Powell Sees Soft Landing as “Very Challenging” and Calls for

Daily Market Wrap

•Crypto market cap: 0.93 trillion, up 4.24%

•BTC price stands at USD 21,222, up 3.98%

•ETH price stands at USD 1,160, up 6.86%

•Top gainer: Storj (STORJ), up 24.62%

•Top loser: Harmony (ONE), down 5.97%

News of the Day

Powell sees a soft landing as “very challenging” and calls for crypto regulation.

Why it matters:

•Jerome Powell, the Federal Reserve Chair, acknowledged that steep interest rate hikes could cause the U.S. economy into a recession; “a soft landing is going to be very challenging,” he told Congress yesterday

•Three senators challenged Powell with questions on crypto regulation, to which he repeatedly highlighted that a better regulatory framework for crypto would be needed in the future

•Powell also noted that regulatory ambiguity is one of the biggest challenges facing the cryptocurrency sector right now, and that Congress would need to clarify who should have authority over this

Crypto daily spotlight

Decentralised exchange dYdX builds its own Cosmos-based blockchain.

Brief introduction: dYdX is a decentralized exchange built on the Ethereum network delivering key financial instruments to users such as perpetual, margin, and spot trading, as well as lending and borrowing. To significantly scale trading, dYdX and StarkWare have built a Layer 2 protocol for cross-margined perpetual, based on StarkWare’s StarkEx scalability engine and dYdX’s Perpetual smart contracts.

Why it matters:

•Crypto derivatives platform dYdX posted a tweet on Thursday announcing plans to move to a new blockchain built on the Cosmos SDK for its v4 update

•dYdX V4 will feature a fully decentralised, off-chain order book, and a matching engine of deposits, transfers, withdrawals and price oracles capable of scaling significantly more throughput than any blockchain can support

•dYdX seeks to bridge blockchains by using Cosmos’ inter-blockchain communications protocol (IBC), meaning that it can directly transfer any digital asset within the Cosmos Network

Daily sector tracker

Daily News Roundup

•Uniswap Acquires NFT Marketplace Aggregator Genie https://bit.ly/39Pb2Gn

•Doodles NFT Hires Star Music Producer Pharrell Williams as Chief Brand Officer https://bit.ly/3xLg66t

•Binance.US Now Offers Zero-fee Trading Triggering Fee War Among Exchanges https://bit.ly/3NdvEFJ

•Crypto Lending Platform Taps Citigroup to Advise on Potential Acquisitions https://bit.ly/3HM8Trl

•The Largest Solana-based NFT Marketplace Magic Eden Reaches $1.6 Billion Valuation https://bit.ly/3QGmhS3

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