Good Mornin!! Le'ts get you your weekly dose of crypto insights. Let's dive straight into the exciting world of crypto. 8 things I am watching this 21st week of 2023:
First things first, the crypto prices are hovering around the same point as they were last week - a classic case of sideways trading. There's no significant movement in either direction, a calm before the storm perhaps?
Now, for those of you who are plugged into the crypto world, you've probably heard about the recent Ledger drama. Ledger, a hardware wallet provider, has recently launched a new service called Ledger Recover. This service backs up users' seed phrases and requires users to provide a passport or national identity card to confirm their identity. The seed phrase is then split into three encrypted fragments and stored by Ledger, Coincover, and a third provider. While Ledger claims this service is completely safe, there's been a fair bit of controversy and debate around it, especially given Ledger's data leak back in 2020. Some users are concerned about the potential security risks, particularly in the case of identity theft. Ledger, however, insists that a stolen ID alone would not be sufficient to recover the seed phrase due to their additional security measures.
Moving on, let's talk about the recently concluded Bitcoin Miami and Ordinals event. These exclusive events brought together the top builders, developers, projects, collections, and investors pioneering the future of Bitcoin digital artifacts. The highlight of the event was the Ordinals Hackathon, a competition where developers leveraged the Ordinals protocol to build innovative applications. The conference also included a digital Ordinals gallery showcasing the latest collections and applications in the field.
The question on everyone's mind right now is, "Will there be a US Debt ceiling deal this week?" Congress was once again trying to reach a deal to raise the debt ceiling and avoid a potentially disastrous default, but it was unclear whether a resolution would be reached soon. President Biden said he wants to negotiate a deal, while hammering on us crypto people, that we are at vault... absolutely ridiculous if you ask me! https://www.nytimes.com/2023/05/21/us/politics/biden-debt-limit.html
This Wednesday, the 24th, make sure to keep an eye out for the FOMC meeting minutes. The Federal Reserve is set to release these minutes from its latest meeting where policymakers raised interest rates by 25 basis points. I am not expecting any further interest rate hikes.
MIRO
