Crypto Market Unfazed by Super-Sized Fed Hike

• 3 min read
Crypto Market Unfazed by Super-Sized Fed Hike

THIS WEEK IN CRYPTO

  • The crypto market is largely unmoved after Fed hiked interest rates by 0.75%. Many economists were expecting that increase and the financial markets largely baked that calculation. It seems the crypto market did the same thing, as the total market capitalization across cryptocurrency exchanges barely flinched. It's up 0.17% on the news to $925.79 billion for the digital asset sector, according to CoinMarketCap at the time of writing.

  • House stablecoin bill would put a two-year ban on Terra-like coins. Under the latest version of the bill, it would be illegal to issue or create new “endogenously collateralized stablecoins”. The definition would kick in for stablecoins marketed as being able to be converted, redeemed, or repurchased for a fixed amount of monetary value, and that rely solely on the value of another digital asset from the same creator to maintain their fixed price. Read more here.

  • FTX is in talks to raise up to $1 billion at a valuation of about $32 billion. Negotiations are ongoing and the terms could change, said the sources. Sam Bankman-Fried’s crypto conglomerate FTX is in talks with investors to raise up to $1 billion in new funding that would keep the company’s valuation at roughly $32 billion. Existing investors include Singapore’s Temasek, SoftBank’s Vision Fund 2, and Tiger Global.

  • Nasdaq pushes into crypto with new custodial service. Nasdaq is initially launching custodial services for cryptocurrencies as part of its new business, called “Nasdaq Digital Assets.” The business will also expand Nasdaq’s crypto-native anti-financial crime offerings, and crypto-related index solutions. Nasdaq Digital Assets is still subject to regulatory approval. Read more here.

  • KKR rides the blockchain to expand access to private equity. The fund is essentially a feeder fund that provides exposure to the HCSG II Fund. The tokenization of the fund has nothing to do with the underlying investments. Instead, the blockchain should help improve transparency, lower the minimums, and improve the efficiency of record-keeping, says KKR. Read more here.

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  • Binance and FTX make top bids for bankrupt lender Voyager. The current bid from Binance is about $50 million, slightly higher than the competing bid from FTX, according to people familiar with the matter, but neither bid has been accepted yet. FTX and Binance have emerged among the few winners in the crypto meltdown. Both have managed to increase their share of the trading market.

  • Colorado becomes the first U.S. state to accept crypto tax payments. According to the Denver Gazette, Colorado Governor Jared Polis confirmed this week that the state would accept cryptocurrency payments for all state tax bills. Colorado residents can now choose cryptocurrency as a payment option on the revenue payment web page. Read more here.

  • Polygon could double in value in 2023 because of partnerships. In a recent interview, Polygon co-founder Sandeep Nailwal suggested that other partnerships beyond Starbucks were on the way, including deals with Meta and Disney. Polygon is already part of Disney's Accelerator program for 2022, so this partnership could prove particularly important in creating new Web3 experiences.

  • There is an attempt to make transactions “verified” in the USA considered US transactions. People who don’t disclose if they are on crypto teams will be prosecuted and people who attempt to hide transactions and then cash out on a centralized exchange are going to pay hefty fines. It's the same for people who sent ETH from Coinbase to a wallet and made money on NFTs since all transactions are recorded forever. Read more here.

  • Trading app Robinhood Markets adds USDC to Its crypto lineup. The company added in a tweet the offering will also be available on Wednesday for transfer on Polygon and Ethereum networks. The inclusion of USDC on Robinhood may be a clear signal that the platform is setting its sights abroad where the usage of stablecoins is more popular and useful for investors.

← Ford Starts Its New All-Electric Era
Fed Raises Interest Rates by 0.75 Points for Third Straight Meeting →

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