Federalism Plunges Crypto Market, Facil Countdown, More Crypto Updates by CoinEdition


Feds Sink Crypto Market, Vasil Countdown and More Crypto Updates
  • The high rates of the Federal Reserve affect the market capitalization of cryptocurrencies, causing it to drop to $859.2 billion.
  • Today’s Fassel Hard Fork countdown begins with ADA’s (ADA) price increase forecast.
  • A New York court has ordered the provision of financial statements.

As per market expectations, the Federal Reserve raised interest rates by 75 basis points, sending the market bearish. Due to rising inflation, the Federal Open Market Committee has forecast that the federal funds rate will reach 4.4% in 2022.

Moreover, Fed Chair Powell has remained committed to the Fed’s dedication to reining in inflation, confirming the crypto market’s concerns.

In response to rising rates, political decisions and economic projects, the market capitalization of cryptocurrencies rose to $919.4 billion before declining to $859.2 billion. However, other markets were also affected by inflation including the Nasdaq 100 which fell by 1.79%.

In other news, the Vasil Hard Fork countdown has also started from today, turning all eyes from the Feds to Cardano, as the market anticipates price gains from ADA. However, despite reports of positive progress in today’s bullish period, ADA faced its third loss, down 2.26% to $0.432 from September’s high of $0.524.

Updates from ADA Hard Fork Mass Indicators – 39 includes an exchange that has completed upgrades and is made for Hard Fork. Also, 98% of the main network blocks are now generated by the Vasil node. In addition, the best Cardano dapps by TLV confirmed that it has been tested and is ready for a Vasil Hard Fork.

Other updates: In the continuation of the meltdown, the New York court has requested balance sheets, income statements, ledgers and other financial documents from Tether (USDT), this week.

Finally, Sam Bankman-Fried’s Alameda plans to return a $200 million loan in exchange for Voyager Digital to repay $160 million in guarantees. The successful Bankman-Fried company FTX, as well as Binance, is one of several companies looking to acquire Voyager’s assets.

Feds Sink Crypto Market, Vasil Countdown and more crypto updates made their debut in Coin Edition.

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