Crypto Currents: Navigating the Latest Market Waves
Stay informed with the most critical updates and trends that are currently rocking the world of cryptocurrencies.
Federal Reserve Holds Interest Rates Amid Signs of Economic Slowing
Federal Reserve officials announced on Wednesday that, despite signs of the economy slowing, the Fed is not yet ready to cut its key interest rate. The Federal Open Market Committee (FOMC) maintained rates at their current level of approximately 5.5%. However, the FOMC’s latest statement included language changes that acknowledge growing economic weakness, indicating a potential increased willingness to consider lowering borrowing costs in the future.
U.S. Spot Ethereum ETFs See Mixed Start After One Week of Trading
The launch of U.S. spot Ethereum exchange-traded funds (ETFs) last week saw a contrasting start. While most ETFs experienced net inflows, Grayscale’s converted fund, ETHE, saw significant net outflows.
In the first four days of trading, BlackRock’s ETHA led the way with $442 million in net inflows. Bitwise’s ETHW followed with $265.9 million, and Fidelity’s FETH garnered $219.4 million. Other ETFs, including VanEck’s ETHV, Franklin Templeton’s EZET, Invesco’s QETH, and 21Shares’ CETH, also saw positive net inflows of $35.4 million, $23.3 million, $14.2 million, and $7.5 million, respectively. However, Grayscale’s ETHE witnessed over $1.5 billion in net outflows, leading to a total net outflow of $341.8 million for the combined U.S. spot Ethereum ETFs.
SEC Withdraws Request to Classify Tokens as Securities in Binance Lawsuit
The United States Securities and Exchange Commission (SEC) has taken a notable step back in its legal battle with cryptocurrency exchange Binance by no longer requesting the court to classify certain tokens as securities. Initially, the SEC’s lawsuit against Binance labeled a variety of popular tokens, including BNB (BNB), Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and COTI (COTI) as securities.
Kabosu’s Owner New Shiba Inu, Neiro, Leads to Solana Token Frenzy
Kabosu’s owner recently introduced her new Shiba Inu dog, Neiro, on X, igniting a wave of NEIRO token creations on the Solana blockchain. Two prominent NEIRO tokens quickly emerged, with the most popular initially reaching a $100 million market cap. However, a sell-off ensued as communities debated which token was the true NEIRO.
Neiro’s owner has distanced herself from the controversy, advising users to be cautious and watch out for “token scams.”
29-Year-Old Bitcoiner Kidnapped and Killed in Kyiv
A 29-year-old Bitcoiner was tragically kidnapped and killed in Kyiv, Ukraine, as reported by the Communication Department of the National Police and local sources. Four men, aged 24 to 29, are in custody for allegedly planning the abduction to steal three bitcoins worth approximately $207,000.
The incident occurred around midnight last sunday, with residents in the Solomyansk district hearing screams and witnessing several individuals forcibly putting a man into a car. The police have confirmed that the attack was premeditated.
Russian Lawmakers Legalize Cryptocurrencies for International Settlements
Russian lawmakers have voted to legalize cryptocurrencies for international settlements, aiming to circumvent sanctions imposed by Western countries. According to Reuters, the new law is expected to take effect in September, with the first crypto transactions anticipated before the year ends.
Ethereum Celebrates 9th Birthday
Tuesday, July 30, 2024, marked the ninth birthday of Ethereum, the second-largest blockchain by market capitalization. Co-creator Vitalik Buterin celebrated the milestone on social media platform X, writing, “Happy 9th birthday, Ethereum. Looking forward to seeing what the next decade brings.” Known as “Launch Day”.
Sen. Lummis introduces Bitcoin Strategic Reserve bill in Senate
On July 31, 202 Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, proposing a U.S. government reserve fund for Bitcoin. More specifically, the bill would establish a “decentralized network of secure Bitcoin vaults” under the control of the United States Treasury.
Women in Crypto Industry Earn More Than Men: Survey Shows
A recent survey from Pantera Research Lab reveals a surprising twist in the gender pay narrative within the cryptocurrency industry. The report indicates that women in the crypto sector earn significantly more than their male counterparts, suggesting a progressive shift towards gender equity that contrasts with traditional sectors.
According to the survey, the median annual salary for US-based female employees in the digital currency sector is $172,000, compared to $150,000 for men.
