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🎢 Markets Dive After Fed Leaves Rates Unchanged

The Defiant

DeFi Daily

GM Defiers!

The Federal Reserve's projection of two more rate hikes this year has sent crypto markets tumbling. Meanwhile, U.S. federal judge has denied the SEC's request to freeze the assets of Binance.US, marking a significant development in the ongoing regulatory saga. Finally, we examine the implications of the recent Amazon Web Services outage on Ethereum and the broader Web3 ecosystem, highlighting the potential risks of centralized infrastructure.

✍️ In today’s newsletter:

  • Bitcoin and Ether slide after 'hawkish pause' from Fed
  • US court denies SEC's request to freeze Binance.US assets
  • Web3 apps and services hit by AWS outage

📈 Markets in last 24 hrs:

TickerValue24h
BTC$27,705 0.42%
ETH$1,864.6 0.14%
MKR$688 -0.29%
SPY$412.07 0.08%
UNI$5.451 0.41%
LDO$2.081 0.19%

🎬 WATCH

Watch our video on Uniswap V4. And check out our podcast with Alex Gluchowski, the CEO of Matter Labs.


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Markets

Crypto Markets Drop After Fed Leaves Rates Unchanged

TLDR The Federal Reserve decided to maintain interest rates at a target rate of 5% to 5.25%, marking a pause after a year of rate hikes. The Fed's projections suggest two more rate hikes in 2023, which led to a sharp drop in crypto markets, with BTC down by over 3% and ETH down by 5%.

SO WHAT The Fed's future actions, including potential rate hikes in 2023, will continue to be a key factor to watch for crypto investors. In the DeFi sector, UNI has rallied following the release of Uniswap's fourth iteration, while CRV has dropped by over 12% due to concerns about the Curve founder's large leveraged position on Aave.


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Regulation

Court Asks SEC and Binance.US To Reach Compromise

TLDR A U.S. federal judge has denied the SEC's request to freeze Binance.US's assets, instead instructing the SEC and Binance.US to negotiate operational terms. The judge criticized the SEC's approach to crypto regulation and asked for clarification on the distinction between "crypto assets" and "crypto asset securities."

SO WHAT This lawsuit is significant as it could set a precedent for how regulatory actions against cryptocurrency exchanges are handled in the future.


DeFi Infrastructure

Ethereum Survives AWS Outage Unscathed But Analysts Warn Of Future Incidents

TLDR Ethereum's reliance on centralized infrastructure like Amazon Web Services (AWS) has come under scrutiny after a three-hour AWS outage in the U.S. While Ethereum continued to operate normally, concerns have been raised about the potential impact of a similar incident in Europe, where many validators for Lido, the top liquid staking provider, could be affected.

SO WHAT If key infrastructure providers like AWS or Infura experience significant outages, it could potentially disrupt Ethereum's operations. This calls for a more decentralized approach to infrastructure to ensure the resilience and stability of the Ethereum network.


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