The US Federal Reserve raised rates by 75 basis points yesterday in response to inflation concerns – the largest single increase since 1994.
| | | 📈 30 Second Cryptocurrency Price Summary |
| Bitcoin price has ended up more or less where it started yesterday, as price briefly pumped then dumped following the Federal Reserve announcement. |
| Top-20 altcoins have seen some small rises across the board, as Ethereum gains 1%, BNB climbs 2% and Solana leads with a 7% rise. |
Top Stories for June 16, 2022 🔥 |
| The US Federal Reserve raised rates by 75 basis points yesterday in response to inflation concerns – the largest single increase since 1994. |
| Bitcoin rallied rapidly on the news, however has erased yesterday's gains overnight. Analysts believe the news was already price in due to a leak days before the meeting. |
| Federal Reserve chair Jerome Powell has previously ruled out the possibility of a 75 basis point rate increase in May, however Consumer Price Index figures for the month ended up changing that decision – as year-over-year inflation came in at 8.6%. |
| Circle Internet Financial, the issuers of the USD Coin (USDC) stablecoin, have announced that it will be issuing a brand new, euro-backed stablecoin called Euro Coin (EUROC). |
| Euro Coin will be built and issued using the same full-reserve model used for USDC, beginning with the Ethereum blockchain as an ERC-20 token. Support for additional chains is expected later within the year. |
| A research report by IT engineer and cryptographer, Michel Khazzaka, has shown that Bitcoin uses 56 times less energy than the legacy financial system. |
| The report used four years of research and proposed a new method of estimating Bitcoin's energy consumption from its Proof-of-Work mining algorithm – an improvement over the estimates calculated by Cambridge Bitcoin Electricity Consumption Index (CBECI). |
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