In the biggest news in the cryptosphere on Aug. 26, Federal Reserve Chairman Jerome Powell suggested that recovery from burgeoning inflation levels was still a long way off, and that as the bear market continued, another Including stablecoins losing their peg to the US dollar.
CryptoSlate Top Stories
Federal Reserve chair urges everyone to ‘factor inflation into financial decisions’ during Jackson Hole meeting
In a speech at the annual economic policy conference in Jackson Hole, the Fed chair said a month’s improvement would not be enough to bring inflation back to 2%, saying: “If price stability cannot be restored, It means more pain,” he said.
In his speech, Mr. Powell said:
“Price stability is the foundation of the economy. Without price stability, the economy will not work for anyone.”
USDN loses peg again as neutrino upgrade kicks in to ‘stabilize protocol’
Neutrino $USDN lost its peg for the first time since June 16th. Has been updated Implement an upgrade to the protocol. Confirmation of the upgrade came hours after the peg dropped from his $0.98 to his $0.96.
Update #8 was determined through a governance vote containing 4 proposals, with the vote “implementing a new swap mechanism so that the maximum swap amount for USDN>WAVES swaps depends on the current BR value” Update passed.
Binance has frozen Baking Bad’s corporate account at the request of law enforcement, revealing that it is storing assets in an agency.
Binance has responded to allegations that it has frozen and deleted the account of Tezos (XTZ) tool contributor Baking Bad “without any explanation.”
The crypto exchange giant said it was aware of the issues behind the freeze as it was at the request of law enforcement and Baking Bad was notified multiple times.
Crypto Slate Exclusive
Coinsillium CEO sees CBDC as a ‘little niche’ to Bitcoin and other cryptocurrencies
coin silium CEO Eddy Travia is not worried about the impact of CBDC as he believes it cannot give users an edge over existing private crypto options.
Travia said the CBDC push addresses the need for evolving and future-proof money while offering a high degree of control.
“They are looking at CBDC because, again, they feel it is something they can control and can impose certain rules on.”
Mercury Wallet touts as Bitcoin’s answer to scalability and privacy
Nicholas Gregory, a software engineer and privacy advocate, sat down with Samuel Wan of CryptoSlate to discuss Bitcoin privacy and development in the privacy-focused Mercury Wallet.
Gregory points out that the mechanism shatters the “neither key nor coin” principle and is very interesting.
“Mercury Wallet is an alternative scaling solution. What I like about it from an entertainment point of view is that it breaks one of the foundations of Bitcoin. I can.”
diamond hands are the best ever
Bitcoin supply, which was last active more than a year ago, has reached a high this month and is now at 65.7%, according to Glassnode data analyzed by CryptoSlate.
The current percentage is even higher than the figure recorded in May 2022, when the crypto market entered a period of unprecedented volatility.
News around CryptoVerse
3AC co-founder fears jail time
Three Arrows Capital co-founder Su Ju has been charged with contempt of court after the court-appointed liquidator said the troubled company’s co-founders were uncooperative, according to Bloomberg News. I fear that he and other company directors will be sentenced to prison.
Coinbase Launches Voter Registration Portal
coin base launch Voter Registration Portal In Line With Education Initiative Allows Crypto Community To Raise Their Voice On Important Policy Debates Happening In The U.S.
Afghanistan bans cryptocurrency Tali
Afghanistan Crackdown On Cryptocurrencies Underway After Central Bank Bans Cryptocurrencies And Taliban Regime Arrests Digital Asset Dealers, Bloomberg News reportquoting a senior police officer.
Bitcoin fell 4.25% on the day, trading at $20,662, while Ethereum traded at $1,555, reflecting a decline of more than 8.47%.