Friday 19 August 2022
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Sean Patterson

Bitcoin spikes above $22.2K as Fed votes for 75-basis-point rate hike

Bitcoin (BTC) charged above $22,000 on July 27 after the United States Federal Reserve enacted another major interest rate hike. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewFed: "Appropriate" to keep hiking after JulyData from Cointelegraph Markets Pro and TradingView showed BTC/USD reacting positively to confirmation that the Federal Open Markets Committee (FOMC) had unanimously voted to hike the Fed funds rate by 75 basis points. "The Committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run," a press release stated. "In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate."Markets had already expected that 75 basis points would be the Fed's next move. Commentators, however, increasingly considered the implications of the central bank's balancing act between taming infla..

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Steven Kokinos shifts to Algorand advisory role as company appoints interim CEO

Blockchain protocol Algorand’s chief executive officer Steven Kokinos has announced he will be leaving his position to focus on projects related to scaling adoption. In a Wednesday Twitter thread, Kokinos said he will be transitioning out of his role as Algorand, where he worked as CEO from October 2018 after leaving software development company Fuze. According to Algorand, Kokinos will stay at the firm as a senior adviser involved in “key projects” until 2023 while former chief operating officer W. Sean Ford will act as interim CEO. "[Kokinos] has been instrumental to the initial success of our business, and we appreciate his commitment to a seamless transition," said Algorand founder Silvio Micali. "Sean is well positioned to partner with me to keep the company operations running business as usual, and to help us transition Algorand to our next phase of growth." The price of Algorand's token (ALGO) did not seem to be affected by the announcement, rising less than 1% in the las..

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Price analysis 7/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

United States equities and cryptocurrency markets are heading into the Federal Reserve’s interest rate decision on July 27 on a positive note. This suggests that the market participants believe the Fed will deliver a 75 basis point rate hike, which is in line with market expectations. Some economists expect the Fed to calm the markets by indicating less aggressive rate hikes in the future. Trading firm QCP Capital said that the market reaction has been positive to all the Federal Open Market Committee meetings this year and they expect the same with the latest one as well. Daily cryptocurrency market performance. Source: Coin360Analysts are divided on the next directional move for Bitcoin (BTC). After the event has passed, some expect Bitcoin to turn down from the current level and drop to a new year-to-date low while others expect the recovery to pick up steam. Do the charts support a relief rally or a further fall? Let’s study the charts of the top-10 cryptocurrencies to find out. B..

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Tether says it holds zero Chinese commercial paper, denies 85% exposure

Major stablecoin issuer Tether has reiterated that the company plans to completely rid itself of commercial paper backing for its U.S.-dollar stablecoin USDT. In a blog post on Wednesday, Tether said it “holds no Chinese commercial paper as of today,” while its total commercial paper exposure has been cut to $3.7 billion from $30 billion one year ago. By late August 2022, Tether said it plans to decrease commercial paper exposure to as low as $200 million, targeting zero commercial paper holdings by the end of October, the statement reads. “Tether continues to ensure that it has a diversified portfolio with limits to exposure on individual issuers or assets. Its reduction in commercial paper is a commitment to its community,” the firm said. The post came in response to the ongoing FUD around Tether, with some reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers. Tether previously denied the reports in mid-June, stating that such ..

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European banking regulator sees ‘major concern’ in retaining staff to handle crypto: Report

The chair of the European Banking Authority, or EBA, a European Union agency that regulates banking activities, has reportedly expressed concern that a dearth of talent experienced in the crypto space could hurt its ability to oversee the market. According to a Wednesday report from the Financial Times, EBA chair José Manuel Campa said that hiring and retaining staff knowledgeable about cryptocurrencies was a “major concern,” given the growing demand for experts in the public and private sectors. Campa suggested that many industry experts could be more drawn to positions paying wages higher than those at the EBA, which were comparable to government jobs in the European Commission. In addition, the chairperson reportedly hinted the EBA may be unprepared for exercising its authority over token offerings and other digital asset products, with many regulators often unable to keep up with a “very dynamic” crypto space. “I don’t know exactly what I would be confronted with in two years,” sai..

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NFT domains platform Unstoppable raises $65M Series A at $1B valuation

On Wednesday, nonfungible token (NFT) domains platform Unstoppable Domains announced that it closed a $65 million Series A funding round at a valuation of $1 billion. Notable investors in the deal include Pantera Capital, Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, CoinGecko, We3 syndicate, Rainfall Capital, Broadhaven, EI Ventures, Hardyaka, Sound Media Ventures, Boost VC and Draper Associates. Unstoppable said it will use the fresh capital to fuel product innovation and grow partnerships in the Web3 space. Unstoppable Domains offers NFT domains, which are suites of smart contracts live on a public blockchain that give users control of their stored data. NFT domains enable users to send or receive crypto and interact with decentralized applications in lieu of their wallet addresses. A one-time, upfront fee is needed to unlock one's domain for life, with no further renewal payments required. Since its inception in 201..

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