Powell Sees Soft Landing as "Very Challenging" and Calls for Crypto Regulation
Daily Market Wrap
Crypto market cap: 0.93 trillion, up 4.24%
BTC price stands at USD 21,222, up 3.98%
ETH price stands at USD 1,160, up 6.86%
Top gainer: Storj (STORJ), up 24.62%
Top loser: Harmony (ONE), down 5.97%
News of the Day
Powell sees a soft landing as “very challenging” and calls for crypto regulation.
Why it matters:
Jerome Powell, the Federal Reserve Chair, acknowledged that steep interest rate hikes could cause the U.S. economy into a recession; “a soft landing is going to be very challenging,” he told Congress yesterday
Three senators challenged Powell with questions on crypto regulation, to which he repeatedly highlighted that a better regulatory framework for crypto would be needed in the future
Powell also noted that regulatory ambiguity is one of the biggest challenges facing the cryptocurrency sector right now, and that Congress would need to clarify who should have authority over this
Crypto daily spotlight
Decentralised exchange dYdX builds its own Cosmos-based blockchain.
Brief introduction: dYdX is a decentralized exchange built on the Ethereum network delivering key financial instruments to users such as perpetual, margin, and spot trading, as well as lending and borrowing. To significantly scale trading, dYdX and StarkWare have built a Layer 2 protocol for cross-margined perpetual, based on StarkWare’s StarkEx scalability engine and dYdX’s Perpetual smart contracts.
Why it matters:
Crypto derivatives platform dYdX posted a tweet on Thursday announcing plans to move to a new blockchain built on the Cosmos SDK for its v4 update
dYdX V4 will feature a fully decentralised, off-chain order book, and a matching engine of deposits, transfers, withdrawals and price oracles capable of scaling significantly more throughput than any blockchain can support
dYdX seeks to bridge blockchains by using Cosmos’ inter-blockchain communications protocol (IBC), meaning that it can directly transfer any digital asset within the Cosmos Network
Daily sector tracker
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