Dave - Bitcoin Specialist
The Federal Reserve increased interest rates by the anticipated 75 basis points, which made the market pessimistic. The Federal Open Market Committee predicted that the Federal Funds Rate will reach 4.4% in 2022 as a result of rising inflation.
Additionally, Fed Chairman Powel reaffirmed the Fed's commitment to reducing inflation, supporting the worry of the cryptocurrency market.
The crypto market value increased to a high of $919.4 billion before falling to $859.2 billion in response to the rising rates, political choices, and economic initiatives. However, inflation also affects other markets, such as the NASDAQ 100, which fell by 1.79%. The Vasil Hard Fork countdown has also started as of today, diverting attention away from the Feds and onto Cardano, with the market anticipating a rise in ADA's price. However, despite encouraging news in the run-up to the hard fork today, ADA has suffered its third loss, falling 2.26% to $0.432 from its peak of $0.524 in September.
39 exchanges that have finished modifications and are ready for the hard fork are among the updates from the ADA Hard Fork Mass Indicators. Additionally, the Vasil node is currently producing 98% of the mainnet blocks. Top Cardano dapps by TLV have also said that they have tested and are prepared for the Vasil Hard Fork. Added updates The New York Court has this week ordered Tether (USDT) to provide balance sheets, income statements, ledgers, and other financial data in response to the Terra crash.
Finally, Sam Bankman-Alameda Fried intends to repay a $200 million loan in exchange for $160 million in collateral from Voyager Digital. Among the several businesses vying for Voyager's assets is Binance and the prosperous business of Bankman-Fried, FTX.
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