As the business week kicks off in Asia, hopes are high for Bitcoin, which has trended up to reach $26,500. Expect more volatility as we approach the upcoming Federal Open Market Committee meeting on Sep. 20. Although most expect the Federal Reserve to keep rates steady, Fed Chair Jerome Powell’s subsequent press conference could hold surprises.
What to Watch Out for Today
1. US House Financial Services Committee’s Digital Dollar Stance: The committee is progressing with two bills to potentially block the digital dollar. In essence, the Federal Reserve might be restricted from testing or offering central bank digital currencies (CBDCs) without specific approvals. Why is this significant? As the debate around the digital dollar heats up, this could shape the future of digital currencies in the US. If you’re eyeing the crypto space, keep tabs on these legislative moves. Long digital dollar, or not?
2. DeFi’s Rocky Road: The decentralized finance (DeFi) sector saw a 15.5% dip in exchange volume in August. Major tokens like Uniswap’s UNI and Curve DAO’s CRV took significant hits. However, amidst the downturn, there were silver linings like the dismissal of a lawsuit against Uniswap Labs. What’s the takeaway? If you’re invested in DeFi, tread with caution and stay updated on token trends. Long DeFi, or time for caution?
3. Optimism’s Airdrop Move: Ethereum’s Layer 2 network, Optimism, is set to distribute unclaimed funds from its first airdrop to eligible addresses. The airdrop began in June 2022, and a big chunk of the winning addresses never claimed their tokens. What’s the big picture? If you’re eligible for the Optimism airdrop, expect some tokens coming your way. And with 13.73% of its initial token supply still up for grabs, watch out for more airdrop announcements. Long Optimism, or is this just a passing cloud?
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