Crypto Market Highlights: General News
- The Fed officially raised interest rates By 0.75%. BTC suddenly recovered. On June 16, officials of the US Federal Reserve Bank (Fed) announced the latest interest rate at 1.75%, a rise of 0.75% compared to the May adjustment. The US Federal Reserve responded that US inflation in May 2022 was 8.6%, up to 0.3% compared to April, and exceeded experts’ predictions. This is the highest level of inflation in the past 4 decades in the US, showing that market regulation measures in the first half of 2022 are still insufficient to contain inflation.
- El Salvador claims that $40 million Bitcoin loss isn’t real because no coins have been sold. Speaking to reporters, El Salvador’s finance minister, Alejandro Zelaya said economists who believed El Salvador was in danger were speaking from the point of ignorance. He added that such analyses were superficial, and also said “an alleged loss of $40 million has not occurred because we have not sold the coins.”
- Korean exchanges agreed on a new emergency system to prevent any crypto collapses like Terra. Korea’s major stock exchanges have agreed to develop a new emergency mechanism that will activate within 24 hours if another Terra-style crash threatens to occur. The agreement occurred after five of the country’s top crypto exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, attended a session at the National Assembly, South Korea’s legislature, on Monday to discuss market fairness.
- Tether’s margin risk is still more increased than USDC and BUSD. In mid-May, when the crash of LUNA-UST took place, USDT was also depeg to $0.95. This information has been confirmed by Tether and confirmed that they are still “overwhelming” to return $10 billion to investors in just 72 hours, which is the clearest proof of the health of the company, smashing the rumors that Tether does not have enough collateral. However, compared to the other two major stablecoins on the market, USD Coin (USDC) and Binance USD (BUSD), Tether’s margin risk is still higher.
- Tag Heuer integrates NFT into smartwatch models. Tag Heuer, the Swiss watchmaker owned by the luxury fashion empire LVMH, has now allowed the integration of NFTs on the faces of some smartwatch models. Tag Heuer will be working with Ledger to implement the new feature, which is initially only available to owners of the Tag Heuer Connected Caliber E4 watch, and they are fully compatible with Metamask and Ledger.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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