Loading...
🎢 Markets Dive After Fed Leaves Rates Unchanged
The Defiant 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:
| Ticker | Value | 24h |
|---|---|---|
| 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.
THANKING OUR NEWSLETTER SPONSORS
| Newsletter continues below |
Parcl is a DeFi real estate trading platform that enables you to invest in entire cities rather than individual buildings. Get exposure to millions of properties with no minimums and maximum liquidity.
Alongside AMKT is the first fully backed on-chain broad-based crypto market index. Market exposure to a market-cap weighted basket of 25 assets, rebalanced monthly and reconstituted quarterly. Not available to US residents.
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.
SPONSORED POST
Meet Web3 Sheets by GFX Labs, the best tool for pulling current and historical data from 10+ EVM chains to your Google Sheets. Save time scraping blockchain information manually, and optimize your Web3 data collection experience.
Staying up-to-date in DeFi takes a lot of work. That’s why Web3 Sheets is flexible and reliable, allowing you to:
- Track your portfolio
- Pull current token balances
- Analyze protocols
- Monitor your asset exposure
- Review onchain oracles
- Track yield opportunities
- And call every read function on all supported chains.
Web3 Sheets was built with accessibility and scalability in mind, giving you access to features you use day-to-day in Excel, with the power of Google Sheets collaboration, at your fingertips. Get started for free today with 100 requests - no signup required - just install the add-on!
Spend less time writing Javascript, Python, and SQL queries and quickly and intuitively make them from within the comfort of Google Sheets.
Not sure how to start? You can start by checking out example sheets based on popular protocols such as Uniswap, Compound, Aave, and more to find out how you can make the most of Web3 Sheets.
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.
SPONSORED SHOUTOUT
The biggest multichain event of the year is back! Polkadot Decoded, the flagship event on June 28th and 29th in Copenhagen is set to be the biggest yet.
From the team that coined the term “Web 3.0”, Polkadot Decoded will showcase the breadth of the vibrant multichain ecosystem with over 100 speakers, including telecommunications, aviation, music, gaming, not-for-profit organizations, and government, including Vodafone, Deloitte, and more.
Join us in building a better internet. Register today!
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- BlackRock Filing Bitcoin ETF Application Soon: Reports (Decrypt)
- Following Second Arrest, Trump NFT Project Says 'NOW' Is Time to Claim Prizes (Coindesk)
- Do Kwon heading into extradition custody in Montenegro after receiving bail (Cointelegraph)
