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2022年7月28日星期四

Golden Sentinel | The interest rate hike landed, Powell made a speech to boost the market, and BTC rose for a short time

 The Fed wrapped up a two-day meeting with Fed Chairman Jerome Powell announcing another 0.75 percentage point rate hike as policymakers try to cool decades of high inflation. Major stock indexes surged, with the Nasdaq 100 on track for its best one-day gain since November 2020, as Federal Reserve Chairman Jerome Powell spoke at a news conference and suggested the central bank may slow the pace of interest rate hikes. At the same time, the crypto market rallied for a short time, with Bitcoin breaking above $23,000 at one point.

Previously, the market had expected a rate hike, and Powell’s remarks to boost the market and the landing of rate hike boots brought respite to the stock market and the crypto market. A BlackRock strategist said Powell had signaled the Fed was aware of the negative economic impact of its rate hikes, which boosted stocks Wednesday afternoon.

Powell said the Fed is likely to slow the pace of rate hikes in the coming months. No specific guidance will be provided for the September meeting. Another big rate hike is likely, but it will be data-driven and no decision has been made on when to slow rate hikes. At the same time, he doesn't think the U.S. is currently in a recession because so many sectors of the economy are doing too well. But growth is slowing for reasons we understand.

However, in the face of Powell's remarks that boosted the market. Many analysts believe that this is not a buying opportunity for investors. Jack Ablin, chief investment officer at Cresset Capital, said that while all eyes will be on the Fed today, the real show will begin on Aug. 10 when U.S. inflation data is released. We and the market are betting on a weaker number.

Rick Rieder, a managing director at BlackRock and chief investment officer (CIO) of BlackRock Global Fixed Income, told CNBC that he expects the Fed to raise rates by 0.75 percentage point on Wednesday, and there may be two more rate hikes. "I think that means you're going to see 50 basis points in September, they're probably going to do another 25 basis points, I think that's it," he said. "The data says it all, it's about what the Fed does, not what they do." what did they say".

In addition, Ed Moya, senior market analyst at Oanda, said that the time may not be ripe for investors who are eager to buy risk assets and are ready to buy risk assets. There won't be a clear green light to buy risky assets until we see evidence that inflation is falling. Inflation risks will continue to rise due to possible energy shortages, supply chain issues will not ease given the weak global outlook, and issues related to the pandemic remain troubling.

Notably, despite the short-term gains in the crypto market, Tobias Adrian, head of monetary and capital markets at the International Monetary Fund (IMF), warned in a recent interview that the crypto industry could get worse.

Adrian believes that more cryptocurrency projects may fail in the future. It is worth noting that the current cryptocurrency crisis was largely triggered by the downfall of the Terra USD (UST) algorithmic stablecoin, causing the entire ecosystem to collapse. More vulnerable fiat-backed stablecoins could see bank runs in the near future. He specifically cited stablecoin issuer Tether as an example of such a project. Still, Adrian acknowledged that some stablecoins are less vulnerable to such crises. Meanwhile, if the U.S. economy falls into a recession, there will be a sharper sell-off in digital assets.

Nearly half of buyers want to keep NFT versions of famous British artist Damien Hirst paintings and destroy physical works

 On July 29th, well-known British artist Damien Hirst will burn thousands of his paintings as part of his one-year NFT project "The Currency". From September, visitors to Hirst's London private museum will be able to see some of his 10,000 paintings, which he created in 2016 and linked to NFT last year. The floor price for these NFTs is $2,000, and buyers can choose to keep the NFT or exchange it for physical paintings. For those who choose to keep the NFT version, the original painting will be burned. The deadline for decisions is July 27. The data showed that 4,851 people wanted their paintings to be burned in exchange for a digital version of the NFT, while 5,149 collectors chose to exchange their NFT for a physical version. The artworks will be burned every day during the event, which begins on September 9, and will eventually close during the Frieze Week London event in mid-October, when all remaining paintings will be destroyed. Damien Hirst has been declared the UK's richest artist in 2020, with a net worth of over $380 million. (Cointelegraph)

Decentralized data platform Space and Time receives $10 million in seed funding

 Decentralized blockchain data platform Space and Time has raised $10 million in a seed round to expand its engineering team and decentralized network in preparation for a product launch later this year, Golden Finance reported. Venture capital firm Framework Ventures led the round, with participation from Digital Currency Group (DCG), Stratos, Samsung Next, IOSG Ventures and Alliance. Space and Time is scheduled to be available in December with a limited alpha offering. The SQL Proof Protocol will be available for initial customer use cases in early 2023 and more broadly in Q1 2023. The company aims to publicly launch the protocol in September 2023. (The Block)

EBA Chairman: Retaining any crypto-related talent is a major concern

 Golden Finance reports that the head of the European Banking Authority (EBA) revealed in an interview that retaining any crypto-related talent is a major issue”. The executive was quoted by the Financial Times as adding that the deficit also applies In other areas, including technology and digitalisation, there is a high demand for specialists across society. The Paris-based EBA was established in 2011 after the last financial crisis to ensure European banks have sufficient capital to meet similar challenges in the future. More recently, it also oversaw European efforts to regulate cryptocurrencies. It now says it is also concerned about planning its new powers. European institutions recently agreed on a draft regulatory framework known as Markets in Crypto Assets (MiCA). But the agency head said, Authorities won't know which digital coins, cryptocurrencies and stablecoins it has the power to regulate until closer to 2025, when the legislation is expected to take effect.

2022年7月17日星期日

Golden Afternoon | List of important developments at noon on July 18

 7:00-12:00 Keywords: Hong Kong Monetary Authority, Huawei, STEPN, Australia 1. President of the Hong Kong Monetary Authority: DeFi may become an important technology for innovation in the financial sector in the future; 2. People close to Huawei: Huawei’s domestic departments are researching and explore Web3; 3. STEPN: APE Realm will be officially launched at 18:00 on July 18; 4. dYdX's proposal to launch a $5.5 million subsidy program has been voted on; CBDC is better; 6. Santiment: 131 new Ethereum whale addresses have been added since May; 7. Mechanism Capital co-creator Andrew Kang: “ETH is expensive” from a fundamental point of view; 8. House and Senate Democrats urge Regulators require bitcoin miners to provide data.

OpenSea has cut about 20% of its workforce

Golden financial news, NFT market OpenSea co-founder and CEO Devin Finzer announced Thursday that the company has laid off about 20% of its workforce. OpenSea said it will provide "generous severance packages, full-year health insurance through 2023, and accelerated equity vesting" for retrenched employees. “Everyone who leaves has played a key role in OpenSea’s journey, and the reality is that we have entered an unprecedented combination of crypto winter and macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,” Finzer wrote. be ready". According to Finzer, this round of layoffs will allow OpenSea to maintain normal operations for five years amid the crypto bear market.

2022年7月10日星期日

South Korean telecom giant SK Telecom is developing a Web3 wallet containing crypto assets and NFTs

 On July 11, South Korean telecom giant SK Telecom is developing a digital asset wallet called "Web3 Wallet". To this end, SK Telecom signed an agreement with AhnLab Blockchain Company (ABC), a blockchain subsidiary of South Korean antivirus company Dr. AhnLab, and blockchain company Atomix Lab to jointly develop and operate a Web3 wallet. Jointly developed by the three companies, Web3 Wallet is a digital asset wallet that allows users to store, transmit and receive various types of tokens issued on the blockchain network. It can contain crypto assets such as Ethereum and Klaytn, digital content NFTs, and Soul Bonded Tokens (SBT) for credentials such as identity authentication and certificates of completion.

Golden Sentinel | The interest rate hike landed, Powell made a speech to boost the market, and BTC rose for a short time

  The Fed wrapped up a two-day meeting with Fed Chairman Jerome Powell announcing another 0.75 percentage point rate hike as policymakers tr...