Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:
Interest rates ⏫ again 🙁
As inflation continues to plague the world, the Federal Reserve has announced yet another rate hike of 75 basis points.
BREAKING: 🇺🇸 Federal Reserve raises interest rates by 75bps.
— Watcher.Guru (@WatcherGuru) September 21, 2022
Amidst this news, the prices of stocks and crypto have crashed.
The #crypto markets suffered a bout of whiplash as the Federal Reserve announced it was increasing interest rates by 0.75 percentage points for the third time in a row. 🤯https://t.co/l02M66SCrq
— CoinMarketCap (@CoinMarketCap) September 22, 2022
Jerome Powell mentioned that they will continue to fight inflation, which could signal further interest rate hikes in the future.
Arbitrum LIVE On OpenSea 🚀
Arbitrum is the latest network to be added to OpenSea, the world’s largest NFT marketplace.
1/ @arbitrum is officially live on OpenSea 💙🚀
We’re excited to welcome and support this active community of creators, collectors & builders 🎉— OpenSea (@opensea) September 21, 2022
As a Layer 2 built on top of Ethereum, Arbitrum boasts faster transactions and lower fees.
Some of the prominent NFT collections on Arbitrum include ArbiPunks and Arbitrum’s Odyssey NFTs.
You can use the Krystal mobile app to access OpenSea on our DApp Browser, and view all of the NFTs that you own too!
Wintermute hacked 🤦♂️
Wintermute, a crypto market maker that ensures liquid markets, was hacked and $160 million worth of assets were stolen.
We’ve been hacked for about $160M in our defi operations. Cefi and OTC operations are not affected
— wishful cynic (@EvgenyGaevoy) September 20, 2022
Since Wintermute provides liquidity to some of the top blockchain projects and centralised exchanges, there is a risk that the hack could be worse than previous hacks.
The Wintermute hack was bad, but it could have been worse than most could anticipate.
Let's examine why. https://t.co/fSl1kyDuP5
— Cointelegraph (@Cointelegraph) September 22, 2022
However, Wintermute’s CEO, Evgeny Gaevoy, mentioned that the company will be moving on from this episode to continue innovating in the DeFi space.
And this is what we are planning to do. No lay-offs. No strategy changes. No emergency fundraise. Not giving up on defi.
Keep moving forward through this bear market with the rest of you— wishful cynic (@EvgenyGaevoy) September 20, 2022
SOL > ETH? 🤔
Nansen has reported that Solana boasts much higher daily transactions as compared to the Ethereum network.
Who needs the hype when you’ve got SOL?
On-chain data from the second quarter of 2022 shows Solana surpassing Ethereum in users’ daily transactions.
(Reporting via @Arijit_4) https://t.co/VlwOM89JnD
— Cointelegraph (@Cointelegraph) September 20, 2022
This could suggest that the Solana ecosystem is thriving, and it may be even more active after Helium announced that it would be moving to Solana.
🚨It’s official! The HIP 70 vote has ended. #Helium will be moving to the @Solana blockchain!👏🏼 pic.twitter.com/V2WIajou7R
— Helium🎈 (@helium) September 22, 2022
The competition to be the king of Layer 1 blockchains is becoming really tense, with other networks like Cardano launching significant upgrades.
#Vasil mainnet HFC event successful!🍾
We’re happy to announce that today, at 21:44:00 UTC, the IOG team, in collaboration with the @CardanoStiftung, successfully hard forked the Cardano mainnet via a HFC event, thus deploying new #Vasil features to the chain.
🧶1/5— Input Output (@InputOutputHK) September 22, 2022
WazirX axes USDC 🪓
Following Binance’s decision to merge your USDC, TUSD and USDP balances with BUSD, WazirX is the latest exchange to delist the USDC stablecoin.
Another exchange delists USDC amidst low liquidy.
What in the world is going on here? https://t.co/pQFzQDfzwj
— Cointelegraph (@Cointelegraph) September 19, 2022
However, this delisting may not have much of an impact, considering that the USDC/USDT trading volume on WazirX is only $2,649.
When do you think the Federal Reserve will stop increasing interest rates? Will you be buying any NFTs on Arbitrum? Tweet us or send us a message on Telegram to let us know!
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