Crypto Friday Roundup

Crypto Friday Roundup
Photo by Obi - @pixel6propix / Unsplash

Friday 26th August 

Federal Reserve chair Jerome Powell said in a speech that was broadcasted live earlier this morning that the inflation battle is not over yet, despite recent increases in prices.

The FED is likely need to continue their ‘restrictive monetary policy’ for some time, Fed Chair Jerome said in his speech: I quote: “Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance,”

As for The Federal Open Market Committee (FOMC) meeting scheduled for 21/21 September and whether the FED will tighten another 50 or 75 basis points, Powell said the decision " “depend on the totality of the incoming data and the evolving outlook.”."

As for what impact Powell’s speech had on the crypto markets and the price of Bitcoin (BTC), nothing much changed, suggesting that the price was probably factored in.

Samsung are looking to launch their own Crypto Exchange for next year.

After the Luna Fiasco and the collapse of UST and LUNA, now known as LUNA Classic, South Korean authorities will be looking to have some tight regulations…But I’m pretty sure a major player Like Samsung will have the clout to do this properly…

Samsung aren’t new to the crypto space; they already manufacture crypto mining chips…But an exchange is a complete different game. Let’s see how that story develops over the next 12 years or so. Whatever the case, I’m sure this will help with mainstream adoption.

Now for some legal news, Coinbase is being sued for $5 million dollar by a retail investor. The retail investor suing on the basis that Coinbase suddenly stops working when the markets fluctuate like crazy…Now this isn’t anything new…Most of us in the crypto space have experienced the same on Coinbase with the exchange just ‘conveniently’ become glitchy on volatile days…I know it happens, you know it happens…What I would do? Use multiple exchanges….and take more responsibility rather than relying on suing Coinbase. I understand what the retail investor is coming from and wouldn’t like to be in your position but try covering all your bases.

As for other lawsuits, finally we come on to what’s been happening on Crypto Twitter: Ben Armstrong aka Bitcoin boy filled a lawsuit against Atozy for a video Aka as Atozy made 9 months ago: titled “This YouTuber Scams his Fans…. Bitboy Crypto” The video was about Bitboy shilling some project called PAMP. So PAMP was apparently shilled Bitboy and after the video the project tanked to zero. Bitboy Crypo wanted to sue Atozy $75k for damages.

Anyway, the drama didn’t stop Atozy, followed up in spectacular fashion creating a go-fund-me campaign and asking for donations to fund his defence….What did he raise? $184, 000…Significantly more than Bitboy was intended to sue him for with Atozy promising all leftover funds donated to Coin-center.

But you know what happened next? Yesterday Bitboy crypto dropped his lawsuit and apologised it became public. Never a dull moment in crypto twitter!

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