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Crypto Flipsider News – The Fed Hikes Interest Rates, Bitcoin Jumps to $41k; Crypto Legalized in Ukraine; MetaMask Reaches 30M Users, Preparing Token and DAO; Ripple Loses Top Developer; FTX to Spread Web3 in Africa

Read in the Digest:

  • Fed hikes interest rates, Bitcoin ignores sentiment, holding above $40,000.
  • President Zelenskyy signs bill legalizing crypto in Ukraine.
  • MetaMask surpasses 30 million users, confirms native token and DAO.
  • Ripple loses its director of developer relations, what you should know.
  • FTX collaborates with AZA Finance to spread crypto and Web 3.0 to Africa.

Fed Hikes Interest Rates, Bitcoin Ignores Sentiments to Hold Above $40,000

In a bid to curb the escalating inflation rates, the U.S. Federal Reserve raised its benchmark interest rate for the first time since December 2018. 

Raising its interest rates by 0.25 percentage points, the Fed has outlined six more hikes in 2022. According to the Fed dot plot, by the end of 2022, Fed rates could be as high as 2.8%.

As the U.S. central bank’s Federal Open Market Committee tightens its monetary policy, market analysts and investors have expressed concerns that the move could further damage the economy. 

Despite the prevailing bearish sentiments in the market, Bitcoin has managed to jump by 6% to hit $41.5k for the first time since March 10th. Bitcoin is now trading at $40,689, holding on to a 1.2% gain over the last 24 hours.

The 24 hour price chart for Bitcoin (BTC). Source: Tradingview

Bitcoin’s new high comes on the back of a three-day winning streak which has seen the premiere cryptocurrency rocket from as low as $37,680, to as high as $41,544.

Flipsider:

  • Speaking at the end of a two-day policy meeting, Fed Chair Jerome Powell was adamant that officials would not shy away from raising rates more aggressively if improvements are not seen.

Why You Should Care

By increasing its interest rates, the Fed aims to decrease overall spending in order to stabilize prices and combat the rising inflation.

President Zelenskyy Signs Bill Legalizing Crypto in Ukraine

President Volodymyr Zelensky has signed into law a bill passed last month by Ukraine’s parliament to legalize cryptocurrencies. Confirming the development on Wednesday, Ukraine’s Ministry of Digital Transformation said in a statement that the law: 

“determines the legal status, classification, ownership, and regulators of virtual assets, as well as setting registration requirements for crypto services providers.”

The Ministry confirmed that crypto exchanges will operate legally, with banks able to open accounts for them. Ukraine’s crypto market will be the National Commission on Securities and the Stock Market.

The move comes after the war-torn country received over $100 million in crypto donations over the past three weeks to aid in its defense against the Russian invasion and help fund humanitarian efforts.

Flipsider:

  • The Indian central bank likened crypto to a “ponzi scheme”, claiming that banning would be “perhaps the most advisable choice.”

Why You Should Care

With the new law in place, crypto users in Ukraine may operate freely in converting crypto to fiat.

MetaMask Surpasses 30 Million Users, Confirms Native Token and DAO

Setting the standard for Ethereum wallets, ‘MetaMask‘ has hit the impressive milestone of having over 30 million monthly active users (MAUs). By this metric, MetaMask has become the most widely used Ethereum wallet.

The number of MAUs of MetaMask has increased by 42% since December, when it reported 21 million MAUs. The crypto wallet, developed by ‘ConsenSys’, allows users to store Ether (ETH) and other cryptocurrencies within Web 3.0 applications.

To further increase the growth of the wallet, CEO of ConsenSys Joseph Lubin announced that MetaMask would officially be launching its own token. In addition to this, MetaMask will launch a decentralized autonomous organization (DAO). According to reports, the DAO will fund the wallet’s growth. 

Flipsider:

  • Lubin clarified that the DAO “won’t govern MetaMask,” but will assist the creation of new features of MetaMask that need funding.

Why You Should Care

In an interview, Joseph Lubin explained that the developments will help MetaMask pursue “progressive decentralization.”

Ripple Loses its Director of Developer Relations, What You Should Know

Still embroiled in its protracted battle with the SEC, ‘Ripple‘ has been hit with a major blow, as one of its top directors parted ways with the firm. After more than one year with Ripple, Matt Hamilton announced his departure on March 16th.

Hamilton, who worked with Ripple on expanding the ‘XRP‘ ecosystem, is leaving Ripple due to his wife’s mental health concerns. According to Hamilton, 2021 was a “bad year” for him, and he needed time to focus on his family.

Expressing his gratitude to Ripple for the “both personal and professional” support, Hamilton said that he would remain an active member of the XRP community.

Flipsider:

  • After losing one of its top developers, Ripple has pledged to distribute one billion XRP ($789 million) to developers.

FTX Collaborates With AZA Finance to Spread Crypto and Web 3.0 to Africa

In a bid to capture markets for the emerging Web 3.0 technology, leading crypto exchange ‘FTX’ has announced a partnership with ‘AZA Finance‘. FTX will work with the Kenyan-based payments firm to spread the Web 3.0 economy across the African continent.

According to a statement on Wednesday, the partnership will focus on five key areas for Web 3.0 development in Africa, including offering support for deposits and withdrawals using African fiat currencies on the global FTX platform.

Through the partnership, FTX is seeking to improve Africa’s Web 3.0 infrastructure and create useful learning resources for participants in the region. In addition to this, FTX and AZA Finance plan to launch African digital currency trading pairs as part of the deal.

The final core aspect of the partnership involves the fast-growing non-fungible tokens (NFTs) market as the collaboration seeks to onboard African NFT artists to the FTX NFT marketplace.

Flipsider:

  • Elizabeth Rossiello, founder and CEO of AZA Finance, identified the lack of regularity clarity in many African jurisdictions as a major challenge. 

Why You Should Care

Partnering with AZA Finance is a strategic move by FTX to expand its presence in Africa, which is an emerging crypto market with boundless potential.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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