“The U.S. Federal Reserve said it will keep interest rates near 0% and continue to purchase bonds at the same $120 billion-a-month pace it has been doing, but the market now has clarity on how the central bank will start to unwind, or taper, its stimulus program.
Powell told reporters during a press conference that the tapering process could end by the “middle of next year” if the economy continues to make progress toward maximum employment. Fed officials also raised their inflation expectations and moved the expected timeline for raising interest rates to 2022 from 2023.
‘We are seeing upward pressure on prices,’ he added, citing the impact of “supply bottlenecks.”
Prices for personal consumption expenditures, the Fed’s preferred inflation measure, could rise 4.2% this year, compared with a June projection of 3.4%. Federal officials’ median expectation for growth this year in gross domestic product dropped to 5.9% from the 7% expected in June. The median projection is now for two interest rate increases by the end of 2022.
Bitcoin’s price was little changed after the announcement, trading at around $43,200 – possibly a signal that traders remain unconvinced the Fed will turn hawkish anytime soon.”
“A spate of cryptocurrency exchange-traded fund (ETF) filings continued Tuesday after Amplify, Invesco and Galaxy Digital filed for a pair of such products. Invesco and Galaxy jointly filed a registration statement for a physically backed bitcoin ETF.
Meanwhile, Amplify has set its sights more broadly in filing for a decentralized finance (DeFi) and crypto ETF. The Amplify ETF application would allow the fund to invest in bitcoin futures, Canadian bitcoin funds and companies that hold more than 50% of their net assets in bitcoin, ether or another “liquid” cryptocurrency.
The SEC, which oversees ETFs within the U.S., is already reviewing over a dozen applications for various crypto-related funds, including bitcoin and ether ETFs that are based both on the actual digital asset (physically-backed) and the respective cryptocurrencies’ futures markets.”
“Robinhood revealed on Wednesday that customers will finally be able to move Bitcoin, Ethereum, Dogecoin and other currencies off its app starting next month, a feature many users had long awaited. Until now, Robinhood users have only been able to buy and sell crypto.
The addition of a “wallet” puts Robinhood in better position to compete with Coinbase. Brown said the company views the wallets as a first step to help customers discover the broader world of crypto, including NFTs.”
“Rapper Snoop Dogg tweeted this week that he has been collecting valuable NFTs under the Twitter pseudonym, Cozomo de’ Medici. Earlier this month, Cozomo even tweeted about the value of supporting Ethereum developers.
The collection is headlined by nine CryptoPunks, with the most valuable of the profile picture NFTs estimated at $4.6 million based on current market prices. The wallet also has 10 Meebits NFTs—the 3D avatars created by CryptoPunks makers Larva Labs—as well as a bunch of different NFTs from the generative artwork series, Art Blocks.
Snoop isn’t alone as a celebrity NFT collector: NBA athlete Stephen Curry, social media star Jake Paul, and comedian and TV host Steve Harvey are among the notable owners.”
“1inch has deployed its Exchange Aggregator and Limit Order protocols to the Arbitrum layer 2 network. Aggregated exchanges will include Uniswap v3, Sushi, Dodo, Balancer, and Swapr.
The team claimed that they can add additional exchanges in under three days as more automated market makers (AMM) launch on Arbitrum.”