|All Time High:|
|Market Cap: |
|The price of #RSV today is $1.01 USD.|
The lowest RSV price for this period was $0, the highest was $1.01, and the exact current price of one RSV crypto coin is $1.01404.
The all-time high RSV coin price was $1.24.
Use our custom price calculator to see the hypothetical price of RSV with market cap of ETH or other crypto coins.
|The code for Reserve crypto currency is #RSV. |
Reserve is 1.9 years old.
|The current market capitalization for Reserve is $1,595,888.|
Reserve is ranking downwards to #1242 out of all coins, by market cap (and other factors).
|The trading volume is modest during the past 24 hours for #RSV.|
Today's 24-hour trading volume across all exchanges for Reserve is $12,105.
|The circulating supply of RSV is 1,573,788 coins, which is 100% of the total coin supply.|
A highlight of Reserve is it's limited supply of coins, as this tends to support higher prices due to supply and demand in the market.
More Reserve (#RSV) News
|Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary...
The U.S. Federal Reserve raised its benchmark federal funds rate by 0.25% on Wednesday after markets priced in near 100% certainty the Federal Open Market Committee (FOMC) would codify the quarter-point increase. The FOMC statement further detailed that ongoing rate increases are anticipated to bring inflation down to the target range of 2%.FOMC Outlines Expectations for Future Rate Hikes
The central bank of the United States raised the federal funds rate on Wednesday, increasing it by 0.25% to the current range of 4.5% to 4.75%. The FOMC detailed in a statement that indicators show there has been 'modest growth in spending and production' and job gains have been 'robust in recent months.' However, the committee says that while inflation has dropped, it 'remains elevated,' and it believes the conflict in Ukraine is 'causing tremendous human and economic hardship.'
'The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,' the FOMC statement details. 'In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent. The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.'
The federal funds rate has been increased eight consecutive times and is now at its highest level in about 15 years. The Federal Open Marke...
|Crypto Bank Custodia Denied Membership in US Federal Reserve System
The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model Proposed by Custodia Bank Presents Risks
Crypto bank Custodia has been denied membership in the United States Federal Reserve System. In an announcement dated Jan. 27, the Federal Reserve Board explained that the application, as submitted by the company, is “inconsistent with the required factors under the law.”
The press release further detailed that Custodia is a special purpose depository institution which does not have federal deposit insurance and wants to engage in “untested crypto activities,” including issuing a crypto asset. In that context, the Board argued:
The firm’s novel business model and proposed focus on crypto-assets presented significant safety and soundness risks.
The Federal Reserve Board reminded it had previously determined that “such crypto activities are highly likely to be inconsistent with safe and sound banking practices.” It also said the bank’s risk management framework, “including its ability to mitigate money laundering and terrorism financing risks,” was not sufficient to address relevant concerns.
“In light of these and other concerns, the firm’s application as submitted was i...
|US Federal Reserve Board Issues Policy Statement That Limits Banks' Cryp...
The United States Federal Reserve Board said on Jan. 27 that both insured and uninsured banks will be subjected to limits on certain activities including those that are associated with crypto assets. The board’s latest action does not preclude a state member bank or prospective applicant from providing crypto-assets safekeeping services.Limiting Regulatory Arbitrage
The United States Federal Reserve Board has issued a new policy statement which says that both insured and uninsured banks under its supervision will be subjected to the 'same limitations on activities, including novel banking activities, such as crypto-asset-related activities.'
The statement also clarifies that the institutions will be subjected to the limitations 'on certain activities' which fall under the auspices of the Office of the Comptroller of the Currency (OCC). According to the statement, by imposing limits on the activities of financial institutions, the board is not only attempting to 'promote a level playing field' but is also seeking to 'limit regulatory arbitrage.'
The policy statement, which becomes effective upon publication in the Federal Register, implores banks to ensure that their activities are above board and are conducted 'in a safe and sound manner.' This can be achieved by having risk management processes in place, internal controls, as well as information systems.
State Member Banks Not Precluded From Providing Crypto-Assets Safekeeping Services
On why it decided to issue the p...
|Jeff Booth Warns of Debt Deflation If Federal Reserve Keeps Hiking Inter...
The author of 'The Price of Tomorrow,' Jeff Booth, has warned about debt deflation, calling it a 'great depression on steroids,' if the Federal Reserve continues to hike interest rates. He believes that eventually the Fed 'will be forced to pivot.'Jeff Booth Warns About Danger of Continued Fed Rate Hikes
The author of 'The Price of Tomorrow,' Jeff Booth, shared his thoughts in an Ask-Me-Anything session on Stacker News last week. Among numerous questions asked was whether he believes the recent Federal Reserve interest rate increases will actually cause widespread deflation. Booth replied:
If they keep hiking, it will 'eventually' turn into debt deflation — or credit wipeout. (ala great depression on steroids). Eventually, they will be forced to pivot.
'One important consideration for people is to think in terms of lag effect…ie 18 months from when actions are set in motion,' he continued. 'Remember when no inflation, transitory inflation, high inflation,' Booth added, cautioning:
This tightening only really started in September and Fed only reduced their balance sheet by 2.7 % last year — with subsequent damage.... If they continue.....ugly.
Booth published a book titled 'The Price of Tomorrow: Why Deflation is the Key to an Abundant Future' in 2020. In his book, the author explored “the problem of how to integrate the deflation brought on by technology into a system where inflation has been the norm,” according to the book's overview. Booth be...
|Sberbank Analyst's Editorial Delves Into the 'Tremendous Potential' of a...
During the last month, Russia’s ruble has dropped 16.48% against the U.S. dollar as energy and commodity prices have slowed over the last few weeks. Russia’s central bank revealed two weeks ago that it is further distancing itself from U.S. dollar dependence by purchasing the Chinese yuan on foreign exchange markets. Roughly around the same time, on Dec. 21, 2022, Sberbank executive and Russian International Affairs Council (RIAC) member, Yaroslav Lissovolik, published an opinion article that talks about exploring the pathway toward a new BRICS reserve currency.Russia's Central Bank Seeks to Reduce Dependency on US Dollar with Purchase of Chinese Yuan
At the end of July, Bitcoin.com News reported on the BRICS nations' plan to craft a new reserve currency after Russian president Vladimir Putin announced the plan amid the BRICS Summit in June. While the subject was topical at the time, people stopped discussing the BRICS reserve currency for a while. A few months later, in October 2022, the author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, discussed the subject and noted that the U.S. dollar is 'toast.' Over the last 30 days, energy prices and commodities have subsided in value, but some economists expect a $200-per-barrel run-up in oil prices at some point in 2023.
While energy and commodity values have dropped, Russia's ruble has dropped against the greenback as well. Statistics show that the ruble has lost 16.48% against the U.S. dollar in 30 d...
|OKX Proof-of-Reserves Report: Bitcoin, Ether, Tether Reserve Ratios Over...
Cryptocurrency exchange OKX released its second Proof of Reserves (PoR) on its website on December 22nd.
The new report would enable users to view and self-verify the results of two PoRs with the help of open-source tools, the company said in an official statement. OKX also promised to publish the PoR report every month.
The report shows that OKX's wallets held 113,754 BTC against a user balance of 112,192 BTC as of December 20th, 14:00 UTC. It has a Bitcoin reserve ratio of 101%, this is a minor decrease from the 102% revealed in the PoR last month.
The reserve ratio for Ethereum stood at 103%, increasing from 102%, while Tether reserves stood firm at 101%. The OKX Nansen dashboard covers additional digital assets and shows that Bitcoin, Ethereum, and Tether make up more than 90% of holdings.
OKX CMO Haider Rafique commented,
'Publishing PoR results on a monthly basis strengthens our commitment to lead the industry when it comes to transparency and trust. At OKX, we believe that PoR should be verifiable via open source tools so that users can self-verify the balances and ownership of our reserve addresses.'
Furthermore, OKX also has included new features for its PoR that will allow users to check the reserve ratios for new as well as historical data. Users will also be able to download the files with both types of data after they self-verify on-chain assets.
Lennix Lai, OKX's Director of Financial Markets, said,
'We would gradually enhance our st...
|Federal Reserve Hikes Rate by 50bps, FOMC Signals Rate to Rise to 5.1% N...
The U.S. central bank's Federal Open Market Committee (FOMC) convened on Wednesday and raised the federal funds rate by 50 basis points (bps). The 0.5 percentage point rise follows the four consecutive three-quarters of a point increases codified during the last few months. The FOMC's rate hike follows the recent U.S. inflation report which indicated that consumer prices fell to 7.1%, which was lower than expectations.Fed Raises Federal Funds Rate by 50bps, Central Bank Expects More Increases Going Forward
Following the consumer price index (CPI) report published on Tuesday, members of the U.S. Federal Reserve met on Wednesday and announced a 50bps rate hike. The December increase is smaller than the last four three-quarters of a point (75bps) rate increases.
'The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,' the FOMC said. 'In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/4 to 4-1/2 percent.' The Fed is projecting an additional 75bps hike in the federal funds rate by the end of next year.
The news follows Tuesday's CPI data that rose less than expected as metrics show the inflation rate in November was up 7.1% from a year ago. Core CPI jumped 0.2% on the month, the U.S. Bureau of Labor Statistics (BLS) noted. 'Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment,' the BLS CPI report details. The FOMC report notes t...
|Bitget Shares Merkle Tree Proof of Reserves to Enhance Transparency User...
Leading global cryptocurrency exchange, Bitget, announces today that it is launching its Proof of Reserves Page, which will demonstrate to users that we are a full-reserve exchange, as supported by its Proof of Reserves ('PoR'), using the cryptographic-audited Merkle tree method, and that users' assets stored on the platform are safeguarded.
The Proof of Reserves page provides users with a wealth of information on the topic, including several core elements such as 'Merkle Validator', the monthly snapshots presenting the balance of the reserve pools, user education on Proof of Reserves and the importance of being fully reserved, as well as how the Merkle tree supports and proves the authenticity and consistency of the data presented by Bitget. Snapshots of reserve wallets on the platform and the user's assets serve as reassuring evidence and demonstrate that their assets are held at least at a 1:1 ratio.
To further enhance transparency and ensure the accuracy of the information on the page, Bitget is also launching a new tool, 'Merkle Validator', for users to perform self-audit with their own accounts. The feature allows users to verify the security of their funds in a few simple steps. Users are able to verify the status of their assets' 'Merkle leaf' under the Merkle tree data structure. Bitget is also committed to carrying out regular audits of the PoRs to make sure the balances and the status of user assets within its reserves stay up-to-date.
Gracy Chen, Managing Director...
|Bitcoin, Ethereum Technical Analysis: ETH Back Above $1,200, as Federal ...
Ethereum moved back above $1,200 on Thursday, as markets continued to react to the latest Federal Open Market Committee (FOMC) minutes. Yesterday's report hinted that the U.S. Federal Reserve could pivot to smaller interest rate increases 'soon.' Bitcoin was largely unchanged in today's session.Bitcoin
Bitcoin (BTC) mostly consolidated on Thursday, following news that the U.S. Federal Reserve could be set to move away from its aggressive rate hike policy.
Wednesday's FOMC minutes showed that 'A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate.'
The news comes as inflation in the United States begins to slow down, following several back-to-back rate hikes.
Following a move to an intraday high of $16,771.48 on Wednesday, BTC/USD is trading at $16,544.58 as of writing.
Looking at the chart, this comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at 40.35.
Currently, the index is trading at the 39.90 level, with momentum now moving towards a downtrend, and in particular to a floor of 38.00.
On the other hand, ethereum (ETH) moved higher in today's session, with the token climbing above the $1,200 level.
ETH/USD rose to a high of $1,211.63 earlier in the day, less than 24 hours after trading at a low of $1,153.53.
The move saw ethereum race above a recent resistance level of $1,180, hitting a five-day high in the process.
As can be seen from the chart, the rise in price c...
|Federal Reserve Bank President Says 'Entire Notion of Crypto Is Nonsense...
The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says crypto exchange FTX isn't 'one fraudulent company in a serious industry.' Stating that the 'Entire notion of crypto is nonsense,' the Fed president claimed it is 'just a tool of speculation and greater fools.'Minneapolis Fed President Neel Kashkari on Crypto and FTX Collapse
Federal Reserve Bank of Minneapolis President Neel Kashkari shared his view on the collapse of cryptocurrency exchange FTX Friday.
'This isn't [a] case of one fraudulent company in a serious industry,' he tweeted, elaborating:
Entire notion of crypto is nonsense. Not useful for payments. No inflation hedge. No scarcity. No taxing authority. Just a tool of speculation and greater fools.
Kashkari has never been a fan of bitcoin or crypto. He previously called them 'a giant garbage dumpster.' In August last year, he said bitcoin and crypto were '95% fraud, hype, noise, and confusion,' stating: 'I've not seen any use case other than funding illicit activities like drugs and prostitution.'
Following the FTX meltdown, several Fed officials called for stricter cryptocurrency regulation. Federal Reserve Vice Chair Lael Brainard has stressed the importance of strong cryptocurrency oversight. 'It's really concerning to see that retail investors are really getting hurt by these losses,' she opined.
Michael Barr, Federal Reserve's vice chair for supervision, said in response to a question at a Senate Banking Committee hearing last week:
|Binance's Bitcoin Reserve Stash Nears 600,000, Company's BTC Cache Is No...
While there's been a lot of discussions concerning proof-of-reserves, self-custody, and the more than $5 billion in bitcoin and ethereum that left exchanges between Nov. 7 through Nov. 14, 2022, Binance's bitcoin stash has grown significantly since Nov. 12. In fact, metrics from cryptoquant.com indicate that Binance's bitcoin reserves reached an all-time high on Nov. 19, 2022, as the trading platform holds roughly 582,054 bitcoin worth $9.62 billion using bitcoin's exchange rate on Nov. 20, 2022.Binance Holds Close to 600,000 Bitcoin Today or Roughly 2.77% of the 21 Million Capped Supply
The centralized exchange (cex) Binance is the largest cryptocurrency exchange by trade volume, and the trading platform holds quite a bit of digital assets. There's been a lot of discussions concerning proof-of-reserves lately and exchanges have been sharing crypto addresses to prove they hold specific assets.
Following the FTX collapse, Binance's CEO Changpeng Zhao (CZ) told the public that 'Binance will start to do proof-of-reserves soon.' The exchange then provided hot and cold wallet addresses that week associated with Binance and the company further promised 'Merkle tree [proof-of-reserves]' with plans to share them with the 'community in the next few weeks.'
The analytics firm Nansen also published a dashboard that includes digital currency exchange reserves from Deribit, Crypto.com, Okx, Kucoin, and Binance. A snapshot from archive.org indicates that Binance's reserve status on Nov. 1...
|Bitcoin Reserve On Binance Sharply Rises, Whales Preparing For More Dump...
On-chain data shows the Bitcoin reserve on Binance has been sharply going up in the last couple of days, something that could be a sign of dumping.
Bitcoin Reserve On The Crypto Exchange Binance Has Observed Sharp Growth In Recent Days
As pointed out by an analyst in a CryptoQuant post, the funding rates have been negative while these inflows have been made.
The 'exchange reserve' is an indicator that measures the total amount of Bitcoin currently stored in the wallets of a centralized exchange (which, in this case, is Binance).
When the value of this metric goes up, it means investors are depositing their coins to the exchange right now. As investors could be depositing to such a platform for selling purposes, this kind of trend can have bearish impacts on the price of the crypto.
On the other hand, decreasing value of the reserve suggests coins are exiting the exchange currently. Such a trend, when sustained, can be a sign of accumulation from investors, and could thus be bullish for the BTC value.
Now, here is a chart that shows the trend in the Bitcoin exchange reserve for the crypto exchange Binance during the past month:
The value of the metric seems to have been riding an upwards momentum in recent days | Source: CryptoQuant
As you can see in the above graph, the Binance Bitcoin exchange reserve started to rapidly fall down around ten days ago as the crash started.
This happened because the collapse of FTX made investors more wary of crypto exchanges than ever before...
|Crypto.com CEO Shares Company's Crypto Reserve Addresses in the Wake of ...
On Nov. 11, 2022, the CEO of Crypto.com Kris Marszalek shared the company’s proof-of-reserves addresses that hold leading crypto assets like bitcoin and ethereum. Marszalek says a “proof-of-reserves audit preparation is underway” and the wallet addresses shared are the company’s cold wallets.Crypto.com CEO Kris Marszalek Shares Company's Cold Wallet Addresses, Promises Full Audit Soon
On Nov. 8, 2022, amid the collapse of one of the top cryptocurrency exchanges worldwide, FTX International, Crypto.com CEO Kris Marszalek told his Twitter followers that it was a “sad day for the industry.” Marszalek also added that the company has little direct exposure to FTX and stressed that his exchange “never engaged in irresponsible lending.”
“Our direct exposure to FTX meltdown is immaterial: less than $10m in our own capital deposited there for customers’ trade execution,” the Crypto.com CEO wrote at the time. “That’s very little compared to our global revenues surpassing US$1 billion for two consecutive years,” he added.
After explaining on Nov. 9, 2022, that Crypto.com would provide a list of proof-of-reserves addresses and a full audit, two days later, Marszalek shared a number of cold wallet addresses associated with the company’s reserves. The Crypto.com executive said:
While the proof-of-reserves audit preparation is underway, we are sharing our cold wallet addresses for some of the top asset...
|Circle Starts Investing in BlackRock-Developed Reserve Fund
The issuer of the stablecoin USDC - Circle - announced investing in the Circle Reserve Fund to manage a portion of the USDC reserves.
The SEC-registered fund was set up by BlackRock, and its portfolio will consist of cash and US Treasury funds.
Circle Reserve Fund
The government money market fund was created in partnership with the asset manager. According to the official blog post, it will only be available to Circle. The process of moving the reserves for its USDC stablecoin to the Circle Reserve Fund began on November 3 and is expected to be fully transitioned by the end of the first quarter of 2023.
The announcement read,
'Today, through our partnership with BlackRock, we have begun investing in the Circle Reserve Fund to manage a portion of the USDC reserves. The Circle Reserve Fund is a registered Rule 2a-7 government money market fund managed by BlackRock Advisors, LLC, and its portfolio will consist of cash and short-dated U.S. Treasuries.'
BlackRock entered into a broader strategic partnership with Circle after leading a $400M funding round for the latter in April this year. The asset manager was reportedly tasked with functioning as 'a primary asset manager of USDC cash reserves.'
Stablecoins exploded in popularity last year, but the current bear market has dampened activity. While Tether (USDT) managed to retain its dominance, USDC was trailing behind it for the longest time, which allowed Binance USD (BUSD) to catch up.
According to CoinMet...
|Federal Reserve Announces 75 BPS Rate Hike, Bitcoin Rockets to $20,600
The Federal Reserve on Wednesday hiked its benchmark interest rate by another 75 basis points after its regularly scheduled Federal Open Markets Committee meeting.
As usual, Bitcoin experienced volatility upon the announcement, immediately soaring by over $200.
The announcement, which happened at 18:00 UST on Wednesday, marks a new policy rate of 3.75%
Markets expected a 75-point rise prior to the meeting but had priced in a roughly 10% chance of a 50-point rise.
Immediately after the announcement, Bitcoin rose from roughly $20,400 to $20,600.
Bitcoin / USD. Source: TradingView
Volatility after a central bank rate decision is commonplace for Bitcoin. The price dropped after the previous FOMC meeting in September when the Fed confirmed one of many 75-point hikes.
Meanwhile, Bitcoin pumped last week when the Bank of Canada surprised markets with a less-than-expected 50 basis point hike.
As inflation continues to trend near 40-year highs, the Fed has spent months reiterating that it is fully committed to combatting soaring prices – even if it causes some “short-term pain.”
August CPI came in at 8.2% for September last month – an underwhelming adjustment from August’s numbers.
The United Nations called upon the Federal Reserve in October to slow down its interest rate hikes in October, due to risks that hawkish policy posed to the global economy.
The post Federal Reserve Announces 75 BPS Rate Hike, Bitcoi...
|US Lawmakers Probe SEC, Treasury, Federal Reserve Over Revolving Door Wi...
U.S. lawmakers have raised concerns about the revolving door between financial regulators and the crypto industry. 'Over 200 government officials have moved between public service and crypto firms,' the lawmakers said, adding that they include 31 Treasury Department officials and 28 Securities and Exchange Commission (SEC) officials.Revolving Door Between Financial Regulators, Like SEC, and Crypto Industry
Five U.S. lawmakers have sent a letter to seven financial regulators inquiring about measures they are taking to prevent the revolving door between their agencies and the crypto industry. The letters, dated Oct. 24, were signed by Sen. Elizabeth Warren (D-MA), Sen. Sheldon Whitehouse (D-RI), Rep. Rashida Tlaib (D-MI), Rep. Alexandria Ocasio-Cortez (D-NY), and Rep. Jesús G. 'Chuy' García (D-IL).
The letters were sent to Securities Exchange Commission (SEC) Chair Gary Gensler, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam, Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, Federal Deposit Insurance Corporation (FDIC) Acting Chair Martin Gruenberg, Office of the Comptroller of the Currency (OCC)'s Acting Comptroller of the Currency Michael J. Hsu, and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra.
'We write seeking information about the steps your agency is taking to stop the revolving door between our financial regulatory agencies and the cryptocurrency (crypto) industry,' the lawmakers wrote. 'The crypto ...
|Federal Reserve Chairman Jerome Powell Faces Political Pressure Over Int...
U.S. Senator Sherrod Brown has asked Fed Chair Jerome Powell not to forget the Federal Reserve's 'dual mandate' when making decisions about hiking interest rates at the next Federal Open Market Committee (FOMC) meeting. 'It is your job to combat inflation, but at the same time, you must not lose sight of your responsibility to ensure that we have full employment,' the senator told the Fed chairman.U.S. Senator Reminds Powell of Fed's Dual Mandate
Federal Reserve Chairman Jerome Powell is facing political pressure over interest rate hike decisions. U.S. Senator Sherrod Brown (D-OH), chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Powell on Tuesday asking him to consider the Fed's dual mandate before making any decision to raise interest rates in the next Federal Open Market Committee (FOMC) meeting.
Senator Brown wrote:
As you know, the Federal Reserve is charged with the dual mandate of promoting maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy.
“It is your job to combat inflation, but at the same time, you must not lose sight of your responsibility to ensure that we have full employment,' the lawmaker stressed.
'For working Americans who already feel the crush of inflation, job losses will make it much worse. We can't risk the livelihoods of millions of Americans who can't afford it,' Brown continued, elaborating:
I ask that you don't forget your responsibility to promote maximum employm...
|U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Cr...
The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg's predicted trend.
As a matter of fact, despite Bloomberg's bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000.
Bitcoin trends sideways below $19,000 l BTCUSDT on Tradingview.com
The Fed's Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market.
Inflation Would Drop To 2% By 2025, Says Federal Reserve
The Federal Reserve revealed its plans to tackle inflation at Thursday's FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022.
In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year's interest benchmark by four times...
|Reserve Right Token Spikes Leaving Many In Euphoria, Eyes $0.01
RSR price holds above daily 50 EMA as price eyes $0.01
Price continues to look bullish, holding above key support areas
RSR price breaks out of daily asymmetric triangle with high buy orders.
Reserve Right (RSR) token price has had a rough time in recent weeks breaking out of its range but could rally to $0.01 as price broke out with more buy orders against tether (USDT). Despite the crypto market facing so much uncertainty as to where the market is headed, the price of the Reserve Right (RSR) token has shown a tremendous amount of strength as the price cracks double-digit gains. (Data from Binance)
Reserve Right (RSR) Price Analysis On The Weekly Chart
Weekly RSR Price Chart | Source: RSRUSDT On Tradingview.com
Despite a decline in its price from $0.1 to $0.0037, over 70% decline from its all-time high. The price of RSR showed great strength as the price bounced from its weekly low of $0.003, rallying to a high of $0.008 before facing a rejection to break above that region to higher heights.
The price of RSR has continued to move in range as the price cannot break above a weekly resistance of $0.008 for the price of RSR to trend higher to a region of $0.01.
RSR price needs to break and close above $0.008 to have a better chance of trading higher. The Fibonacci retracement ratio shows the price of RSR is faced with resistance at 23.6%; flipping this area of resistance into support will signal a more relief bounce for the price of RSR.
If the price of...
|Federal Reserve Hikes Benchmark Bank Rate by 75bps to Battle Elevated In...
The U.S. Federal Reserve raised the federal funds rate on Wednesday afternoon by three-quarters of a percentage point. The central bank's move follows the consumer price index (CPI) report last week that showed U.S. inflation jumped last month by 8.3% per annum.Fed Raises Federal Funds Rate by 75bps anticipates 'Ongoing Increases'
On September 21, 2022, the U.S. central bank and Fed chair Jerome Powell increased the benchmark bank rate by 75 basis points (bps). The Fed's federal funds rate is now coasting along at 3.25%. The decision follows the recent CPI report published by the U.S. Bureau of Labor Statistics and Fed officials like Powell noting that that the American economy may feel 'some pain.'
The Fed's 75bps rate hike is the third three-quarters of a percentage point raise in a row. During the last rate hike, senator Elizabeth Warren (D-Mass) said if the Fed wasn't careful the central bank could 'trigger a devastating recession.'
Prior to the 75bps rate hike in July, the U.S. central bank increased the federal funds rate by three-quarters of a percentage point on June 15, 2022. It was the largest Fed rate hike since 1994 when the 13th chair of the Federal Reserve Alan Greenspan codified the 75bps hike that year.
On Wednesday, the Fed said: 'The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percen...
|Bitcoin Falls to $19k as Federal Reserve Announces 75 BPS Rate Hike
Following a two-day Federal Open Markets Committee (FOMC) meeting, the Federal Reserve has risen its benchmark interest rate by another 75 BPS.
Bitcoin’s price reacted erratically to the news, dropping by $1000 mere moments after the announcement.
The hike, revealed at 18:00 UST on Wednesday, takes the central bank’s new policy rate up between 3.0% to 3.5%.
Most investors expected a 75-point rise heading into the meeting, but markets had priced in a roughly 15% chance of a full percentage point rate increase.
Merely 1 minute after the announcement, Bitcoin fell from roughly $19,700 to $18,700. It’s since recovered to about $18,946, at the time of writing.
Volatility following a Federal Reserve decision is familiar territory for Bitcoin. The price fluctuated rapidly after Fed Chairman Jerome Powell’s speech at Jackson Hole last month, where he reiterated his commitment to addressing inflation.
Reducing inflation has been the theme of Fed policy for months, as inflation has marked historic highs throughout 2022. August CPI came in at 8.3% last week – higher than analysts were expecting.
Tightening monetary policy has caused both stocks and crypto to plummet throughout the year. Bitcoin is now 70% down from its November high of $69,000, while the NASDAQ is down 28% year to date.
Bitcoin / USD. Source: TradingView
The post Bitcoin Falls to $19k as Federal Reserve Announces 75 BPS Rate Hike appeared first on Crypt...
|Bitcoin Derivatives Reserve Surges Up, More Volatility Soon?
On-chain data shows the Bitcoin derivatives exchange reserve has surged up recently, a sign that the crypto may face more volatility in the near future.
Bitcoin Derivatives Exchange Reserve Observes Uplift Over Last Two Days
As pointed out by an analyst in a CryptoQuant post, conditions seem to be brewing up in the BTC market that could lead to higher volatility in the price.
The 'derivatives exchange reserve' is an indicator that measures the total amount of Bitcoin currently sitting in the wallets of all derivatives exchanges.
When the value of this metric goes up, it means investors are depositing their coins into these exchanges right now. Since BTC going up on derivatives generally leads to an increase in leverage, such a trend can result in higher volatility in the price of the crypto.
On the other hand, the value of the indicator registering a decline implies coins are exiting derivatives exchanges as holders are withdrawing them. This kind of trend may precede a more calmer BTC price.
Now, here is a chart that shows the trend in the Bitcoin derivatives exchange reserve over the past few weeks:
The value of the metric seems to have climbed up in recent days | Source: CryptoQuant
As you can see in the above graph, the Bitcoin derivatives exchange reserve has seen some upwards momentum during the last couple of days.
|Senator Warren 'Very Worried' About Federal Reserve Raising Interest Rat...
U.S. Senator Elizabeth Warren says she is 'very worried' that the Federal Reserve will tip the economy into recession. 'There is nothing in raising the interest rates, nothing in Jerome Powell's tool bag that deals directly with' the causes of inflation, she explained.Senator Elizabeth Warren on Inflation and the Fed Raising Interest Rates
U.S. Senator Elizabeth Warren (D-Mass.) discussed inflation and the Federal Reserve raising interest rates during an appearance on CNN's State of the Union Sunday.
She began by commenting on the speech by Federal Reserve Chairman Jerome Powell in Jackson Hole on Friday. 'While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain,' Powell said.
'I want to translate what Jerome Powell just said,' the senator from Massachusetts said. 'What he called 'some pain' means putting people out of work, shutting down small businesses because the cost of money goes up, because the interest rates go up.'
Replying to a question about whether she believes it's a mistake for the Federal Reserve to keep raising interest rates, Warren stressed:
I am very worried about this.
She proceeded to list 'The causes of inflation - things like the fact that Covid is still shutting down parts of the economy around the world, that we still hav...
|USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?
On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop.
USDC Exchange Reserve Observes Sharp Rise In Recent Days
As pointed out by an analyst in a CryptoQuant post, the large amount of USD Coin that flowed into exchanges recently could be deployed to act as fuel for Bitcoin.
The 'exchange reserve' is an indicator that measures the total amount of USDC currently sitting in wallets of all centralized exchanges.
Since stablecoins are tied to fiat (which in the case of USDC is USD), their value is as constant as the fiat currency itself. Because of this, investors often take shelter by shifting coins like Bitcoin into stablecoins during times when they want to avoid the volatility generally associated with much of the crypto market.
Once these investors feel the prices are right to dive back into the volatile markets, they exchange their stables for whatever crypto they want to buy into.
An especially large amount of buying from such holders can therefore help propel the prices of the major cryptos like Bitcoin.
Now, here is a chart that shows the trend in the USDC exchange reserve over the last few months:
The value of the metric seems to have jumped up in recent days | Source: CryptoQuant
As you can see in the above graph, the USDC exchange reserve has usually made a top around when the BTC price has slid down in the last few months.
Following this top, the reserve has started declining, while...
|US Federal Reserve Board Unveils Final Guidelines Used When Reviewing Re...
The U.S. Federal Reserve Board has said it has released the final guidelines which are set to be used by Reserve Banks when 'reviewing requests to access Federal Reserve accounts and payment services.' According to the board, the final guidelines will become effective as soon as they are published in the Federal Register. New Guidelines Aimed at Establishing a Transparent and Consistent Set of Factors for Reserve Banks
The board of the U.S. Federal Reserve recently announced what it called the 'final guidelines which establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts.'
As per the bank's statement, the latest guidelines are almost identical to the ones proposed in May 2021 and the supplemental ones which were proposed in March this year. These new guidelines will become effective once they are published in the Federal Register.
The move could pave the way for fintech and crypto banks and special purpose depository institutions (SPDIs). Kraken Bank applied for a master account with the Federal Reserve Bank in October 2020. In the Fed's recent statement, Lael Brainard, the vice chair of the U.S Federal Reserve, is quoted explaining why the guidelines are needed.
'The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order to support a safe, inclusive, and innovative payment system,' Braina...
|Reserve Bank of Zimbabwe 'Developed a Roadmap for Adoption of CBDC,' Say...
The governor of the Zimbabwean central bank, John Mangudya, recently said his organization 'has developed a roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe.' Mangudya also revealed that two fintech startups had been admitted into the central bank's fintech regulatory sandbox. Stakeholders' Views Wanted
Nearly six months after announcing the Reserve Bank of Zimbabwe (RBZ)'s intention to explore the feasibility of launching a central bank digital currency (CBDC), the bank's governor John Mangudya recently revealed that the central bank now has a roadmap for the envisaged digital currency. He said the bank's development of the roadmap is in line with the government's decision on the CBDC which was made in November 2021.
Nevertheless, Mangudya suggested in his second monetary policy statement of the year that the RBZ is now eager to get the views of stakeholders. He said:
The role of stakeholders in the CBDC journey is paramount and in that regard, the Bank has developed a public consultation paper on CBDC to be released soon. The consultation paper is aimed at fostering a broad and transparent public dialogue regarding the potential benefits and risks of CBDC.
According to the RBZ, once the document has been released, the public will have an opportunity to comment on the consultation paper. This must be done within 90 days after the release of the consultation paper, Mangudya said.
Besides the consultation paper, the RBZ will also 'carry-out consumer per...
|USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists St...
Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an 'on-chain mechanism [and] collateralized assets.'USDD Trades Below $1 for an Entire Week
USDD has been trading for lower than a U.S. dollar for over a week and on Sunday, USDD tapped an all-time low at $0.928 per unit. The following day on Monday, the stablecoin has been exchanging hands for $0.966 at the time of writing, and it saw a 24-hour low at $0.943. USDD is the ninth-largest stablecoin by market capitalization, with approximately $696.28 million on Monday evening at 7:00 p.m. (ET). The stablecoin has seen roughly $83 million in global trade volume and the top USDD exchanges on Monday include Kucoin, Huobi Global, Poloniex, and Pancakeswap version two (V2).
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased 10,000,000 #USDD on #TRON.
- TRON DAO Reserve (@trondaoreserve) June 20, 2022
The Tron DAO Reserve account on Twitter has been announcing numerous crypto asset purchases to safeguard the crypto ecosystem. On Monday, the Tron DAO Reserve revealed it added ten million USDC to 'safeguard the overall blockchain industry and ...
|Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plung...
On-chain data shows the Bitcoin reserve of derivative exchanges has surged up recently as the price of the crypto has continued to crash down.
Bitcoin Derivatives Exchange Reserve Observes Sharp Uptrend
As explained by an analyst in a CryptoQuant post, the crashing BTC price may be forcing whales and long-term holders to open short positions in order to hedge their portfolios.
The 'derivative exchange reserve' is an indicator that measures the total amount of Bitcoin currently present on wallets of all derivative exchanges.
When the value of this metric goes up, it means coins are entering into derivative exchanges right now. Such a trend may mean investors are opening leveraged positions at the moment, which can result in higher volatility in the value of the crypto.
On the other hand, a downtrend in the indicator implies investors are withdrawing their coins from these exchanges currently.
Now, here is a chart that shows the trend in the Bitcoin derivative exchange reserve over the past year:
The EMA 7 value of the metric seems to have observed some uptrend recently | Source: CryptoQuant
As you can see in the above graph, the Bitcoin derivative exchange reserve had been heading down for quite a while, until recently when the indicator's value once again started rising up.
Recent data suggests that the crash in the coin's price has pushed around 50% of the total BTC supply into loss. A lot of demand and a sudden reversal in the price of Bitcoin will need to occur befor...
|Bitcoin Exchange Reserve Spikes Up, Selloff Not Over Yet?
As expected, its value also shot up over the last few days.
The fact that the Bitcoin exchange reserve doesn't seem to have changed trend and is still rapidly rising after the crash may mean that the crypto's price could see further decrease in its value in the near future.
At the time of writing, Bitcoin's price floats around $21.1k, down 30% in the last seven days. Over the past month, the crypto has lost 32% in value.
The below chart shows the trend in the price of the coin over the last five days.
The price of BTC seems to have ben moving sideways since the crash | Source: BTCUSD on TradingView
Following the crash, Bitcoin touched as low as $20k, before rebounding back a little to the current levels.
|TRON DAO Reserve to Withdraw Another 3 Billion TRX to Protect USDD Peg
TRON DAO Reserve is prepared to withdraw another 3 billion TRX tokens from a centralized exchange and a decentralized finance (DeFi) lending protocol as part of efforts to prevent a similar occurrence of Terra's UST collapse.
The foundation made the announcement in a tweet on Thursday (June 16, 2022). However, the DAO did not name the CeFi and DeFi platforms where the withdrawals will occur.
With the latest announcement, the foundation intends to pull back a total of 5.5 billion TRX. The planned withdrawals are part of efforts to shrink liquidity for short traders and prevent a collapse, as was the case for Terra's UST stablecoin.
Also, the move will stop short-traders from tanking the price of TRX as the token is used to redeem USDD like LUNA for UST. If they can cause TRX to decline sharply, the coin will not be valuable enough to honor USDD redemptions.
As previously reported by CryptoPotato, the decentralized organization revealed plans to withdraw 2.5 billion TRX tokens from Binance to 'safeguard the blockchain industry and crypto market.'
The TRON DAO Reserve transferred $100 million USDC to Binance to purchase TRX and further deployed another $120 million to buy the token.
Earlier in June, Sun said TRON DAO will inject $2 billion to fight short positions on Binance and protect the USDD peg.
However, USDD is yet to gain parity with the U.S. dollar as the algorithmic stablecoin is currently trading at $0.97, according to CoinGecko. TRX's price, on the other hand, is $0....