Bitcoin price had some whipsaw action this morning as price dumped on fresh inflation numbers, but recovered to yesterday's prices within hours.
Top-20 altcoins continue to act unbothered, as Ethereum remains unchanged, BNB falls half a percent, and Avalanche is the biggest mover with a 1.5% dip.
The US Consumer Price Index (CPI) increased to 9.1% for last month, setting yet another 4-decade high. Bitcoin and other cryptocurrencies saw a quick tumble on the news, likely in anticipation of the Federal Reserve raising rates once again to control inflation.
The Federal Open Market Committee (FOMC) will be meeting July 26-27 to talk about the next moves regarding monetary policy. Fed Chair Jerome Powell has expressed concern over "going too far" with monetary tightening, however says that the bigger mistake to make would be to fail in restoring price stability.
StarkWare's Layer-2 scaling platform, StarkNet, has confirmed today that it plans to launch a governance token for the network. These tokens will be going live in September, with some of the token allocations already decided.
51% will go to the StarkNet foundation, 32.9% to StarkWare core contributors and 17% to StarkWare investors. Token allocations will also be made to the community next year, based on "verifiable work".
South Africa's Reserve Bank will be introducing regulations within the next year, which will treat cryptos as financial assets. Companies and individuals dealing with crypto may fall into the category of "financial services providers," subject to meeting several global guidelines.
The country also plans to increase the monitoring and reporting of crypto transactions, to comply with exchange regulations. Cryptocurrencies will fall under the scope of the Financial Intelligence Centre Act (FICA), meaning the industry will be monitored for money laundering, tax evasion and terrorism financing.
