The Federal Reserve made its move mid-last week, raising the interest rate by 25 basis points. This was the tenth hike since last March. The announcement, however, did not cause any significant price swings as many would expect. Instead, most of the top ten cryptocurrencies were relatively steady, recording minimal 7-day growth.
Besides the Fed’s interest rate hike, a lot happened on Crypto Twitter over the past seven days. On Monday, Changpeng Zhao, the CEO of crypto exchange Binance, threatened Tron founder Justin Sun that the company would take action against his $56 million transfer to the platform if he used the money to farm the SUI token.
Zhao argued that SUI was only available for Binance retail customers, not just a few whales.
Sun saw Zhao’s tweet and immediately replied. The Tron founder claimed that his team made the transfer by mistake. He revealed that he had already contacted Binance and arranged for a full refund. Sun later apologized to Zhao for the error.
On Tuesday, Crypto researcher Molly White called out news outlet Fortune Crypto for spreading fake information. The company’s article shared by White claimed that Congress had been using the popular chatbot ChatGPT to start a smear campaign against Binance CEO.
On that day, Democrat 2024 Presidential aspirant Robert Kennedy Jr wrote on his Twitter account that the crypto crackdown by United States regulators played a big role in the collapses of banks that served the industry, including Signature and Silvergate. In recent weeks, Kennedy has been opposing every government action that appears to be sabotaging blockchain innovations in the US, prompting many to believe that he wants to win the support of crypto players ahead of next year’s elections.
Is Amazon Really Launching an NFT Marketplace?
On Wednesday, Web3 fanatic Moritz shared a list of 15 media reports that claimed the biggest e-commerce platform Amazon was planning to roll out an NFT marketplace next Monday. One of the reports read that Amazon had initially planned to launch its NFT trading platform last year. As of this writing, the e-commerce giant has not made any announcement regarding the matter.
The following day, El Salvador’s President and Bitcoin maxi Nayib Bukele tweeted that he had signed the Innovation and Technology Manufacturing Incentive Act into law to eliminate all taxes on technology innovations, computer and communications hardware manufacturing, and software programming.
New York Attorney General to Propose More Crypto Regulations
On Friday, New York Attorney General Letitia James wrote on her Twitter handle that her office is seeking to propose a bill that will introduce tighter crypto regulations. Letitia stated that the bill will require crypto firms to refund customers who are victims of scam projects, prevent token creators from owning crypto exchanges, block crypto firms from borrowing investors’ assets, and force independent and public auditing of these companies.
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