Last Week in Review: Were the rate hikes priced in, and what is Mithril on Cardano?
The highlights from last week’s headline grabbers. All the important news, numbers and events from the world of crypto in one place.
News from the block
💫 Mithril nears Cardano mainnet release
- Now in its final testing stages, the Mithril update is preparing for launch on Cardano.
- With Mithril, Cardano claims the network will become more efficient, streamlined, and capable of supporting a wider range of applications and use cases.
- “DApp developers will be able to deploy light clients and mobile applications or streamline sidechain operations,” said IOHK, the company behind much of the blockchain tech on Cardano.
- “Mithril will also empower stake-based voting applications and governance solutions, regardless of the protocol’s complexity,” the company said.
🔺 US Central Bank raised interest rates to 22-year high
- “Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low.
- Inflation remains elevated,” the Federal Reserve said in a press statement following its decision yesterday to raise interest rates by another 0.25%.
- The Fed is targeting a long term inflation rate of 2%.
- By raising interest rates, the US Central Bank is essentially aiming to slow the US economy and bring down inflation.
- Read more about how interest rates impact crypto markets.
🔺 Avalanche invests $50 million in asset tokenisation on its network
- Avalanche has put aside $50 million to buy assets tokenised on its blockchain as an exercise in proving the scalability and efficiency of tokenisation.
- “It creates a faster, more efficient way for companies to issue assets, individuals to own them, and everyone to transfer value,” John Wu, president of Ava Labs, the firm that created Avalanche, told TechCrunch.
- The programme, called Avalanche Vista, “intends to accelerate the growth of tokenisation and its role in on-chain finance (“OnFi”) by demonstrating the merits of applying blockchain rails to historically more manual and operationally-intensive use cases, including asset issuance, settlement, transfer, and administration,” the company said.
- How is Avalanche aiming to change finance? Brush up on your Avalanche knowledge HERE.
🌤️ Bitcoin and ether futures peak on CME among large traders
- “Derivatives giant Chicago Mercantile Exchange’s (CME) regulated bitcoin (BTC) and ether (ETH) futures saw record participation from large traders in the second quarter,” according to CoinDesk.
- “Bitcoin futures institutional interest continued to increase throughout the quarter as investors sought regulated venues/products to hedge rising market volatility and manage risk and exposure,” the exchange said.
Crunching the numbers
✂️ 205,400 – The amount of Litecoin, worth around $19 million, that mid-tier holders have accumulated ahead of the Litecoin halving expected tomorrow.
💰 $850 million – The value of assets in Dollar terms that Tether recently added to its excess reserves.
🎂 8 – Ethereum marked its eighth birthday on 30 July, the date when the first block was loaded on the network in 2015.
⛓️ $50.6 billion – The amount of crypto in Dollar terms traded on decentralised exchanges in July.
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