CryptoSlate Wrapped Daily: Fed’s Powell hawkish on inflation as BTC tumbles, Taliban ban crypto CryptoSlate Wrapped Daily: Fed’s Powell hawkish on inflation as BTC tumbles, Taliban ban crypto
Federal Reserve Chairman Jerome Powell's comments on inflation, the Taliban's ban on crypto and much more in this edition of CryptoSlate Wrapped Daily.
3 min read
Updated: Sep. 1, 2022 at 5:17 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The biggest news in the cryptosphere for Aug. 26 includes Federal Reserve Chairman Jerome Powell’s indication that recovery from the burgeoning inflation levels is still far from being done, and another stablecoin losing its peg from the U.S. Dollar as the bear market continues.
CryptoSlate Top Stories
Federal Reserve Chair urges everyone to ‘factor inflation into financial decisions’ during Jackson Hole conference
The Fed chair said in a speech at the annual economic policy conference in Jackson Hole that a single month’s improvement is not enough to return inflation to 2% and “a failure to restore price stability would mean much greater pain.”
Powell said in his speech:
“Price stability is the bedrock of the economy — without price stability, the economy does not work for anyone.”
USDN loses peg again as Neutrino upgrade to “stabilize protocol” goes live
Neutrino $USDN lost its peg for the first time since June 16 as it was updated to implement upgrades to the protocol. The confirmation of the upgrade was announced several hours after the peg fell from $0.98 to $0.96.
Update #8 was decided on through a governance vote which included four proposals and the vote passed updates to “implement new swap mechanics, so that Max Swap Amount of USDN>WAVES swaps will depend on the current BR value.”
Binance clarifies it froze Baking Bad corporate account due to law enforcement request, locked assets in agency custody
Binance responded to allegations that it had frozen and wiped the account of Tezos (XTZ) tool contributor Baking Bad “without any explanations.”
The crypto exchange giant said the freeze was due to a law enforcement request and that Baking Bad is aware of the issue behind the freeze as it was notified multiple times.
CryptoSlate Exclusive
Coinsillium CEO deems CBDCs a ‘small niche’ vs Bitcoin, other cryptocurrencies
Coinsillium CEO Eddy Travia is not concerned about the impact of CBDCs as he thinks they fail to give users an edge over existing private crypto options.
Travia said the push for CBDCs addresses the need to evolve and future-proof money while offering a strong degree of control – which is not the case with private cryptocurrencies.
“They are looking at CBDCs because, again, CBDCs are something they can control, and they feel they can impose certain rules.”
Mercury Wallet is pitching itself as Bitcoin’s answer to scalability, privacy
Software engineer and privacy advocate Nicholas Gregory discussed Bitcoin privacy and developments at privacy-focused Mercury Wallet with CryptoSlate’s Samuel Wan.
Gregory pointed out that the way it works shatters the tenet of “not your keys, not your coins,” which he finds highly entertaining.
“Mercury Wallet is an alternative scaling solution. What I like about it from an entertainment point of view is it breaks one of the foundations of Bitcoin – not your keys, not your coins. Well Mercury allows you to pass around private keys.”
Research Highlight
Diamond hands are at an all-time high
Bitcoin’s supply which was last active over a year ago, reached its all-time high this month and currently stands at 65.7%, according to data from Glassnode analyzed by CryptoSlate.
The current percentage is even higher than the numbers recorded in May 2022, when the crypto market entered a period of unprecedented volatility.
News from around the CryptoVerse
3AC co-founder fears jail term
Three Arrows Capital co-founder Su Zhu is worried he and other company directors could face jail terms for contempt of court due to court-appointed liquidators stating that the co-founders of the embattled firm have been uncooperative, Bloomberg News reported.
Coinbase launches voter registration portal
Coinbase launched a voter registration portal in line with its education initiative to allow the crypto community to raise their voices on critical policy discussions happening in the U.S.
Crypto Tali-banned in Afghanistan
A crypto crackdown is underway in Afghanistan after the country’s central bank banned cryptocurrencies and the Taliban regime arrested digital asset dealers, Bloomberg News reported, citing a senior police official.
Crypto Markets
Bitcoin was down 4.25% on the day, trading at $20,662, while Ethereum was trading at $1,555, reflecting a decline of over 8.47%.
Biggest Gainers (24h)
- Voyager Token +101.92%
- Braintrust +54.4%
- GensoKishi Metaverse + 8.86%
Biggest Losers (24h)
- Celsius -16.24%
- ssv.network -13.14%
- TerraUSD -12.67%
Mentioned in this article
Author 
Zaeem Shoaib Zuberi
Zaeem, an editor fascinated by business, finance, DeFi, and cryptocurrencies, holds a business and finance degree. His 14-year career in financial journalism spans sectors like banking, finance, insurance, and tech.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,524.33
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
Jerome Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term.
Nicholas is a cryptocurrencies Entrepreneur, Software Engineer and has been involved with bitcoin since 2012. Providing start-up support, Nicholas worked on bitcoin specifications and has been instrumental in designing bitcoin protocols such as MainStay and Statechains.
