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What is Happening Behind the Crypto Scenes?

Good heavens! It’s week #34. How did that happen? Here is the bold & straight to the point cryptocurrency news which you may have missed . Stay up to date with yadda, yadda, yadda.

Jerome Powell gave his speech

Freeze! Stop right there! Who is he? Well he is the Head of the Federal Reserve which means he  provides leadership and executes the directive of the Central Bank.  Oh OK, so what he said then ?

The Central Bank will continue to raise interest rates to bring inflation back under control. 

Darn it! Unfortunately, raising interest rates higher than many investors had expected.  Mr Jerome warns:

  “More pain”  is coming for households and businesses.

Ha-ha! That’s funny, he didn’t mention us – the Crypto Hodlers.

Ladies & Gentlemen, the ETH Merge has begun

The Merge is set to be finalized around September 15th.

A bug was encountered during the 1st day  mainnet software update, but luckily the team figured it out and fixed the bug within a few hours. Everything looks like it’s working again. Phew. As a precaution, the Ethereum Foundation has decided to go big on Bug Bounties. Rewards are being 4x’ed for helping find any more bugs ahead of the Merge. Smart move.

Mastercard is teaming up with Binance

Mastercard made an announcement that it is partnering with Binance. Yes, you heard it right, Mastercard itself!  Partnership is looking to let people use their crypto to pay for stuff at 90m+ stores around the world. Trial is being tested out in Argentina but there are plans to expand globally. Heigh-ho, maybe the mass magic internet money adoption is coming our way.

DeGods has entered the Top 5 NFT collections by market cap.

Go, horse, go! DeGod NFT Floor price has recently reached an all time high of 420 SOL ( $ 15K)  in the Bear Market. It’s the first Solana NFT that sits with the likes of BAYC, MAYC, Punks, and Moonbirds.  Just to remind, Solana NFT project DeGods DAO purchased a professional basketball team in Ice Cube’s Big3 League for $625,000 in April 2022.

FTX keeps getting bigger

FTX is reportedly set to acquire BlockFi that’s worth roughly $15 million at the minimum.

The approval is yet to be determined based on BlockFi’s market performance.

Uniswap Is making strong moves

UNI who ? If you have been living under a rock and haven’t heard about Uniswap… 

It is a DEX (Decentralised Exchange Protocol), where you can swap (thanks for smart contracts) any ECR20 crypto coin for another.  Yes that’s right any token on the Ethereum blockchain.  Uniswap  has a 70% market share for DEXs on Ethereum, so yeah it’s BIG.

OK enough, is enough. Tell us about the moves!

The big moves are . Drum roll please!

  1. Creation of a Uniswap Foundation with a $74million budget. Most of it fund R&D and other projects that want to help grow Uniswap.
  2. There is upcoming voting to turn on the “Fee Switch”

What does this mean to you Sir? ? Well ,  it means a growing Uniswap ecosystem and more demand for Uniswap token. Demand relates to price increase.

Energy Prices to the moon

Energy prices have been skyrocketing in a number of countries. In the Euro area, it now costs almost €600 per Megawatt hour for electricity. That’s up from under €100 at the beginning of the year.

In the UK, things aren’t great either. That’s because this October, the UK energy regulator has agreed to raise its price cap by 80%!  Bring my socks please, winter is coming.

Economic callendar

Dates to watch out.

That’s all folks for week #34. If you enjoyed it please share or Like. Every Like or Share helps us with Google algorithm.

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