The chair of the US Federal Reserve, Jerome Powell, has called for close monitoring of the cryptocurrency industry because of its highly volatile nature.

However, he also opined that innovation in the crypto space should not be stifled.

Fed Chair says crypto should be monitored

Powell was speaking before the US Congress, where he was asked to provide remarks about the crypto space.

He noted that the Federal Reserve was “quite active” in cryptocurrency, adding that the institution was not advocating for suppressing innovation in the sector.

He noted that the Fed had observed the turmoil witnessed in cryptocurrency, the risk of fraud, and the lack of transparency.

Therefore, he called for regulated financial institutions interacting with the sector to take caution. Powell said:

“What we’ve been doing is making sure that the regulated financial institutions that we supervise and regulate are careful and taking great care in the ways they engage with the whole crypto space.”

His remarks come after a turbulent 12 months for the cryptocurrency industry, with high-profile crypto projects such as LUNA and top firms like FTX and Celsius filing for bankruptcy in 2012.

The most high-profile case involves the former CEO of FTX, Sam Bankman-Fried, facing eight counts of fraud and conspiracy.

Since FTX’s demise, the US Securities and Exchange Commission (SEC) has been taking measures to protect investors – the regulator has sued several crypto firms such as Genesis, Gemini, and Paxos.

Additionally, the SEC Chair reiterated that all crypto assets other than Bitcoin are securities.

Fed Chair hints at more interest rate hikes

The Federal Reserve Chairman has also hinted at the possibility of the US central bank maintaining a hawkish monetary policy as inflation levels remain significantly above target.

In the recent testimony at Capitol Hill, most of Powell’s discussion was on inflation.

Over the past year, the Fed has been pushing inflation down by hiking interest rates and last year, the institution hiked rates by 75 basis points four times before slowing down the hikes and raised by 50 basis points.

In the recent Federal Open Market Committee (FOMC) meeting, the rates were hiked by only 25 basis points.

The aggressive interest rate hikes by the Federal Reserve negatively affected the price of cryptocurrencies and other risk assets.

When the Fed raises interest rates, it triggers financial uncertainty, leading to investors looking for less risky financial assets that they can invest in.

Powell has triggered more anxiety after his recent appearance in Congress, saying that the rates could be increased higher and at a faster rate because inflation was yet to be tamed.

He noted that while the core inflation level had dropped, it remained higher than the Fed had hoped, adding that there was still a long way to go.

Bitcoin and most cryptocurrencies dropped shortly after Powell’s testimony, with a similar drop seen in the stock market.

At the time of writing, Bitcoin was trading at $22,086, down by 1.3% in the last 24 hours.

#crypto2023 #crypto #cryptotoday #cryptoinnovation

The tokenization of real-world assets – or placing traditional assets onto blockchain rails – is a growing trend in crypto with global financial giants entering the space.

The security token backed by the Diamond Standard Fund is listed on the regulated Oasis Pro Markets, eligible for IRAs and available for institutional investors such as pension funds and endowments.
The offering makes the "$1.2 trillion natural resource accessible to investors via a more convenient, tradable fund," the CEO of Diamond Standard said
Tokenizing diamonds and offering exposure through a fund structure on Avalanche is a great example of how blockchain can bring transparency and efficiency to an asset class that was previously opaque and inaccessible for institutions," said John Wu, president of Ava Labs, the ecosystem development organization behind Avalanche..
Web Resource: https://www.coindesk.com/business/2024/03/27/diamonds-arrive-on-a-blockchain-with-new-tokenized-fund-on-avalanche-network/

#Tokenization #AvalancheNetwork
#DiamondStandard #cryptoinnovation #Write2Earn

As the crypto space rockets towards new technological frontiers, Layer-2 solutions are fueling Ethereum's $ETH scaling revolution! 🚀The Need for SpeedEthereum's network, while robust, has faced congestion. Layer-2 solutions like Optimism $OP and Arbitrum $ARB are turbocharging transaction speeds while slashing fees. 💨💳How Layer-2 WorksBy processing transactions off the main Ethereum chain and later submitting them, Layer-2s unclog the network. It's like carpooling on the blockchain highway! 🛣️🚗The ImpactThese innovative layers are not just about speed; they're expanding Ethereum's potential for NFTs, gaming, and DeFi. It's a whole new playground for developers and users alike! 🌐🎮The Future Is LayeredAs more projects adopt Layer-2, we're witnessing a seismic shift in Ethereum's ecosystem. What will you build on this new, lightning-fast foundation? ⚡️🏗️Layer-2 solutions are just the beginning. Ethereum's evolution is in high gear, and the possibilities are as boundless as the blockchain itself. Let's innovate together! 💡🤝#EthereumScaling #Layer2Solutions #cryptoinnovation #DeFiGrowth

The crypto sphere is buzzing with excitement over the recent launch of the JUP ($JUP ) token, a new contender on the Solana ($SOL ) network poised to make significant waves in the decentralized finance (DeFi) ecosystem. Here's a deep dive into what makes JUP a token to watch and how you can get involved.JUP's Grand EntranceJUP, introduced by the top Solana-based decentralized exchange (DEX) aggregator Jupiter, has made a grand entrance, boasting a market cap just shy of $1 billion at launch. Jupiter's platform, renowned for surpassing major DEXs in 24-hour volume, has solidified its position as a cornerstone in Solana's DeFi landscape (https://www.coingecko.com/learn/what-is-jupiter-crypto-solana).Tokenomics and Airdrop InsightsThe launch of JUP comes with an intriguing tokenomics structure: 1 billion tokens are dedicated to a community airdrop, 250 million to a launch pool, and smaller allocations for immediate needs and market maker loans. A unique aspect of JUP's launch strategy includes periodic token distributions, dubbed "Jupuary," aimed at fostering community engagement while maintaining focus on product growth (https://www.coingecko.com/learn/what-is-jupiter-crypto-solana).Bybit Amplifies JUP's ReachIn a strategic move, Bybit has announced the listing of JUP on its platform, promising deep liquidity and a natural price discovery process for the token. This listing is a testament to JUP's potential impact on decentralized governance and the broader DeFi ecosystem (https://phantom.app/learn/crypto-101/jupiter-jup-airdrop).Why JUP MattersJUP's introduction is more than just another token launch; it's a pivotal moment for DeFi on Solana. With features aimed at enhancing liquidity aggregation and minimizing trading slippage, Jupiter and JUP are at the forefront of making DeFi more accessible and efficient. The platform's focus on community rewards and innovative solutions like a decentralized stablecoin highlight a commitment to user-centric development.Getting InvolvedFor those looking to dive into the JUP wave, participating in the airdrop, engaging with the Jupiter community, and trading on platforms like Bybit are great starting points. Keeping an eye on Jupiter's developments and token distribution events can also provide opportunities to benefit from JUP's growth.ConclusionAs the DeFi sector continues to evolve, JUP represents an exciting development for the Solana ecosystem and the broader crypto market. Its launch underscores the dynamic nature of DeFi and the continuous innovation driving the industry forward.Stay tuned to TrendSailor for more updates and insights into the crypto world's latest and greatest. #SolanaDeFi #cryptoinnovation #TradeNTell #JUP #Solana-SOL

The cryptocurrency market has experienced significant growth over the years, and Binance has been a significant contributor to this growth. The exchange platform has become a household name, and it's difficult to imagine a world without Binance. However, let's imagine a world where Binance never existed. What would the crypto world look like? Would it be better or worse? In this article, we will explore this scenario and imagine what a crypto apocalypse would look like without Binance.

The Rise of Centralized Exchanges

In a world without Binance, other centralized exchanges such as Coinbase and Kraken would have dominated the crypto market. However, the lack of competition from Binance would have allowed these exchanges to become complacent, leading to slower innovation and higher fees. The lack of competition would have stifled innovation, and traders would have had to contend with high fees and slow transaction speeds.

Decentralized Exchanges

Without Binance, decentralized exchanges would have been the primary way of trading cryptocurrencies. Decentralized exchanges such as Uniswap and PancakeSwap would have flourished in a world without Binance. However, these exchanges are still in their early stages of development, and their lack of liquidity and user-friendliness would have made them less appealing to traders.

The Role of Altcoins

Binance has been instrumental in the rise of altcoins. The exchange has supported the launch of new coins and tokens, giving them exposure to a wider audience. Without Binance, many altcoins would have struggled to gain traction and may never have seen the light of day. The lack of exposure would have led to limited growth opportunities for these coins.

The Impact on Bitcoin

Bitcoin has been the poster child of the crypto industry, and it's difficult to imagine the market without it. However, in a world without Binance, the growth of Bitcoin would have been slower. The lack of competition and exposure would have limited its growth potential, and it may have taken longer for it to gain widespread acceptance.

The Rise of P2P Trading

In a world without Binance, peer-to-peer (P2P) trading would have become more popular. P2P trading is a direct exchange between buyers and sellers, without the need for an intermediary. P2P trading is more secure, as it eliminates the risk of exchanges being hacked or shut down. However, P2P trading is also slower and less convenient, and it may not have appealed to all traders.

The Impact on Investors

Without Binance, the crypto market would have been less accessible to investors. The lack of user-friendly platforms would have made it difficult for new investors to enter the market. The lack of exposure to altcoins would have limited investment opportunities, and investors would have missed out on potential gains.

The Future of Crypto

In a world without Binance, the future of crypto would have been uncertain. The lack of competition and innovation would have limited growth potential, and the market may have stagnated. However, the rise of decentralized exchanges and P2P trading would have provided alternatives to centralized exchanges, and the crypto market may have evolved in a different direction.

To Conclude

Binance has been a major contributor to the growth of the cryptocurrency market, and it's difficult to imagine a world without it. However, the scenario presented in this article provides insight into what the crypto world would look like without Binance. The lack of competition and innovation would have limited growth potential, but the rise of decentralized exchanges and P2P trading would have provided alternatives to centralized exchanges. The future of crypto would have been uncertain, but the market may have evolved in a different direction.

#Binance #BTC #BinanceImpact #cryptoinnovation #keepbuilding

 The new season of Galactic Hubs Grants has already seen the approval of six games and applications, all currently under development and planned for release within the year.

By introducing these games, Alien Worlds is becoming a more diverse and vibrant ecosystem that appeals to a wide range of players. Moreover, these new games and applications will offer new competitive opportunities using NFTs and Trilium across the metaverse.

Learn more: https://dappradar.com/blog/exploring-new-frontiers-in-the-alien-worlds-metaverse-with-galactic-hubs

#nftgrants #p2e #cryptoinnovation