Fed Chair Jerome Powell weighs in on Bitcoin. Crypto education takes legitimate steps forward. And XRP continues to expand on and off the racetrack. My name is Frankie Candles. And this is your nightly crypto news wrap-up. Let’s get it! Investors are just watching the Fed’s every word at this point. So I can’t remember a market that’s been trading like this. The Fed seems to have total control over where prices are going. But the soft landing speak is, I think, somewhat of a myth. If you look at historically in the 12 tightening cycles that the Fed has had to go through, only three of those times you actually had some sort of a soft landing, and, in all three of those cases, there was very good reasons why, you know, a recession didn’t happen. So that’s why I’m personally of the belief that we’ll get a recession. I mean, who’s to say we’re not even already in a recession? Yesterday at the semiannual Monetary Policy Report to Congress, Fed Chair Jerome Powell took on a barrage of questions related to inflation, interest rates and even Bitcoin.
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With more quantitative tightening coming on the horizon, and seeing how all of the markets, crypto included, have reacted to the first 150 basis point hike already this year, is it safe to agree with Ryan Belanger from the clip saying that the Fed’s soft landing is somewhat a myth? Considering that Q3 officially begins on July 1, if the Q2 GDP numbers are in the red, that would mark two consecutive quarters of negative economic growth, the technical definition of a recession. In regards to crypto assets, at the policy report, Powell stated that although crypto is a new and innovative space, better regulation is still required and that they see no macroeconomic implications from Bitcoin. In layman’s terms, the Fed is keeping a keen eye on the space, but they’re not particularly worried about it. When asked about stablecoins, Powell stated that the space was new and emerging and that stablecoins don’t have the fit-for-purpose clarity that they need to properly regulate them. The overall sentiment with stablecoin regulation is that their plan is to use federal agencies to put the squeeze on stablecoin issues and benefit the banking industry by implementing a CBDC. It’s a paradox of villainizing China as we simultaneously follow their lead. Hopefully, there’s a way for their plan and DeFi to coexist. Let’s pass it over to Frankie Candles for a market watch.
Let’s jump in and do a little market watch here as we are getting a little bit of a pump on Bitcoin. Bitcoin coming in at $21,080 Up about 5.5% on the day Ethereum up at $1,145 Up about 9% on the day Let’s go ahead and check our top movers. We’ve got Storj, not sure how to say that one, up about 50% on the day RUNE, or THORChain, up 22% on the day Not a bad pump Polygon getting a lot of news recently Up about 47% on the week and 22% on the day Curve DAO Token up 18% Cosmos up 15% And last but not least, AVAX up 13% Guys, seeing a little pump here on Bitcoin as well as some of the altcoins following suit. We are very close to a money flow crossover on the 4-hour and the 3-hour on Market Cipher B, which is a bullish sign.
We also have a 2-day bullish divergence starting to print. If that confirms, it could mean that we have some bullish price action in the future. But, obviously, you do want to take precautions as we are in a bear market. Turning the cryptocurrency craze into curriculum. It sounds right. The University of Cincinnati is launching two new programs studying cryptocurrency and new financial technologies. The programs will be at the Lindner College of Business. UC will start a cryptocurrency fund that students can use to learn about digital assets. The school will also create a lab space with Digital Futures building which is set to open this fall. This is all thanks to a recent gift given to the university. Attention, class. Sit down. Get out your notepads. Stop passing notes. Today, we’re going to talk about why layer 2s are used to scale layer 1s and prevent bottlenecking.
Can anyone tell me what bottlenecking is? This is something you might hear inside a classroom at the University of Cincinnati next semester. That’s right. Thanks to hefty donations by Dan Kautz and Woody Uible, two new programs on Bitcoin and financial technologies will be available in the new Digital Futures building at UC’s Lindner College of Business. UC’s Dean Marianne Lewis stated, “Our students will learn how to manage cryptocurrencies and how such digital assets impact our economy, positioning UC as the regional leader among top universities nationally with this kind of program.” In my opinion, this is one of the most bullish stories I’ve heard all month. Maybe all year. This movement from UC will most likely spark more and more colleges to start crypto curriculums, eventually enhancing the accessibility to crypto education to colleges across the world. Education is everything in crypto. And the more people who have access to that education, the faster mass adoption happens. I know I’d much rather learn about Bitcoin than sit through another chemistry lecture.
And if you’re in college listening to this video with one hand over your earbud during your chemistry lecture, may God have mercy on your soul. Being gridlocked in a lawsuit isn’t going to stop Ripple from expanding in more ways than one. Announced yesterday, Ripple will be opening their first office in Canada located in Toronto, a prominent tech hub. The office will start off with 50 engineers, but the plan is to hire many more once the ball gets rolling. As stated in their blog post, in the past year, Ripple has also opened offices in Dublin and Miami and intends to hire hundreds of people globally in 2022. Ripple also recently partnered with Lotus, a racing and sports car manufacturer, to bring automotive NFTs to the XRP Ledger. Lotus states that they will collaborate on their first NFT collection with industry expert NFT PRO using Ripple as the blockchain partner to provide technical support on their high-speed, low-cost, carbon-neutral blockchain. This NFT drop follows in the draft winds of Lamborghini’s NFT collection Space Time Memory released earlier this year. Despite Gary Gensler delaying his inevitable defeat, Ripple continues to kick it into high gear and expand throughout the globe.
This article is a transcription of a video made by Crypto ZEUS
Original video: https://youtu.be/qfvo_IYfwMU