $42,300 from its daily high of $43,700 and was down 2.3% over the past 24 hours. The CoinDesk 20 {{CD20}} index, a broad crypto market benchmark that covers some 90% of the total market value of digital assets, declined nearly 3% during the same time. Other major cryptocurrencies such as ether {{ETH}}, Cardano's ADA, Avalanche's AVAX and Polkadot's DOT dropped 3%-4%, while Solana's SOL lost over 6% during the day buckling below $100. In traditional markets, the Nasdaq tumbled 2.2% and the S&P 500 1.6%. "The market has gotten ahead of itself on the rates side," Alex Krüger, macro analyst and co-founder of Asgard Markets, said in a X post. "Cuts starting in May or June, not March." Indeed, the odds of a March rate cut have been trimmed to a current 34.5% from about 65% prior to today's developments, according to the CME FedWatch Tool. Ruslan Lienkha, chief of markets at Web3 fintech platform YouHodler, said that "any possible hawkish rhetoric about the longer-than-expected time of high rates may trigger a correction in the stock market and as a consequence, capital outflow from risk assets such as bitcoin." However, bitcoin's move to downside could be limited as the largest crypto appears to be consolidating between $44,000 and $42,000 without clear direction, Swissblock analysts said in a Wednesday market report. The $42,000 area and below the $40,000 level could act as key support levels for the price where buyers might step in, the report added.

21 days ago
CoinFea
CoinFea
followers

As the blockchain and cryptomining sectors evolve, there is a growing demand and concern surrounding energy, power generation, and sustainability of cryptocurrency particularly Bitcoin. Topics like net zero, risk assessment, policy, and so on that are starting to emerge. However, new innovators and entrepreneurs have set off to establish new frameworks and inventions to overcome these hurdles.  Out of this, Bitcoin Energy Summit emerged as the hub for bringing together the leading voices in blockchain, energy, and sustainability. Energy and consumption is the center of attention. It revolves around everything we do. From powering our homes to methods of transportation. In recent years, more energy is being used to power monetary systems. As the disruptive industry of cryptocurrency and blockchains paves the way, the idea of mining is introduced as a way to aid the energy sector. The most popular being offsetting emissions or recycling waste. From growing flowers to utilizing offset energy from oil rigs- mining continues to evolve past its old narrative as being “harmful” to the environment. The Bitcoin Energy Summit (BES) is a top-rated global energy conference focusing on energy providers, manufacturers, hosting facilities, and alternative renewable solutions. As we approach 2030, government policies shift toward sustainability as we face climate change issues.  This year’s conference is set to be not only Miami’s, but Florida’s largest Web 3.0 event. Bitcoin Energy Summit registration and sponsorship numbers have been steadily climbing ahead of its April 2024 date. Learn, share, and engage with other like-minded innovators, entrepreneurs, industry titans, and more about blockchain, cryptocurrency, and sustainability. More so, it has announced its first batch of high-profile sponsors and headline speakers. The disruptive event will take place from 22-23 April 2024 at Hilton Downtown Miami Hotel right after the brand New Years. What to expect: – Premium community of crypto whales and industry leaders– More than 200 experts will be giving a speech and analyzing the market from the stage– More than 500 key industry companies featured at the exhibition and promising Startups– Dozens of teams at the Startup Pitch contest – traditionally many of these projects will rise in a few months– Smart networking app to find the one among the thousands– Numerous formats for business networking– The legendary AfterParty at one of the world’s most renowned clubs During the stages of the event, attendees can anticipate market analysis and forecasts from the top crypto exchanges as well as investing strategies from the leading crypto funds. Bitcoin Energy Summit is the premier energy & digital asset conference of the year. Join us in Miami, Florida as we explore in-depth the enterprise level solutions and innovation behind blockchain, energy, cryptomining, sustainability, and more. Be a pioneer. Learn, share, and engage with 4000+ other likeminded innovators, entrepreneurs, investors, and more. Witness firsthand products and services debut by startups and companies for the first time ever. Do not just be a part of history in the making. Be the disruption that comes with change, for the better. Get 20% off your tickets using the promo code link http://www.eventbrite.com/e/724317261427/?discount=COINREPUBLIC Disclaimer: The content within the Sponsored Insights and Press Release category has been provided by our partners and sponsors. The views and opinions expressed in these articles are those of the authors and do not necessarily reflect the official policy or position of our website. While our team takes care to share valuable and reliable content, we do not take responsibility for the accuracy, completeness, or validity of any claims made in these sponsored articles and Press Releases. Readers are encouraged to conduct their own research and due diligence before making any decisions based on the information provided in Sponsored Insights. The post Bitcoin Energy Summit first appeared on Coinfea.

22 days ago
TopCryptoNews
TopCryptoNews
followers

Altcoins are outperforming bitcoin and ether, a sign investor interest is broadening beyond the largest cryptocurrencies. The Fed is likely to keep rates unchanged on Wednesday. Potential dovish hints could bode well for bitcoin, one observer said. The total crypto market capitalization has bounced to $1.74 trillion from $1.61 trillion in a week, with alternative cryptocurrencies (altcoins) like (SOL), (AVAX), and (ICP) spearheading the recovery. According to Velo Data, Solana's SOL has risen 27% to $103, nearly reversing losses seen following the Jan. 11 debut of spot-based bitcoin exchange-traded funds (ETFs) in the U.S. The rally comes amid surging user interest in Solana-based trading aggregator Jupiter, where volumes topped the $500 million mark on Monday, surpassing the activity on industry-leading decentralized exchange Uniswap. AVAX, the native token of Ethereum rival Avalanche, has rallied over 25% in one week, while tokens such as ICP, NEAR, DOT, and XMR have added between 13% and 22%. Bitcoin (BTC), the largest cryptocurrency by market value, has gained nearly 10% to trade above the widely tracked 50-day simple moving average at $42,870. Crossovers above and below that level are said to signal the strengthening of bullish or bearish momentum. Ethereum's native token, ether (ETH), the second-largest coin, has risen just 0.6%. The underperformance likely stems from market makers trading against the direction of the price move, thereby arresting the upside price volatility. "Altcoins' consistent positive performance over the past six days is setting up optimism, setting up bitcoin for a test of $46,000," Alex Kuptsikevich, a senior market analyst at FxPro, said in an email. "The outperformance in major altcoins points to a broadening of participant interest beyond the two largest coins." Kuptsikevich said bitcoin's move above the 50-day average is important, but not yet solid evidence of a bullish trend, and the outperformance of altcoins may be short-lived. "Don't expect sustained demand for smaller altcoins or meme coins this year – it usually happens after a prolonged bull market," Kuptsikevich noted. Focus on Fed The U.S. Federal Reserve will announce its rate decision on Wednesday at 19:00 UTC. Half an hour later, Chairman Jerome Powell will speak at a press conference, explaining the decision and policy path. The central bank is likely to keep the benchmark borrowing cost between 5.25% and 5.5%, with markets now anticipating a first rate cut in May instead of the previously expected March. The focus will be on how fast policymakers intend to unwind the 11-rate-hike streak or the so-called policy tightening that began in March 2022 and peaked in June 2022. "The market is sensitive to the Fed's tone, with a dovish [policy easing] shift potentially boosting risk appetite and directing more capital into Bitcoin and related ETFs," Tagus Capital said in its daily newsletter on Tuesday. $SOL $AVAX #Write2Earn #TradeNTell

22 days ago
İbrahim COŞAR (BİTCOŞAR)
İbrahim COŞAR (BİTCOŞAR)
followers

We have come to the end of another week in the cryptocurrency market. Over the past week, the leading cryptocurrency Bitcoin (BTC) has lost 0.86% in value. BTC started the new week trading at $41,978 The cryptocurrency market is focusing on a number of important events that will occur this week. These developments, which may affect both the crypto world and the general economy, are being followed closely. Here are the important developments that may affect the price movements of Bitcoin and altcoins this week, according to the latest economic data: 🚨 Important Developments This Week 🚨 January 30th, Tuesday: • Superverse (SUPER) will make a significant announcement. A new era begins in Superverse. • Approximately $71 million worth of Optimism (OP) will be unlocked, representing 0.56% of the total supply. • IMF Meetings will commence at 4:00 PM. January 31st, Wednesday: • Ethereum Classic (ETC) will undergo a spiral network upgrade. • The Fed interest rate decision will be announced at 10:00 PM. (Expected to remain unchanged.) • Fed Chairman Powell will hold a press conference at 10:30 PM. February 1st, Thursday: • European Area Annual Inflation Rate (CPI) will be announced at 1:00 PM. (Expected at 2.9%, previously 2.9%.) • Approximately $86 million worth of dYdX (ethDYDX) will be unlocked, representing 6.2% of the total supply. • Turkey's Gross Foreign Exchange Reserves data will be released at 2:30 PM. (Previous was $90.37 billion.) February 2nd, Friday: • US Non-Farm Payrolls data will be released at 4:30 PM. (Expected at 177K, previously 216K.) • US Unemployment Rate will be announced at 4:30 PM. (Expected at 3.7%, previously 3.7%.) • Initial Jobless Claims will be released at 4:30 PM. (Expected at 211K, previously 214K.) • The Federal Reserve's (Fed) balance sheet will be announced at 12:30 AM. (Previous was $7.677 trillion.) These significant events may cause fluctuations in the cryptocurrency market and could impact the value of Bitcoin and other altcoins. Crypto investors and market followers can develop their trading strategies by closely monitoring these developments and shaping their decisions accordingly. Follow us to avoid missing crypto opportunities! #İbrahimCOŞAR   #FatihCOŞAR   #TradeNTell   #KriptocuTrader   #BİTCOŞAR

24 days ago
Cointelegraph
Cointelegraph
followers

Pro-crypto Republican candidate Vivek Ramaswamy has dropped out of the United States presidential election, putting an almost certain end to his nearly year-long campaign. Speaking at a Jan. 16 press conference in Des Moines, Ramaswamy told his followers that he would no longer be running for president, stating: “As of this moment, we are going to suspend this presidential campaign.” “There’s no path for me to be the next president absent things that we don’t want to see happen in this country.” Live from Des Moines, IA | Vivek 2024 Caucus Night Press Conference https://t.co/ykH9wRlSKL — Vivek Ramaswamy (@VivekGRamaswamy) January 16, 2024 "There needs to be an America First candidate in this race,” Ramaswamy added, saying that he would be throwing his weight behind Donald Trump in the upcoming election. "Going forward, he will have my full endorsement for the presidency. We did not achieve the surprise that we wanted to deliver tonight” Ramaswamy emerged on the presidential campaign circuit as a relatively unknown candidate but quickly garnered a following from the crypto community for his outspoken policy proposals concerning Bitcoin and other digital assets. This is a developing story, and further information will be added as it becomes available. Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US

about 1 month ago
BL
Ben Lilly
Not So Fast
2 months ago
CoinDesk
CoinDesk
followers

Happy New Year! The mood in crypto markets has suddenly turned quite bullish with speculation reaching a fever pitch that U.S. regulators will finally approve a spot bitcoin ETF after years of denials. Based on one estimate, some $100 billion of capital might flow into the products. One question might be how many of the incoming investors actually understand the nitty-gritty of how Bitcoin actually works – not just the technical details, but the governance. In today's Network News, we dive into a well-known Bitcon developer's proposal that would have severely curtailed a key source of recent traffic on the blockchain; over the past week the effort was abruptly ended by a maintainer of the open-source Bitcoin Core software project. In this week's feature article, our Sam Kessler kicks the tires on the new "Verify" tool from Fox Corp. (parent of Fox News) and Polygon, the Ethereum scaling project, that supposedly will help to detect deepfakes. This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday. Also please check out our weekly The Protocol podcast. Network news GITHUB REJECTION! While crypto traders, tradfi investors, financial institutions and probably lots of normies and newbies were engaging in the gripping speculation over whether U.S. regulators would approve a spot bitcoin ETF, a struggle over the very soul of the Bitcoin blockchain was taking place on the open-source developer platform GitHub. At the core of the matter was whether data-oriented applications like Ordinals inscriptions – often referred to as "NFTs on Bitcoin" – should be allowed on a network that purists argue should be preserved primarily as a settlement layer for peer-to-peer payments. In September, the longtime Bitcoin developer Luke Dashjr, who sits in the latter camp, created a proposal – technically known as a "pull request" or PR – to put strict limits on the amount of data that could be stuffed into an individual transaction. The proposal quickly touched off an acrimonious debate that went on for months, until several days ago when Ava Chow, a maintainer of the paramount Bitcoin Core software, abruptly closed the PR without taking action. "It's abundantly clear that this PR is controversial and, in its current state, has no hope of reaching a conclusion that is acceptable to everyone," Chow wrote, the last post in the thread. It's possible there could be additional chapters, though, since Dashjr later tweeted, "Spam filtering isn't dead until the spam is dead." ICYMI: We finally got around to reading this report from last month by Galaxy Research's Christine Kim (who by the way is also the former co-author of The Protocol's predecessor newsletter, Valid Points) on why ETH might underperform in the near term. A teaser: "The forthcoming Cancun/Deneb upgrade on Ethereum is expected to reduce fees paid by rollup operators for block space and thus, in the near term, act as a headwind to Ethereum’s fee-derived protocol revenue. Over the long-term, if the blockchain modularity thesis proves correct, then the main network fee drivers for layer-1 blockchains like Ethereum and Celestia will be layer-2 rollup service providers, instead of end-users." ALSO: This week's hack of the SEC's X (Twitter) account to post a fake bitcoin ETF approval was "due to an unidentified individual obtaining control over a phone number associated with the @SECGov account through a third party,” based on a preliminary investigation by the social media-platform. The report also noted that the SEC's account did not have two-factor authentication enabled. Grayscale, purveyor of GBTC bitcoin trust, is standing ground on fees amid ETF price war, though some analysts say tax considerations might keep many investors in the investment vehicle post-conversion. U.S. arrests 'Bitcoin Rodney' alleged HyperVerse crypto scheme promoter, on IRS charges of fraud. (Link) North Korean hacking group Lazarus withdraws $1.2M of bitcoin from unidentified coin mixer. (Link) Mysterious $1.2M bitcoin transaction to Satoshi Nakamoto sparks speculation. (Link) Bitcoin ETF chaos memorialized on blockchain, with nod to Satoshi Nakamoto's "Chancellor on the Brink" Reference. (Link) Protocol Village Highlighting blockchain tech upgrades and developments. 1. Metis, the layer 2 blockchain, in the first official disbursement of their Ecosystem Development Fund (EDF), revealed that DeFi products suite WAGMI will receive a $2 million grant and deployed on Metis on Jan. 8, according to the team: "WAGMI is the latest venture from DeFi magnate Daniele Sesta, and WAGMI will be deploying a decentralized exchange that will allow permissionless pool creation, arbitrage bots that will be a way for market inefficiencies to become users' returns and GMI strategies that allow users to seamlessly interact with concentrated liquidity pools." 2. Parallel Network has officially launched on mainnet and is open to developers, according to the team, claiming to be the first layer-2 network on Arbitrum Orbit to go live. "It is also the first non-custodial omni-chain margin protocol, which allows liquidity to be pooled across multiple chains and makes it immediately available on the Parallel Network." 3. AQUA by JAN3, a Bitcoin and stablecoin wallet headed by former Blockstream Chief Strategy Officer Samson Mow, launched on Jan. 3, according to a press release. Designed for users in Latin America, AQUA claims features that "can also attract die-hard Bitcoin Maximalists, offering them a powerful interface to layer-2 technologies like Lightning and Liquid. By utilizing submarine swaps, AQUA can completely bypass high fee-rate environments, seamlessly moving between Lightning and Liquid. AQUA gives Bitcoiners the ability to batch their Bitcoin transactions in Layer 2 and then swap to mainchain Bitcoin when fees are low." 4. C3.io, a hybrid crypto exchange, announced the launch of public mainnet. The project's "self-custodial approach ensures users control their funds, enhancing security while reducing insolvency risks," according to the team. According to the project documentation: "C3’s on-chain component consists of two smart contract applications, the Cross-collateral Clearing Engine and the Health Calculator, which are deployed on the Algorand blockchain and serve as C3's settlement layer…. To consolidate balances, C3 leverages Wormhole’s cross-chain interoperability protocol to process deposits and withdrawals to and from C3’s on-chain component." 5. Libre, a newly established tokenization platform, is emerging from stealth mode under the leadership of tokenization pioneer Avtar Sehra, constructed using Polygon CDK, the blockchain development kit of the Ethereum-based scaling network. Heavy hitters from the world of institutional cryptocurrency investing like Nomura’s Laser Digital, Brevan Howard’s WebN group and private markets giant Hamilton Lane are foundational partners and the first users, the companies said on Wednesday. See the entire Protocol Village list from this past week here. Money Center Fundraisings Tune.FM, a Web3 music platform, has received $20 million in capital from alternative investment group LDA Capital to advance its goals of helping musicians earning a greater share of royalties from their work. Using Hedera Hashgraph's blockchain technology, Tune.FM provides musicians with a platform to receive micropayments for streaming in its native JAM token (JAM) as well as minting non-fungible tokens (NFTs) for digital music assets and collectibles. Bracket Labs, a provider of leveraged structured products for non-custodial DeFi users, raised $2 million in a pre-seed round led by Binance Labs and NGC Ventures for their "Passage" volatility trading product on the BracketX platform, according to the team. EOS Network Ventures (ENV) "just invested $500K in EZ Swap, a multi-chain NFT DEX protocol and inscription marketplace, during its successful second fundraising round in December 2023, totaling $1 million," according to the team. KuCoin Labs, the investment and incubation program of Seychelles-based crypto exchange KuCoin, has made a strategic investment in DeMR, a "decentralized mixed reality (MR)" infrastructure network (MR-DePIN) built on the Solana blockchain, according to a press release. Ta-da, an AI data marketplace, completed a $3.5M funding round from investors including Morningstar Ventures, the layer-1 blockchain protocol MultiversX, GBV Capital, XVentures, NxGen and Spark Digital Capital, according to the team. Data and Tokens Solana Meme Coins See 80% Price Drop After December Frenzy Dogecoin's 9% Swing Amid Fake Rumor of Mascot's Death Riles Up Crypto Enthusiasts Combined DAO Treasuries Have Topped $30B to Hit All-Time High, per DeepDAO.io Ethereum Gets Flippened by Bitcoin on NFTs Those who have followed the growth of NFTs over the past several years know that the tokens initially exploded as a phenomenon on the Ethereum blockchain. But according to a recent chart from the analysis firm Messari, Bitcoin has now taken the lead in NFT sales volume, with $881 million in December. "This well surpasses any single-month sales volume for Ethereum or Solana in 2023," according to Messari. The driver? Ordinals inscriptions. Calendar Jan. 10-12: Crypto Finance Conference, St. Moritz. Jan. 30: Stellar upgrade for Soroban smart contracts, public network readiness date. Feb. 22-24: Bitcoin++, Buenos Aires. Feb. 23-March 3: EthDenver. April 2024 (estimate): Next Bitcoin halving. April 8-12: Paris Blockchain Week. May 29-31: Consensus, Austin Texas July 25-27: Bitcoin 2024, Nashville. Sept. 30-Oct. 2: Messari Mainnet, New York. Oct. 21-22: Cosmoverse, Dubai. Nov 12-14, 2024: Devcon 7 Southeast Asia, Bangkok Thailand.

about 1 month ago
CoinDesk
CoinDesk
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The Federal Reserve's Federal Open Market Committee (FOMC) is universally expected to hold its benchmark fed funds rate steady at 5.25%-5.50% at the conclusion of its two-day policy meeting on Wednesday afternoon. Traders in both traditional and crypto markets will be focused on the rate decision's accompanying policy statement and Fed Chair Jerome Powell's post-meeting press conference for clues about the future direction of monetary policy. Fed speakers over the past few weeks have suggested the central bank is likely to hike interest rates one more time (timing undecided) before concluding what's been a historic rate hike cycle that's taken the fed funds rate from 0% in March 2022 to the current 5.25%-5.50%. Recent wobbles in financial markets, some softening economic indicators and a new leg higher in geopolitical tensions, however, could give the Fed an opening to back away from the idea of any more rate hikes. Bitcoin's strong October breakout from the $27,000 area has been stalled in the $34,000-$35,000 area for the past week, perhaps awaiting fresh fuel. While any dovish signal from the Fed could provide a push out of that range, few are expecting it. “We still see another U.S. rate increase as unlikely in the current cycle,” Matthew Ryan, head of market strategy at Ebury, told CNBC. "As a compromise, we think that the Fed will stress that rate cuts are not on the cards anytime soon, with easing to begin no sooner than the second half of 2024."

4 months ago

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