Leading cryptocurrencies won in value this week despite the US Federal Reserve’s announcement on Wednesday that interest rates will be raised by another 75 basis points to combat inflation.
Usually, announcements like this are detrimental to crypto markets. Last month, the Fed raised interest rates by 75 basis points in the steepest increase since 1994. Crypto prices crashed hard as borrowing costs rose, prompting investors to dump riskier assets. No such response came this timewith all leading cryptocurrencies showing notable seven-day gains.
ONE heated debate are now raging whether the US, after two consecutive quarters of negative GDP growth, is in a recession. The White House does not think so.
🇺🇸 WH Press Secretary Jean-Pierre denies claims that White House officials are “redefining recession” after two consecutive quarters of negative GDP growth. pic.twitter.com/SkUWSHXnRy
The debate has been so intense that Wikipedia has given permission to edit it “Recession” page to “semi-protection”, meaning new or infrequent users must wait four days and make 10 edits on other pages before they can edit the article.
The news struck a nerve with Binance CEO Changpeng “CZ” Zhao, however at least he lent a helping hand.
Learn about recession, learn about inflation, then learn about #bitcoinand #BNB.
And he confirmed a meeting with Turkey’s finance minister, Nureddin Nebati.
In April 2021, Turkey’s central bank banned crypto payments despite the country having some of the world’s highest crypto usage per capita. However, a report by Bloomberg in May confirmed the country is design of regulations to control the market. One preliminary proposal requires crypto companies to have a minimum of 100 million lira ($5.6 million), while global exchanges and lenders looking to expand in Turkish territory may have to open branch offices that could be taxed by the government.
In other CEO news, Bitcoin maximalist and MicroStrategy chief Michael Saylor, who has spent an eye-watering 3.98 billion dollars on Bitcoin and probably still underwater on the investment, stands firm.
After today’s meeting of the Federal Reserve, #BitcoinMonetary policy remains unchanged.
Saylor threw shade at Ethereum in a video interview earlier this month, suggesting that the world’s second favorite cryptocurrency is a centralized security. Responding to a tweet about it this week, Ethereum creator Vitalik Buterin wasn’t happy.
Buterin also gave his opinion on the company’s attempt to build the metaverse. Hint: He doesn’t think Mark Zuckerberg will corner the market.
The “metaverse” is going to happen, but I don’t think any of the existing corporate attempts to intentionally create the metaverse are going anywhere.
Responding to a reply to his original tweet, Buterin elaborated that he believes Metas metaverse pivot will fail simply because it is too early.
My criticism is deeper than “Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica”. It’s that we don’t really know the definition of “the metaverse” yet, it’s far too early to know what people actually want. So anything Facebook creates now will fail.
The film meanders along with little sense of plot or suspense or drama. It’s basically a five-minute crypto shill. Crypto Twitter panned the project widely. And someone should check if crypto podcaster Cobie is still answering his phone.
hahahahahahahahahahahahahahahahahahahahahahahahahaha I’m going to shoot myself in the head