Day: March 22, 2023

Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step

boss

Ether’s (ETH) price reached $1,400 on March 10, which proved to be a bargain as the cryptocurrency rallied 27.1% until March 21. However, the three reasons that supported the price gain, including correlation with tech stocks, its increasing total value locked and its deflationary token economics, all suggest that the path to $2,000 is set in stone.  There are numerous explanations for Ether’s 19.4% decline over the past six months. Ethereum’s Shanghai hard fork upgrade was delayed from March to early April and after Shanghai, Ethereum’s roadmap includes the “Surge” “Verge,”…

US lawmakers reiterate concerns about ‘sham’ crypto firm audits to PCAOB

boss

United States Senators Elizabeth Warren and Ron Wyden have cited the recent collapse of three major banks to call on the Public Company Accounting Oversight Board to “rein in” audits of crypto firms. In a March 21 letter to Public Company Accounting Oversight Board chair Erica Williams, Warren and Wyden reiterated concerns over “shady audits” of crypto companies the pair raised in January, this time referencing the failures of Silvergate Bank, Silicon Valley Bank, and Signature Bank. The two senators requested Williams respond to questions on whether improper audits and…

Bitcoin price whipsaws as Fed says rate hikes may not be ‘appropriate’

boss

Bitcoin (BTC) saw heavy volatility on March 22 as the United States Federal Reserve hinted that it might stop interest rate hikes. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Powell on rates: “‘May’ and ‘some’ instead of ‘ongoing’” Data from Cointelegraph Markets Pro and TradingView showed sharp moves both up and down for BTC/USD as the Fed hiked by an anticipated 25 basis points. During a press conference, Fed Chair Jerome Powell appeared to play down the ongoing U.S. banking crisis and its aftermath while hinting that the day’s interest rate hike…

Federal Reserve Hikes Rate by 25bps to Keep Inflation at Bay, Aims for 2% Inflation Rate by 2025 – Bitcoin News

boss

Following the fallout over the past two weeks in the U.S. banking industry, the Federal Reserve raised the federal funds rate by 25 basis points (bps) on Wednesday, citing the need for the inflation rate to return to 2% over the long run. Fed Raises Rate Despite Calamity in the U.S. Banking Sector It’s been a rough two weeks for the U.S. economy after the fall of Silvergate Bank, Silicon Valley Bank, and Signature Bank. After these bank failures took place, the Federal Reserve announced the creation of the Bank…

French lawmakers propose ban on crypto influencer promotions

boss

French lawmakers have proposed a ban on the promotion of certain financial products and services by electronic means, including crypto assets, in order to protect consumers from potential risks.  The proposed amendment is to Bill no. 790, aimed at combating scams and excesses by influencers on social networks. The amendment also proposes placing a ban on advertising health products, gambling and video games using similar mechanisms. The proposal reviewed by the Economic Affairs Committee targets commercial influencers who promote financial products and services that present a risk to consumers, such…

SVB collapse chilled NFT trading volumes: Nifty Newsletter, March 15–21

boss

SVB collapse chilled NFT trading volumes: DappRadar The recent collapse of the Silicon Valley Bank (SVB) resulted in dwindling numbers for NFT trading volumes, with traders holding on to their assets amid the banking crisis in the United States. Before the crisis, NFT trading volumes were around $68 million to $74 million. After SVB collapsed on March 10, the trading volume declined, falling to $36 million on March 12. In addition, the daily NFT sales count also dropped by 27.9% between March 9 and 11. Continue reading… Dubai to Abu…

Blockchain messaging is going to replace Telegram and Discord

boss

A new era of messaging applications will soon cross the chasm of Web3 mass adoption. Web3 messaging applications will become an integral part of the blockchain ecosystem, allowing users to communicate with each other and interact with decentralized applications (DApps) and the protocols themselves in a secure, direct, decentralized manner. This editorial will discuss the benefits and challenges of Web3 messaging applications and their impact on the future of communication. Web3 messaging protocols, such as the Extensible Message Transport Protocol (XMTP), are implemented on a decentralized communication network, using a…

US Federal Reserve Increased Interest Rate by 0.25% despite Banking Crisis

Irrespective of its current leanings, the Federal Reserve will implement additional rate hikes to correct the strain that is still being felt in the economy by the average consumer. The United States Federal Reserve through the Open Market Committee (FOMC) has increased its interest rate by 25 basis points (0.25%). The rate hike was as expected and it was implemented despite the recent bank failures that have caused a crisis of confidence in the financial sector. The days leading up to the conclusion of the FOMC policy meeting were filled…