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Crypto Daily Roundup, 20 Oct: Crypto Cheers as Fed's No Rate Hike Hint

20-Oct-2023 By: Lokesh Gupta
Crypto Daily Roundup

Top 5 Crypto Currency Gainers in the Last 24 Hours

TOP 5 Gainers

Indices LTP Change (%)
Bitcoin SV $52.50 24.92%
Stacks $0.6601 22.01%
Solana $26.29 10.80%
eCash $0.00002672 8.02%
Injective $8.66 6.81%

Crypto News Key Highlights:

The provided text discusses Federal Reserve Chair Jerome Powell's remarks about the impact of soaring bond yields on the economy. Powell noted that rising yields could slow the economy and help curb inflation, but he emphasized that the Fed remains cautious and hasn't ruled out further actions. The Fed's decision on rate hikes will depend on the economy's performance in the coming months. Powell also mentioned concerns about geopolitical tensions and their impact on the global economy.

Lido Finance, a liquidity staking protocol for Ethereum and other PoS coins, has seen substantial growth in staked assets but relatively slow revenue increase. Staking rewards have surged from under $10 million to over $60 million by June 2023, while the platform's revenue remains below $5 million. Concerns over Ethereum's centralization and Lido Finance's role persist. It's uncertain if Lido will adjust its 10% fee structure to boost revenue.

Cathie Wood, CEO of ARK Invest, has reiterated her bullish stance on Bitcoin, predicting that it could reach $1 million by 2030. Wood attributes this potential growth to increasing institutional adoption, comparing Bitcoin's current allocation in institutional portfolios to a "testing the waters" phase. She also suggests that companies will increasingly add Bitcoin to their balance sheets to preserve purchasing power.

Matrixport's report suggests that the approval of a Bitcoin spot ETF by the SEC could have widespread effects. It anticipates a significant crypto rally, with Bitcoin and Ethereum rebounding and decreased volatility. The report also speculates that Tether's market cap could increase, potentially pushing Bitcoin's price to $42,000 or even $56,000 with larger inflows from registered investment advisors. This analysis highlights the potential impact of ETF approval on the broader cryptocurrency market.

Bitcoin maximalist Steve Barbour controversially called Ethereum "garbage" and claimed it has no future, citing its inability to attract investors from the free market. Barbour's comments come as Ethereum staking rewards have declined. Despite Ethereum's substantial ecosystem, Bitcoin maximalists often criticize it, asserting that Bitcoin is the only true cryptocurrency.

Bloomberg economists warn that a direct Iran-Israel conflict could trigger a global economic downturn. Rising oil prices and a substantial blow to global growth are likely. In the worst case, oil prices may hit $150 per barrel, and global growth could drop to 1.7%, possibly leading to a recession, especially if the conflict spreads further.

Asset manager BlackRock has submitted an amended prospectus for its spot Bitcoin Exchange Traded Fund (ETF) application with the US SEC. Acknowledging fierce competition, BlackRock provided more details on pricing and reporting mechanisms, as it vies with seven other applicants for the first spot Bitcoin ETF approval.

Tesla's Q3 earnings report showed the company continues to hold bitcoin worth $184 million, maintaining its digital assets despite a previous sale of 75% of its holdings in Q2 2022. CEO Elon Musk expressed concerns about the high-interest rate environment affecting the auto industry during the earnings call.

The Crypto Aid Israel collective, formed less than two weeks ago, has raised $185,000 and distributed aid to multiple humanitarian organizations in the south of Israel. They've provided funds for transportation, medical equipment, protective gear, food, hygiene products, and clothing, with the help of companies like KPMG, Zengo, Fuse, Wonderland, and Psagot Equity.

Also read - 24 Crypto Update, 19 Oct: Crypto market soar following Powell's speech

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