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Fed Prepares For Another 75

Author: Jeffrey Craig Date: July 11, 2022


Main Takeaway: Another Hawkish Rate Hike

In the week ahead the US will report its CPI. As a result, during the next FOMC meeting it’s expected that the Fed will announce a second 75 bps rate hike. This is on the back of a strong US jobs report last week. The markets ended last week on a positive note, but over the weekend cryptocurrencies experienced another wave of volatility to the downside. So it appears this choppiness will continue throughout the week.

Key Stories: More Regulation

Last Friday Fed Vice Chair Lael Brainard said that regulation is needed for the cryptocurrency or else it could pose a wider threat and danger to the financial system. So the US, in particular the Fed, will likely speed up their efforts in coming to a conclusion on what their role will be in regulating the cryptocurrency industry. As it stands, there’s not much the Fed itself can do – these roles are for the SEC and CFTC. However, the Fed has been researching a CBDC, so if one thing will come out of this, it’ll be a revamped version of the current ‘CBDC’ in place in the US.

Secondly, the UK Treasury stated that in consultation with the Bank of England and other institutions that the UK will introduce legislation on a regulatory system for stablecoins in August. So as you can see, the US and UK are upping their game in the crypto regulatory space, beginning with stablecoins.

In other news, the famed Elon Musk Twitter takeover fell out again, which stirred up crypto Twitter. It seems that Elon will still buy Twitter, but as to the time and at what valuation, it’s still early to say. In the meantime, this is bearish for crypto.

Investor Insight: Aave Ghost Stablecoin

The Aave lending protocol last Thursday on July 7th proposed a new dollar-pegged stablecoin to the protocol’s DAO. The new stablecoin called GHO will be minted by borrowing against assets locked as collateral on Aave. Since the announcement, Aave is up over 10%.

Aave Phemex Chart

Today’s Top Gainers

Despite the crypto markets being down 3%, there’s still many coins trading on Phemex that are having great days. The day’s top five coins are RankerDao (RANKER/USDT), Radicle (RAD/USDT), the Perpetual Protocol (PERP/USDT), Onston (ONSTON/USDT), and aelf (ELF/USDT).

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