Tuesday 4 October 2022
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‘Bullish rate hike’ — Why crypto spiked today in the face of bad news

The cryptocurrency markets have been pumping since the announcement of a 75 basis point interest rate hike in the United States, with experts explaining that the markets may have been initially bracing for much worse. On July 27, the price of Bitcoin (BTC) surged around 8% to the mid $22,500 mark following the Federal Open Markets Committee (FOMC) decision to raise interest rates yet again. Many other top crypto assets surged in price as well, with Ether (ETH), Polkadot (DOT) and Polygon (MATIC) all seeing notable double-digit gains over the past 24 hours. Quantum Economics founder and CEO Mati Greenspan on Wednesday jokingly questioned whether this was a “bullish rate hike” on Twitter. Speaking with Cointelegraph, Greenspan noted that investors were clearly expecting worse and suggested this latest bounce is nothing out of the ordinary: “Markets love going up on Fed days, even when their decision is to be tough. Powell is particularly skilled at delivering bad news. Clearly investo..

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Pain ahead for algorithmic and non-cash backed stablecoins — IMF director

The International Monetary Fund’s (IMF) director of capital markets believes there could be further failures of “coin offerings,” including algorithmic stablecoins amid the ongoing crypto winter. In the interview with Yahoo Finance on Wednesday, Tobias Adrian, director of monetary and capital markets for the IMF, stated that there could be further failures of some coin offerings, in particular, algorithmic stablecoins: “We could see further selloffs, both in crypto assets and in risky asset markets, like equities… there could be further failures of some of the coin offerings — in particular, some of the algorithmic stablecoins that have been hit most hard, and there are others that could fail.”The IMF director also noted on Wednesday that he saw “some vulnerabilities” for certain fiat-backed stablecoins, referencing Tether (USDT), which he claims are not “backed one to one” with the United States dollar. Adrian also mentioned that stablecoins need a “global regulatory approach” to be..

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Zuckerberg unfazed about $2.8B metaverse division loss in Q2

Meta’s virtual reality (VR) and metaverse division Reality Labs has posted its seventh straight quarter of losses, but CEO Mark Zuckerberg remains steadfast in investing in the technology, which he calls a “massive opportunity.” During Meta’s Q2 earnings call on Wednesday, Zuckerberg acknowledged that such losses could continue for several more years until VR applications and its metaverse platform are mature enough to tap into the “massive opportunity” worth “hundreds of billions of dollars:” “The Metaverse is a massive opportunity for a number of reasons. I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not, trillions over time.”“This is obviously a very expensive undertaking over the next several years,” Zuckerberg added, “I’m confident that we’re going to be glad that we played an important role in building this.” The extended stretch of operating losses for Reality Labs was revealed in Meta’s Q2 earnings report earlier ..

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FTC files lawsuit against Meta over attempted monopolization of metaverse

The United States Federal Trade Commission, or FTC, has filed a lawsuit against Meta and CEO Mark Zuckerberg in an attempt to stop the social media giant from “its ultimate goal of owning the entire ‘metaverse.’” In a complaint filed in the Northern District of California on Wednesday, the FTC alleged Meta’s and Zuckerberg’s potential acquisition of virtual reality firm Within and its fitness app Supernatural was illegal, according to U.S. antitrust laws, as well as a way for the social media firm to “buy its way to the top” as opposed to “competing on the merits.” The complaint alleged that under Zuckerberg, Meta was “a potential entrant in the virtual reality dedicated fitness app market” with the resources necessary to develop its own app, but instead chose to own Supernatural by purchasing Within. The move would allegedly hinder “future innovation and competitive rivalry” among companies in the United States. “As Meta fully recognizes, network effects on a digital platform can caus..

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