Bitcoin (BTC) dipped just below its position of $27,000 last night, following some developments on interest rate hikes overnight by the Federal Reserve in the US. Although an increase was anticipated, the Federal Reserve’s projection of interest rates reaching a high of 5.1% next year was well outside of analysts’ expectations of 4.1%. The announcement has exerted pressure on Bitcoin prices, which presents an intriguing opportunity to investors.
What to Watch Out for Today
1. Crypto in the US Election: GOP presidential candidate Vivek Ramaswamy announced plans to unveil a “comprehensive crypto policy framework” by Thanksgiving during a talk at the Messari Mainnet crypto conference. In his remarks, he expressed optimism about blockchain technology and criticized regulatory agencies as an “unconstitutional fourth branch of government.” Ramaswamy’s open support for crypto highlights its growing influence in U.S. politics and suggests a rightward shift in the industry. Recent polls place him second in the GOP nomination race, just behind Donald Trump. As a popular candidate for the GOP primaries, this could be some bullish news for the crypto industry.
2. PayPal’s PYUSD Joins Venmo: PayPal will soon offer Venmo users the ability to purchase its stablecoin, PayPal USD (PYUSD). Initially available to select users, this feature will be rolled out to all Venmo users in the coming weeks. PYUSD is an Ethereum-based stablecoin. Users can buy and send it to other Venmo and PayPal wallets for free, marking the first time such transfers can occur at no cost. However, sending to non-PayPal-owned crypto wallets will incur fees. PayPal aims to bolster its payment ecosystem with this move but faces competition from larger stablecoins like Tether (USDT) and USD Coin (USDC). As traditional giants like PayPal dive deeper into the crypto realm, one has to wonder: could this be the catalyst that propels the market to new heights?
3. Toncoin Briefly Joins the Top 10: Toncoin (TON), the native cryptocurrency of The Open Network, has surged in market cap, now ranking as the 10th largest digital asset and briefly overtaking Dogecoin as the ninth largest. TON’s recent 31% gain over the past seven days makes it the top-performing asset among the top 100 cryptocurrencies. Trading at $2.45, TON operates on a proof-of-stake blockchain and originated from the messaging app Telegram in 2018 before being taken over by the TON Foundation. It allows users to make commission-free crypto transfers to other Telegram users and offers various features like TON Storage and TON Proxy, with payments made in TON tokens. With its roots in the popular messaging app Telegram and innovative features like TON Storage, could this be the next big thing investors have been waiting for?
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