Bitcoin Drops Further as Fed Announce 75 BPS Rate Increase
The US Federal Reserve raised the US Federal Funds Rate to 1.5%-to-1.755%. This is an increase of 75 basis point.
Forget Discord, A New Messaging App Launched Specifically for Web3 Communities
Nansen, an analytics platform, aims to challenge Discord’s dominance by offering a new messenger service that allows NFT projects and other services.
Binance Explains What Made it Decide to Suspend Bitcoin Withdrawals
Binance identified “a few minor hardware failures in wallet consolidation” as what caused it to suspend withdrawals. It issued a post-mortem shortly after lifting the bitcoin withdrawal freeze. Binance stated that it fixed the problem and stopped the issue from recurring by changing the logic to only accept successful UTXO transactions from consolidation transactions or successful withdraw transactions.
Celsius Scrambles to Restructure to Keep Above Water and Avoid Insolvency
According to Wall Street Journal reports, the company is hiring restructuring lawyers in response to speculation and rumors surrounding Celsius crypto lending company. Insolvency and restructuring lawyers are one of the first steps in fixing a company’s financial difficulties. It is essentially an attempt to avoid insolvency.
Within a Few Hours A Huge Spike and Another Huge Drop – Celsius Token
CEL, the native cryptocurrency of Celsius’s crypto lending platform Celsius was up to 100% at one point on Tuesday.
Crypto Exchanges from South Korea Work together to Create a Strategy to Stop Another TERRA Like Crash
Five South Korean cryptocurrency exchanges announced that they plan to establish a consultative group to prevent another Terra LUNA-style token crash. It is expected that the organization will achieve its goals by using standards that have been endorsed by crypto exchanges.
Start Using Your NFT’s as Collateral – $25 Million in Loans Given so Far – Arcade
Arcade CEO Gabe Frank explains to Decrypt that “blue chip” NFTs are driving millions in the expanding NFT liquidity market.
Binance US Could be Getting Sued for Promoting LUNA and Unregulated Assets
Plaintiffs claim that the exchange illegally sold unregistered securities, and incorrectly described them “safe” or “fiat-backed.”
Economist From JPMorgan Says The Fed Could Raise Interest Rates by .75 as Markets Sell Off
On Wednesday, the U.S. Federal Reserve will raise its federal funds rate. JPMorgan economist Michael Feroli believes rising inflation will force the Fed to increase it by 75 basis points (bps) during its next meeting. CME Group data last week indicated that 95% of the market expected a 50-bps rate increase in the United States this month. Some expect a Fed that is hawkish, but others believe that the U.S. central banking may be more dovish if markets worsen.
Most Major Bitcoin Exposed Stocks are Tumbling During This Crypto Market
Premarket trading Monday saw Coinbase and MicroStrategy share prices plummet below $24,000, which caused shares of both Coinbase and MicroStrategy to collapse.
