Crypto Friday Roundup

So, what ‘s been happening this week in the Crypto Space:

Fed Announce 0.75% Hike

First, let’s take a look at the general financial news and macro. In a largely anticipated FED announcement after the FOMC meetings on Wednesday and Thursday.

There has been some differences of opinion on the announcement in the crypto space, being bullish, bearish or being burnt, where members of the crypto spaces varied their opinions on whether the FED would raise, lower or keep the rates the same.

For the third time in a row, the U.S. Federal Reserve increased interest rates by 0.75% in an effort to rein in inflation that has reached multi-decade highs. Since the Federal Reserve formally began aiming to conduct monetary policy at the federal funds rate in the late 1980s, three consecutive rate increases of 75 basis points are unprecedented.

The rate increase raises the federal funds rate, the benchmark interest rate set by the central bank, from its current range of 2.25% to 2.5% to a new range of 3.0% to 3.25%, which is its highest level since 2008.

We’ve already seen Bitcoin and Ethereum drop 70% from their all-time highs and altcoins faring far worse…With the total crypto market cap dropping from its all-time high of 3 trillion dollars to below a trillion with more than a 67% drop from the total all-time high.

How do you feel after the latest fed announcements? Bullish, bearish? Are we going to have a crypto winter or is this the usual September in the crypto space and are we going to be enjoying an UPTOBER?

Cardano Upgrade

Next, we are talking blockchain upgrades…

After last week’s Ethereum upgrade, the MERGE taking the Ethereum blockchain from Proof of Work to Proof of Stake, Cardano has been bumped up too…with the Vasil Hardfork.

Vasil is anticipated to create changes to the blockchain that will increase scalability, efficiency, and reduce transaction costs. Despite two delays, co-founder of Cardano Charles Hoskinson claims that the project is still on pace to launch tomorrow.

Yesterday, the Cardano teams successfully triggered the Vasil upgrade on the Cardano mainnet

Tether under the Hammer

Our last story…

Now let’s see the latest news related to crypto regulations…

It’s from Tether and it’s stable coin USDT. A judge has ordered Tether to produce documents showing what is behind the Tether’s stable coin USDT, specifically how USDT is actually backed.

As part of an ongoing lawsuit against Tether, Bitfinex among other companies a few years back. Tether and Bitfinex did have an opportunity to produce some basic evidence, but the argument was the judge’s request was ‘overly broad’’ and very generally.

The specific documents requested are supposed to be under lock and key, sealed under a federal court database. The Coin desk team did request of information from tether under the freedom of information act request to ask what underlying commodities is backing Tether.

Have a great Friday and a lovely weekend and see you guys’ next time!

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