today the fomc raised its policy interest rate by three quarters of a percentage point and we
anticipate that ongoing increases will be appropriate we are moving our policy stance
purposefully to a level that will be sufficiently restrictive to return inflation to two percent
welcome back everybody to altcoin daily you subscribe for daily videos on everything going
on in cryptocurrency who you just listened to of course was none other than Fed chair Jerome Powell
announcing the breaking news the Federal Reserve is Raising interest rates by 75 basis points also
signaling that further Rises are likely in the future as it combats inflation that remains near
a 40-year high let's listen to the full statement right now my colleagues and I are acutely aware
that high inflation imposes significant hardship as it erodes purchasing power especially for
those least able to meet the higher costs of Essentials like food housing and transportation
we are highly attentive to the risks that high inflation poses to both sides of our mandate and
we are strongly committed to returning inflation to our two percent objective
at today's meeting the committee raised the target range for the federal funds rate by three quarters
of a percentage Point bringing the target range to three to three and a quarter percent
and we are continuing the process of significantly reducing the size
of our balance sheet which plays an important role in firming The Stance of monetary policy
over coming months we will be looking for compelling evidence that inflation is moving
down consistent with inflation returning to two percent we anticipate that ongoing increases in
the target range for the federal funds rate will be appropriate the pace of those increases will
continue to depend on the incoming data and the evolving outlook for the economy
with today's action we have raised interest rates by three percentage points this year
at some point as The Stance of monetary policy tightens further it will become appropriate to
slow the pace of increases while we assess how our cumulative policy adjustments are affecting
the economy and inflation we will continue to make our decisions meeting by meeting and communicate
our thinking as clearly as possible so the Federal Reserve in an effort to combat inflation raised
interest rates and expected 75 basis points some people thought they'd go a hundred they didn't do
that and expected 75 basis points the pros and the cons the pros this is not a surprise the
market doesn't need to panic speculators have an incentive to go long the cons the Federal
Reserve says it will continue to aggressively increase rate hikes meaning liquidity is more
expensive and it's difficult for markets to go up only now upon the news of all this what happened
in the markets well the S P 500 gold Bitcoin all saw a little bit of a ShakeOut up and then down
Bitcoin went up a thousand then down a thousand like we said expect volatility as fed hiked
rates by 75 basis points bitcoin's volatility goes wild with one thousand dollar candles up
and down in a minute to conclude we understand that our actions affect communities families
and businesses across the country everything we do is in service to our public mission
we at the FED will do everything we can to achieve our maximum employment and price stability goals
thank you and I look forward to your questions tell me what you think about all of this in the
comments below we'll have a discussion about the FED in the comments below now besides that there's
so much going on in crypto I need to tell you about multiple things check the timestamps below
because there's so many green flags that tell me that cryptocurrency is the future NASDAQ is
taking the crypto bet with custody services for institutions nasdaq's new digital asset
team will offer custody Services initially to the top two cryptocurrencies for their institutional
investors the key takeaways NASDAQ is launching a crypto custody arm NASDAQ digital assets is hoping
to take advantage of the institutional markets growing appetite for digital assets institutional
interest in crypto has grown since the space boomed in 2021 they're starting off with coin
and ethereum perhaps down the road they can add different altcoins in other news speaking of the
building speaking of the progress this industry is making magic Eden the top nft Marketplace on
Solana their CEO says it is very natural for them to expand from Solana to ethereum nfts Magic Eden
the leading Solana nft Marketplace continued its expansion to ethereum today by rolling out support
for a handful of major collections including board AP Yacht Club pudgy penguins and other side
additional eth projects will be added in the days ahead and this is just the beginning and there's
plenty of competition in the nft marketplace space the world's largest nft Marketplace openc reveals
drop improvements and eth arbitrum L2 support the largest non-fungible token Marketplace by sales
volume open C has announced one a new immersive and secure minting experience by giving nft
creators the ability to Showcase collections with dedicated drop pages and greater discoverability
on opensee's new home page more than that the company also announced on Tuesday that the nft
marketplace will soon add support for layer 2 protocol arbitrom to make things a whole lot
better for the users they are going ham trying to improve the user experience just like magic Eden
and again just generally there's so much progress that's happening helium cryptocurrency project
helium has just Inked a partnership with T-Mobile for five dollars a month crypto now has your sell
plan covered these are the details decentralized wireless provider helium the ticker is hnt it's on
the Solana blockchain now has struck a deal to mesh its burgeoning 5G network with T-Mobile's
cellular coverage the partnership is set to spawn but the companies have dubbed helium mobile a
subscription service starting at just five dollars per month that runs helium's decentralized Network
alongside T-Mobile's more established 5G grid the idea is to reward customers with Solana native
mobile tokens in exchange for sharing their data about helium's coverage quality the initiative is
set to launch in the first quarter of 2023. now if you're unfamiliar with helium helium rebranded as
a cryptocurrency company in 2019 to much fanfare raising 111 million Venture round LED by a26z the
cryptocurrency startup works by relying on users deploying crypto mining devices as no modes which
serve as wireless hotspots in exchange for rewards denominated in helium native hnt token the company
is hoping to carve itself a place in the top heavy telecommunications industry by partnering
with established companies such as T-Mobile so big win for helium inking a deal with T-Mobile
of course big win for the Solana ecosystem in general cardano holders one day left one day
left cardano holders are you psyched and so many industry leaders are signaling that they are ready
for this vassal hard Fork from Ledger hey cardano Ada users were ready for cardano's vassal upgrade
tomorrow no downtime is expected or further actions required sit back relax and enjoy the
upgrade any comments comment now because tomorrow vassal will be upgraded cardano will be upgraded
so what can we expect are you able to articulate generally big picture what's going to happen with
this upgrade let's do it on Thursday September 22nd the cardano blockchain will carry out its
much anticipated vassal hard Fork a backwards incompatible upgrade taking place on the main
Network that is intended to enrich smart contract capabilities increase the change throughput and
reduce costs nice plutus is cardano's native smart contract language vassal will deliver a second
version of cardano's scripting language plutus version 2 as the foundational layer of cardano
plutus efficiently separates the code that drives smart contracts which remains off chain and runs
on a user's machine from the on-chain validation of transactions the new plutus V2 feature will
become available one Epoch after Thursday's hard Fork so expect it to be in full fruition
China on September 27th although the heart of work will go through tomorrow on the 22nd let's
hit a couple altcoin projects whether you're in crypto or outside of crypto hopefully you
can point to cryptocurrency projects that are actually working actually seeing users actually
getting used actually pulling in Revenue now Ave is such a project that you can point to and go
huh this is Abe's weekly report last week Ave Dao earned 4.5 million you can see the key takeaways
you can see the different metrics and this is an example of what we want to see if cryptocurrency
is the future particularly if you're a fan of D5 or borrowing and lending or Ave in other news
Avalanche doing something kind of interesting with the launch of avalanche SoundCloud with
Avalanche SoundCloud you can listen to exclusive mixes from Cutting Edge artists to while you trade
crypto work or hang with friends hear the first three DJ mixes recorded live at Avalanche hacks
Fe Soul so they're launching on the regular web 2 SoundCloud and I think this speaks to
the fact that these different crypto Protocols are building out their cultural side they understand
that artists are coming into crypto whether it's through music or otherwise and they need
a presence and so they're making a presence with SoundCloud A little web 2 integration in a web
3 project pretty cool in other news the wrong Powell has decided to resign not Jerome Powell
the Fed chair but Jesse Powell the CEO of Bitcoin exchange Kraken decided to step down Jesse Powell
an early Bitcoin backer and co-founder of the cryptocurrency exchange Kraken plans to step
down from his role as chief executive the company said on Wednesday Dave Ripley the current chief
operating officer will secede Mr Powell kraken's largest shareholder Jesse Powell will remain on
the board as chairman he plans to stay active in the company spending his time on product
development and Industry advocacy it was most recently valued cracking the exchange to crack
in the business it was most recently valued at 10.8 billion according to pitchbook and has about
3 200 employees well I guess 3199 now final piece of news again a great example how this industry
continues to integrate get bigger and better coinbase to hand out ens usernames to simplify
wallet transactions users can get a username through coinbase wallet browser extension and
use it to send and receive crypto tokens instead of the traditional huge string of letters and
numbers so in a post a recent post coinbase announced that it will be handing out free
name.cb.id usernames through coinbase's wallet browser extension people can claim their new
addresses and use it for their transactions with this users can send and receive crypto tokens
using the simplified name instead of the usual 42 two word Alpha numerical address The Exchange also
said in the announcement that this is a necessary step in creating a more open Financial system for
the world cryptocurrency is getting more user friendly we're watching it happen right before
our eyes subscribe to the channel join the team we keep you updated on cryptocurrency
on a daily basis hit the like button if you got value today and I'll see you tomorrow