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Crypto Daily Roundup 19 sept: Crypto Market Surges in Pre-FOMC Rally

19-Sep-2023 By: Lokesh Gupta
Crypto Daily Roundup

Tokens that gained the most views over the last 24 hours

TOP 5 Views Token

Indices LTP Change (%)
Skycoin $0.05548 $22.41%
CorgiAI $0.00005719 0.06%
Stellar $0.1184 0.64%
TrueUSD $0.9994 0.03%
The Sandbox $0.3005 0.91%

Crypto News Key Highlights:

Despite false testimony from a witness, Mark Scott, the attorney linked to laundering $400 million from the OneCoin scheme, was denied a retrial. Scott claimed ignorance of the fraud, but the judge remained unconvinced. OneCoin, a crypto pyramid scheme, prompts Scott's legal team to pursue an appeal.

The U.S. Federal Reserve has reported $100 billion in losses in 2023 due to interest payments exceeding earnings. This situation may continue, impacting interest rates and driving interest in assets like Bitcoin as a hedge against inflation and economic uncertainty.

Five individuals, including four Chinese nationals and a Lao citizen, were arrested in Thailand for running a $76 million crypto and gold investment scam. Victims, numbering 3,280, were lured by a fake website offering crypto investments, resulting in significant financial losses, with some investing their life savings or taking out mortgages.

Citigroup has unveiled Citi Token Services, a private blockchain catering to institutional clients for cross-border payments, liquidity, and automated trade finance. It incorporates tokenized deposits and smart contracts, completing successful pilots, including instant payments via smart contracts and 24/7 liquidity transfers between Citi branches.

Government hesitancy in adopting web3 stems from concerns including regulatory hurdles linked to decentralization, security vulnerabilities like hacking and smart contract flaws, risks to national currencies, potential economic turmoil, and complex legal and ethical issues regarding data privacy and pseudonymity.

The 10-year U.S. Treasury yield experienced a minor decline, settling at 4.309%, while the 2-year Treasury yield showed a slight increase, reaching 5.062%, just ahead of the Federal Reserve's scheduled meeting. This relationship between yields and prices operates inversely, where 1 basis point is equivalent to 0.01%.

Gold prices found support as the U.S. dollar weakened in anticipation of central bank meetings scheduled for this week. The Federal Reserve is widely anticipated to maintain its current interest rates. In contrast, Chinese gold prices reached historic highs, driven by a depreciating yuan, though analysts predict a limited impact on the overall gold market.

The upcoming September 19-20 meeting of the US Federal Reserve is anticipated to see the continuation of existing interest rates, even in the face of ongoing high inflation levels. Although the prospect of a rate hike remains plausible in forthcoming meetings, the chances of a rate reduction are presently quite low.

Also read - Crypto Daily Roundup 18 sept: Are Bulls Set to Dominate the Market?

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