Bitcoin and global equities surged after the Fed boosted its inflation forecasts and increased interest rates by 0.25%. Although Bitcoin immediately lost 3%, the token rallied to $41.5K along with risk assets. Check out our Crypto Myths series for our take on Bitcoin in a tightening monetary environment.
President Volodymyr Zelenskyy signed an “On Virtual Assets” law which establishes the legal framework for Ukraine to operate a regulated crypto market.
Last week, President Joe Biden signed an executive order which mandates a ‘whole of government’ approach to the technology, prioritizing innovation and American leadership. Check out top story of the week to hear about our thoughts on the order.
According to data from glassnode, Bitcoin’s illiquid supply in wallets is 3.2x larger than liquid and highly liquid supply combined. As discussed last week, this could feed into the narrative of investors driving an imminent supply shock.
Crypto-based venture capital funding continues to soar as Griffin Gaming Partners raised $750M, Bain Capital Crypto raised $500M, Bessemer raised $250M, and Immutable raised $200M.
The European Parliament’s economic and monetary affairs committee has voted against limiting the use of proof-of-work cryptocurrencies in its upcoming Markets in Cryptoassets (MiCA) regulations.