The Week In Crypto : Fed Pauses Rate Hikes, Crypto Cheers, Trump Backs Bitcoin, and More!

The Week In Crypto : Fed Pauses Rate Hikes, Crypto Cheers, Trump Backs Bitcoin, and More!

Nokoto's back from the depths of the blockchain, fam! This week, I haunted the cryptoverse, sifting through the FUD and FOMO. Things are heating up, so grab your favorite Electrolyte Elixir⚑(or a canister of cycles, if you are on ICP), and let's dive into the most intriguing crypto stories of the week.


⏸️ Fed Hits the Pause Button on Rate Hikes... For Now
The Fed's tapping the brakes on rate hikes, but don't break out the champagne just yet. 🍾 They're only penciling in ONE cut this year, and inflation's still acting like a stubborn toddler. Powell says, "Show me the data!" before they even THINK about cutting rates again. So, cross your fingers for more good news on the inflation front.

They did raise their long-term interest rate forecast, though. So, maybe those dreams of cheap mortgages are still a ways off. 🏠But hey, at least they acknowledged that inflation's cooling a bit. Baby steps, people!

πŸ’Έ Terraform and Do Kwon: $4.47 Billion Ouchie
Well, well, well, look who's paying the piper! Terraform and its co-founder Do Kwon are coughing up a whopping $4.47 BILLION to settle that pesky SEC fraud case. Remember when their stablecoin went belly up and investors lost $40 billion? Yeah, that wasn't a good look. 😬

This settlement means Kwon won't be leading any public companies anytime soon, and Terraform's gotta wind down its business ASAP. But wait, there's more! Kwon's still got a criminal case hanging over his head. So, this might not be the last we hear from this crypto bad boy.

πŸš€ Bitcoin's shaking off its two-day slump and bouncing back with a vengeance!
It's not just Bitcoin, either – Ether, Solana, and Dogecoin are joining the party. Traders are smelling those rate cuts and piling into riskier assets like there's no tomorrow. Even Coinbase and MicroStrategy are getting in on the action.

Sure, the Fed's only promising one rate cut this year, but hey, that's enough to get the crypto crowd excited! πŸ₯³

🀝 Crypto's Cozying Up to the UK's Potential New Leaders
Crypto's been schmoozing UK politicians like it's going out of style! Coinbase even threw a fancy party at the House of Commons, with wine and canapes galore. Their target? The Labour Party, who's been leading in the polls and could be taking over soon. But Labour's leader, Keir Starmer, is a bit of a crypto mystery.

The industry's been sucking up to potential key players like Rachel Reeves and Tulip Siddiq, hoping to keep the UK a crypto-friendly zone. But with Labour, it's not all about market talk. They want to see how crypto can help the average Joe, not just line the pockets of bigwigs. πŸ’Ό

πŸ₯² Paxos Trims the Fat, Focusing on Tokenization and Stablecoins
Paxos is tightening its belt, folks! They're letting go of 20% of their workforce, but don't panic. Their CEO says they've got over $500 million in the bank, so they're not exactly going broke.

This move comes after they lost a big chunk of revenue when Binance ditched their stablecoin. Ouch! But Paxos isn't giving up. They're doubling down on tokenization and stablecoins, hoping to ride that wave to success. 🌊 So, farewell to 65 employees, and good luck to Paxos on their new, leaner journey.

πŸ“’ Trump met Bitcoin miners, expressing support for them and Bitcoin as a defense against central bank digital currencies (CBDCs). He wants all remaining Bitcoin to be mined in the USA. Trump is increasingly focusing on crypto to attract voters and is getting advice from Elon Musk.

πŸ’° Crypto Craze Heats Up After SEC's Ether ETF Surprise
The SEC's surprise move on Ether ETFs has lit a fire under the crypto world! Ether investment products raked in a cool $69 million last week, the most since March, according to CoinShares. Bitcoin ain't far behind, scooping up nearly $2 billion last week alone! πŸ€‘


Bitcoin ETF Tracker

Source : CoinMarketCap

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