FED Announces Interest Rate Decision
In the statement made yesterday, the FED raised interest rates by 25 basis points to 5.25-5.50 in line with expectations. After the interest rate announcement, FED Chairman Jerome Powell stated that they are still far from the target inflation rate of 2% and that the return will take time. Powell said that they will continue to make interest rate decisions in the coming period based on the data, thus leaving the door open for meetings in September and beyond. Finally, in response to the question of rate cuts, Powell said that he did not expect it to happen this year and that he did not expect inflation to reach 2% until 2025.
Meta Announces Balance Sheet
According to Meta’s quarterly balance sheet announced yesterday, the second quarter of the year ended in 2. announced revenues of 32 billion dollars in the quarter, above the expected level of 31.08 billion dollars. Thus, after Tesla, Microsoft and Google, Meta also announced revenue above expectations. Another point that Meta pays attention to every balance sheet period is metaverse expenditures. Reality Labs, known as the metaverse side of meta, posted a loss of 3.7 billion. Meta CEO Mark Zuckerberg stated that the company continues to invest in the metaverse for its long-term plans.
First Crypto Bill Approved in the US
The House of Representatives Financial Services Committee approved some crypto asset legislation yesterday. It was stated that the bills were designed to create a legal framework for crypto and address blockchain-related issues. The Committee approved both proposed bills and passed them to the House of Representatives for a vote.
Bank of Italy to Collaborate with Polygon
The Milan Center, the innovation hub of the Bank of Italy, has announced that it will provide support to Cetif Advisory to explore a securities token ecosystem for corporate central finance. It was announced that the project does not aim to be commercialized, but that the analysis of securities tokens, that is, tokenized real-world assets, will be carried out in secondary markets. Cetif Advisory will work with Polygon Labs, Fireblocks and several other companies on the project.
Reddit Keeps Polygon NFTs Coming
Late last year, Polygon-Reddit struck a deal to launch an NFT project. Since then, Reddit has released large quantities of NFTs and has become one of the most important brands in the industry. Yesterday, Reddit announced its new collection, Retro Reimagined.
Significant Rise in Ripple, Stellar and Solana Funds
CCData’s July report showed a significant rise in XLM, XRP and SOL in the funds’ assets under management (AUM) data. Stellar was the project with the largest increase in AUM during this period, followed by Solana, Ripple and Polygon. AUM in Stellar funds increased by 62.7% to 17.3 million in July.
Pacific Islands Group Publishes Stablecoin on XRP Ledger
Palau, which we know has previously agreed with Ripple on CBDC, announced that they have started testing the digital currency called PSC (Palau Stablecoin), which has a three-week distribution process and will start testing in August. The 340-island Pacific nation will issue its US Dollar-linked stablecoins on XRP Ledger.
Bitcoin is priced at $ 29,472 with a 0.41% gain in value as of today morning hours. In Bitcoin, after the interest rate decision and Powell’s speech, we see that the market perceived the speech positively and started to rise. Although we have tested the 29,500 level in Bitcoin, we see that we continue to be priced just below this level by failing to break through. If this level breaks upwards, we can target the 30,400 zone again in BTC. We also see that after the rise in Bitcoin, there is an even deeper price movement in the alts, and in this way, there is again some retracement in Bitcoin dominance. We think that with a further decline in dominance, we may enter a period in which the positive divergence at the bottom seems more intense.
ETH, which gained 0.30% as of morning hours, is priced at $ 1877. After the return from the channel support in Ethereum, with the upward break of the 50 and 100-day MAs, the price returned to the 1890 region, which is the middle band of the channel, but we see that the break here could not be realized and there was some selling pressure from here. In Ethereum, it is critical to break the 1890-1895 range upwards, otherwise we can say that the price level may return to the moving averages at the 1860 level.