Krystal Newsflash (23rd Sep 2022)
Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Interest rates ⏫ again 🙁
As inflation continues to plague the world, the Federal Reserve has announced yet another rate hike of 75 basis points.
Amidst this news, the prices of stocks and crypto have crashed.
Jerome Powell mentioned that they will continue to fight inflation, which could signal further interest rate hikes in the future.
Arbitrum LIVE On OpenSea 🚀
Arbitrum is the latest network to be added to OpenSea, the world’s largest NFT marketplace.
As a Layer 2 built on top of Ethereum, Arbitrum boasts faster transactions and lower fees.
Wintermute hacked 🤦♂️
Wintermute, a crypto market maker that ensures liquid markets, was hacked and $160 million worth of assets were stolen.
Since Wintermute provides liquidity to some of the top blockchain projects and centralised exchanges, there is a risk that the hack could be worse than previous hacks.
However, Wintermute’s CEO, Evgeny Gaevoy, mentioned that the company will be moving on from this episode to continue innovating in the DeFi space.
SOL > ETH? 🤔
Nansen has reported that Solana boasts much higher daily transactions as compared to the Ethereum network.
This could suggest that the Solana ecosystem is thriving, and it may be even more active after Helium announced that it would be moving to Solana.
The competition to be the king of Layer 1 blockchains is becoming really tense, with other networks like Cardano launching significant upgrades.
WazirX axes USDC 🪓
Following Binance’s decision to merge your USDC, TUSD and USDP balances with BUSD, WazirX is the latest exchange to delist the USDC stablecoin.
However, this delisting may not have much of an impact, considering that the USDC/USDT trading volume on WazirX is only $2,649.
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