Federal Reserve Maintains Federal Funds Rate Target Range
According to PANews, the US Federal Reserve has decided to keep the federal funds rate target range unchanged between 5.25% and 5.5%, in line with market expectations.
According to PANews, the US Federal Reserve has decided to keep the federal funds rate target range unchanged between 5.25% and 5.5%, in line with market expectations.
Bitcoin (BTC) was trading around $64,000 before the meeting from its overnight low of $60,700, …
CoinDesk reported Wednesday that the Ethereum Foundation faces a confidential inquiry, and Fortune said the …
According to Blockworks, the Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem, removed the warrant canary from its website on February 26. The removal indicates that the foundation has received a government subpoena. Ethereum web developer Pablo Pettinari wrote, "[W]e have received a voluntary enquiry from a state authority that included a requirement for confidentiality," alongside a code commit removing the canary. The Ethereum Foundation is responsible for handling grants and providing research for the Ethereum ecosystem, but it does not control or lead Ethereum. Ethereum co-founder Vitalik Buterin serves on its executive board. In 2019, the Ethereum Foundation mistakenly removed its warrant canary, but this time it appears to be a genuine removal. The price of ether (ETH) fell more than 2% immediately after the news broke, contributing to a bearish week for the token. Some industry watchers believe that the Ethereum Foundation's "voluntary enquiry" may not be a significant issue. Mike Selig, partner at Willkie Farr & Gallagher, said, "It's extremely common for crypto protocol foundations to receive voluntary requests for information from federal and state regulators. And subpoenas are about as sure as the sunrise for a crypto entity." The Ethereum Foundation has not yet responded to a request for comment.
According to PANews, advisors overseeing the gradual liquidation of Celsius Network LLC have requested the return of over $2 billion from major clients before the platform files for bankruptcy to avoid potential lawsuits. A supervisory committee established in Celsius' Chapter 11 bankruptcy case has begun contacting clients who withdrew more than $100,000 from the platform before the company's bankruptcy in July 2022. The assets recovered through this process will be used to repay creditors who have not withdrawn funds from Celsius. The committee stated that the recovery process would only affect about 2% of Celsius users, who collectively withdrew approximately 40% of the platform's assets within 90 days before the company filed for bankruptcy protection. At the time of filing for bankruptcy, Celsius reported having approximately $6 billion in assets, 1.7 million registered users, and 300,000 active users with account balances exceeding $100. The committee said that if clients who could potentially become targets of clawback lawsuits choose to settle, they will be offered 'preferential rates,' while clients who choose not to settle may be forced to return much higher amounts through potential litigation.
Despite concerns about the XRP price performance in this market cycle, this crypto expert has …
I’ve never met a rich trader who was obsessed with economic narratives being woven by the media. Instead of trying to predict the start or end of a trend, focus on what the market is telling you now and respond accordingly.
According to Foresight News, Grayscale has expressed on platform X that if the federal debt stock significantly increases in the coming years, overseas investors may lose interest in US government bonds. They may begin to shift from the US dollar to other currencies, such as Bitcoin. Bitcoin can be considered a macro asset, an alternative currency system, and a 'store of value' competing with the US dollar. Grayscale believes that the potential decrease in interest for US government bonds could lead to investors seeking alternative assets like Bitcoin. As a macro asset, Bitcoin offers a different currency system and store of value that could attract investors looking for options outside of the traditional US dollar-backed investments.
According to PANews, the Ethereum Foundation is reportedly under investigation by an unnamed 'national authority,' as per the organization's GitHub repository. The scope and focus of the investigation remain unclear at the time of writing. A document submitted to GitHub on February 26, 2024, states, 'We have received a voluntary investigation from the national authority, which includes confidentiality requirements.' The Ethereum Foundation has not responded to requests for comment. Previously, the Ethereum Foundation's website contained the following disclosure: 'The Ethereum Foundation has never been contacted by any institution in any part of the world without disclosing contact information. The Ethereum Foundation will publicly disclose any investigation by government agencies outside the normal scope of business operations.' According to the change log, this footer was removed on February 26, along with the GitHub website's Warrant Canary security statement.
According to PANews, the Federal Reserve is scheduled to announce its latest interest rate decision and release the quarterly outlook report (SEP) at 2:00 AM Beijing time on Thursday. Federal Reserve Chairman Jerome Powell will hold a routine post-meeting press conference at 2:30 AM.