Crypto Flipsider News – Fed Hikes Interest Rates, Bitcoin Jumps to $41k, Crypto Legalized in Ukraine, MetaMask Cross 30M Users Prepares Token and DAO, Ripple Loses Top Developer, FTX to Spread Web3 in Africa
Read in the Digest;
- Fed Hikes Interest Rates, Ignores Sentiments to Hold Above $40,000
- President Zelenskyy Signs Into Law Bill Legalizing Crypto in Ukraine
- MetaMask Surpasses 30 Million Users, Confirms Native Token and DAO
- Loses its Director of Developer Relations, What You Should Know
- FTX Is Collaborating With AZA Finance to Spread Crypto and Web3 to Africa
Fed Hikes Interest Rates, Bitcoin Ignores Sentiments to Hold Above $40,000
In a bid to curb the escalating inflation rates, the U.S. Federal Reserve raised its benchmark interest rate for the first time since December 2018.
Raising its interest rates by 0.25 percentage points, the Fed has outlined six more hikes in 2022. According to the Fed dot plot, the end of 2022, the Fed rates could go up as high as 2.8%.
As the U.S. central bank’s Federal Open Market Committee tightens its monetary policy, market analysts and investors have expressed their concerns that the move could further down the economy.
Despite the bearish sentiments over the market, Bitcoin has managed to jump by 6%, to hit $41.5k for the first time since March 10. Bitcoin now trades at $40,689, holding on to a 1.2% gain over the last 24 hours.
The 24 hours price chart of Bitcoin (BTC). Source: Tradingview
Bitcoin’s new high comes on the back of a three-day winning streak, which has seen the premiere cryptocurrency move from as low as $37,680 to as high as $41,544.
Flipsider:
- Speaking at the end of the latest two-day policy meeting, Fed Chair Jerome Powell said officials would not shy from raising rates more aggressively if they don’t see improvement.
Why You Should Care
By increasing its interest rates, the Fed aims to decrease the overall spending in order to stabilize prices and combat the rising inflation.
President Zelenskyy Signs Into Law Bill Legalizing Crypto in Ukraine
President Volodymyr Zelensky has signed into law a bill passed last month by Ukraine’s parliament to legalize cryptocurrencies. Confirming the development on Wednesday, Ukraine’s Ministry of Digital Transformation said in a statement that the law
“determines the legal status, classification, ownership, and regulators of virtual assets, as well as setting registration requirements for crypto services providers.”
The Ministry confirmed that crypto exchanges will operate legally, with banks able to open accounts for them. Ukraine’s crypto market will be the National Commission on Securities and the Stock Market.
The move comes as the war-torn country has received over $100 million in crypto donations over the past three weeks to support its defense against the Russian invasion and help fund humanitarian efforts.
Flipsider:
- The Indian central bank has likened crypto to a ponzi scheme, stating that banning it is ‘perhaps the most advisable choice.’
Why You Should Care
With the new law in place, crypto users in Ukraine can operate freely and convert crypto to fiat.
MetaMask Surpasses 30 Million Users, Confirms Native Token and DAO
Setting the standard for wallets, MetaMask has hit another milestone, hitting a milestone of over 30 million monthly active users (MAUs). By this metric, MetaMask has become the most widely used Ethereum wallet.
The MAUs of MetaMask has increased by 42% since December, when it reported 21 million MAUs. The crypto wallet developed by ConsenSys allows users to store Ether (ETH) and other cryptocurrencies with Web3 applications.
To further increase the growth of the wallet, the CEO of ConsenSys, Joseph Lubin, has announced that MetaMask will officially be launching its own token. In addition, MataMask will launch a decentralized autonomous organization (DAO). According to reports, the DAO will fund the wallet’s growth.
Flipsider:
- Lubin clarified that the DAO “won’t govern MetaMask,” but will aid the creation of novel pieces of MetaMask to be funded.
Why You Should Care
In an interview, Joseph Lubin explained that the developments will help MetaMask pursue “progressive decentralization.”
Ripple Loses its Director of Developer Relations, What You Should Know
Still embroiled in its protracted battle with the SEC, Ripple has been hit with a major blow, as one of its top directors part ways with the firm. After more than one year with Ripple, Matt Hamilton announced his departure on March 16.
Hamilton, who worked with Ripple on expanding the XRP ecosystem, leaves Ripple due to his wife’s mental health concerns. According to Hamilton, 2021 was a “bad year” for him, and he would need time to focus on his family.
Expressing his gratitude to Ripple for the “both personal and professional” support, Hamilton says he will remain an active member of the XRP community.
Flipsider:
- After losing one of its top developers, Ripple has pledged to distribute one billion XRP ($789 million) to developers.
FTX Is Collaborating With AZA Finance to Spread Crypto and Web3 to Africa
In a bid to capture markets for the emerging web3 technology, leading crypto exchange, FTX has announced a partnership with AZA Finance. FTX will work with the Kenyan-based payments firm to spread the web3 economy on the African continent.
According to a statement on Wednesday, the partnership will focus on five key areas for web3 development in Africa, including offering support for deposits and withdrawals using African fiat currencies on the global FTX platform.
Through the partnership, FTX seeks to improve Africa’s web3 infrastructure and create useful learning resources for participants in the region. In addition, FTX and AZA Finance plan to launch African digital currency trading pairs as part of the deal.
The last core area of the partnership involves the fast-growing non-fungible tokens (NFTs) market. The collaboration seeks to onboard African NFT artists to the FTX NFT marketplace.
Flipsider:
- Elizabeth Rossiello, founder and CEO of AZA Finance, has identified the lack of regularity clarity in most jurisdictions of Africa as a major challenge.
Why You Should Care
Partnering with AZA Finance is a strategic move by FTX to expand its presence in Africa, which is one of the emerging crypto markets.
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