FED Announces Interest Rate Decision
The US Federal Reserve announced its interest rate decision yesterday evening. The FED kept interest rates unchanged at 5.25%, but the increase in interest rate projections to 5.6% signaled new rate hikes in the coming period. With the FED’s policy statement and the hawkish statements of FED Chairman Jerome Powell, the risk assets market also faced significant selling pressure.
Powell’s Remarks
Saying that a few more rate hikes might be a better way forward, Powell stated that they are still far from their 2% inflation target. He said that at this meeting they decided to go slowly, considering that they were going too fast, and that is why they did not go for a hike at this meeting. When asked about interest rate cuts, Powell said they were talking about several years.
NFT Project from Adidas
The Adidas Originals and renowned digital artist FEWOCiOUS will work together to realize an NFT project connected to shoes. On June 13, it was announced that Adidas will sell its physical shoe collection through the NFT redemption card. “Adidas will collaborate with FEWECOiOUS to launch a physical shoe utilizing the artist’s playful style, personal approach and unconventional aesthetic,” the announcement said.
The Graph Transitions to Arbitrum
The Graph, a blockchain data indexing and query protocol, has entered the final phase of its migration to the Ethereum Layer-2 network Arbitrum. The main goal of the transition is to increase scalability capacity, reduce gas fees and increase transaction speed. The decision was taken by a vote of network participants on Wednesday. Operation in 2022 Launched as Phase 1, after which In Phase 2, protocol rewards were activated. Phase 3 represents the transition phase.
DEX Letter from Coinbase to SEC
Coinbase sent a letter to the SEC stating that DEXs can never be regulated like centralized exchanges. It is known that the main purpose of the letter is to oppose the attempt to regulate decentralized exchanges just like centralized exchanges. Coinbase Chief Legal Officer Paul Grewel said on Tuesday that it is impossible for DEXs like Uniswap to register in the same way as a national securities exchange. At the same time, Grewel criticized the system on Twitter, saying that it was too flawed in terms of proposal and process to move forward.
Bitcoin and Ethereum’s Reddit Subscribers Reach Highest Level
The number of Bitcoin and Ethereum (r/Bitcoin and r/Ethereum) subscribers on the famous social media platform Reddit has reached an all-time high. This came as subReddits went dark in protest against Reddit’s rising API fees. 364,000 new subscribers for r/Bitcoin and 461,000 new subscribers for r/Ethereum subscribed to these subReddis between June 4-11.
AWS Experienced Outages in the US, Projects Stalled
AWS, Amazon Web Service, recently experienced an outage in the US. Primarily Ethereum was not affected by the outage, but some smaller projects experienced some problems with the outage. AWS works as a cloud service provider to projects and is known to work with many projects. The outage did not affect Ethereum, which was welcomed as 64.5% of the Ethereum network runs on AWS.
BITCOIN [BTC]
Bitcoin is priced at $ 24,994 with a 0.57% loss in value as of today morning hours. The interest rate data in Bitcoin and the statements that came afterwards pointed to another rate hike in the coming periods and Powell’s hawkish speeches created selling pressure in the risky assets market. This led to a decline to 25,200 support and a downward break of this level. In Bitcoin, we can say that if 25,200, the lower band of the descending triangle movement from the 31,000 level on a daily basis, is broken, the price target is 21,600, but there are important support levels such as 24,000, 23,400 and 22,600. It would also be better to wait for 3-day and weekly closures to confirm the 25,200 breakout. Manufacturing Index and Retail Sales data to be released today at 15.30 TSI may affect the markets.
ETHEREUM [ETH]
ETH, which lost 0.18% as of morning hours, is priced at $ 1647. Ethereum also started to decline with the FED statements and the 1720 level was broken downwards. We know that the primary support in ETH, which retreated to the 1630 region afterwards, is at 1625 and then 1550. In Etheruem, just like BTC, it would be better to wait for weekly closures to wait for confirmation of the breakout and determine the moves according to the closures.
