Day: May 3, 2023

Federal Reserve Raises Interest Rate by 25bps, Insists ‘US Banking System Is Sound and Resilient’ – Bitcoin News

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The U.S. Federal Reserve, in conjunction with the Federal Open Market Committee (FOMC), announced on Wednesday that the central bank would raise the federal funds rate by 25 basis points (bps), as was widely expected by the market. This marks the tenth consecutive occasion in which the Fed has raised interest rates since the initial 25bps increase in March 2022. FOMC Announcement Says ‘Additional Policy Firming May Be Appropriate’ At 2:00 p.m. Eastern Time, the central bank raised the benchmark interest rate citing that economic activity expanded “at a modest…

BRC-20 token standard spurs meme coin frenzy on Bitcoin

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The BRC-20 token standard has ignited a meme coin frenzy on the Bitcoin blockchain. There is a marked increase in meme token volume, market capitalization, and transaction fees. The cryptocurrency world is buzzing with the emergence of the BRC-20 token standard on Bitcoin, primarily driven by the rising prominence of meme coins like Pepe (PEPE) and Memetic (MEME). This standard has been employed to mint more than 8,500 tokens, most of which are meme coins. The…

Bitcoin briefly rallies to $57,000 after a “glitch” on Bitfinex

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On May 2, 2023, bitcoin prices spiked to $57,000 in less than a minute on Bitfinex in an unconfirmed glitch.  Bitcoin’s price spiked due to an unconfirmed glitch Bitcoin’s price rose from  $28,000 to $57,000 in a few seconds on a trading volume of 231 BTC, worth $7m. However, prices swung back to $28,000 on falling trading volumes of just 69 BTC a few seconds later. Bitcoin price on Bitfinex Afterward, coin trading resumed normally; although…

The Fed’s FOMC Raises Fed Funds Rate by 25 Basis Points; Bitcoin Price Flat on the News

The Fed, however, is fighting a two-front war, with its rate hikes possibly having helped expose balance sheet issues at a number of U.S. banks. This past weekend saw the latest in a series of lender failures, with the nation’s 12th-largest bank by assets, First Republic (FRC), requiring a joint rescue by the Federal Deposit Insurance Corporation (FDIC) and JPMorgan (JPM). Source BasisBitcoinFedFedsFlatFOMCFundsNewsPointsPriceRaisesRate CryptoX Portal

Securities token platform launches MPC wallet for institutions

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Securities token platform INX has launched a wallet with compliance features for institutions, according to a May 3 announcement. The new wallet was created in partnership with wallet infrastructure provider BitGo and uses multi-party computation (MPC) technology. Exciting announcement! INX now collaborates with @BitGo to enable institutional #investors to fully and confidently participate in the #security #tokens market and the greater digital economy: ⤵️https://t.co/AbpdS86lYk — INX (@INX_Group) May 3, 2023 INX securities tokens exist on the Ethereum network and follow the ERC-1404 token standard. The standard was created in 2018…

Mashinsky files motion to dismiss NY AG suit, says it ‘parrots misinformation’

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Alex Mashinsky, co-founder and former CEO of bankrupt crypto lending platform Celsius Network, has filed a response to New York Attorney General Letitia James’ suit against him. According to the document, the suit has shortcomings in presenting the facts in the case and its legal argument and should be dismissed. James claims in her suit on behalf of the people of New York state that Mashinsky defrauded over 26,000 New York residents out of billions of dollars, particularly by making false statements about the company’s financial situation. Mashinsky’s response alleges…

BRC20 Token Standard Sparks Frenzy in Bitcoin Community With Market Cap Surpassing $95 Million – Bitcoin News

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As of May 3, 2023, the Bitcoin blockchain has witnessed a staggering 3.35 million Ordinal inscriptions, and a new experimental token standard known as “Bitcoin Request for Comment,” or BRC20, has garnered substantial attention in the past week. With 10,487 BRC20 tokens built using Ordinals and a swelling market capitalization exceeding $95 million, this new development has the crypto world buzzing. Ordinals Protocol Witnesses 3 Million Inscriptions While BRC20 Tokens Drive Bitcoin’s Mempool into Overdrive The Bitcoin community is abuzz with conversations surrounding the BRC20 token standard after its introduction…

US lawmakers introduce bipartisan bill proposing ban on members investing in ‘financial instruments’

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Lawmakers from both sides of the aisle in the United States House of Representatives have backed a bill prohibiting members of Congress and their spouses and dependents from trading or owning certain financial instruments — which could extend to investments in digital assets. In a May 2 announcement, Democratic Representatives Alexandria Ocasio-Cortez (AOC) and Raja Krishnamoorthi, as well as Republican Representatives Brian Fitzpatrick and Matt Gaetz, introduced the Bipartisan Restoring Faith in Government Act. An April 28 draft of the bill proposed amending U.S. laws applying to congressional members to prohibit ownership of…