💸 US FED is not expecting more rate hikes

💸 US FED is not expecting more rate hikes 🌠 Sui Network launch: coin crashes despite high anticipation ❌ Influencer who promoted FTX avoids lawyers and gets served via Twitter

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Here's what recently happened in the space:

US FED is not expecting more rate hikes

The US Federal Reserve banks aren't expecting any more rate hikes this year, with some analysts speculating that instead of raising rates, the Fed may even cut them in order to boost the US economy. That's the first time in more than 12 months that the Fed has not suggested additional rate hikes.

Fed chairman Jerome Powell says there was a "meaningful change" in the Fed's statement since March, when they discussed the possibility of additional policy firming. They have stated that to decide whether raising interest rates is appropriate or not, they will take into account both economic data and financial market developments. A rate cut by the Fed would indicate that the economy is not growing as expected and that a recession may be approaching.

What does it mean for crypto? Well, the economic instability linked to a potential recession has been considered in the value of crypto assets already, so the news of rate cuts should not have a direct impact on their prices. However, lower interest rates might make traditional investments less attractive and could spur more people to adopt crypto. In the short term, we could see the prices of some coins rise as money flows out of the traditional financial system and into crypto. In the long run, however, it is difficult to predict how the market will react. A recession could also mean more volatility, which could see crypto assets take another hit as well, it all depends on how the market adapts.

Ultimately, it's a waiting game for investors and crypto holders alike. But the Fed's "wait-and-see" approach suggests that at least in their view, the US economy is stabilizing and perhaps not in as much danger of an imminent downturn as some had feared. Believing them, though, is another matter.

Sui Network launch: coin crashes despite high anticipation

Sui Foundation launched the mainnet for Sui yesterday, and everything went according to plan. Well, until the brand new chain's coin crashed.

Sui is a new chain by Sui Foundation, they've raised $200M in venture capital and the launch of their mainnet was highly anticipated. When it went live, the SUI coin immediately shot up to the top 100 largest cryptocurrencies by market cap.

However, it quickly fell back down and dropped more than 70% from its peak of $4 to just $1.15. Also, Binance launchpad users who staked tokens worth over $4 billion for SUI token launch only received 0.016 SUI coins per dollar invested. The reason for this fall is speculated to be the high traffic on binance's launchpad due to the immense response from users.

This has spawned numerous allegations that the project was a scam, and many are calling for an investigation into the matter.

The foundation will probably not comment on the situation until the dust settles, but many investors are already feeling betrayed. But that's how it goes since the ICO era and many of us know that this won't be the last time something like this happens.

Influencer who promoted FTX avoids lawyers and gets served via Twitter

Another youtuber who promoted FTX has been served in the high-profile lawsuit. But the funny part about this case is that Tom Nash, the Youtuber in question was served via Twitter because he's been avoiding traditional means of communication.

Tom Nash is the final defendant out of 10 named in the class-action lawsuit, alongside crypto influencers BitBoy and Brian Jung. The Moskowitz Law Firm, representing the plaintiffs in the suit, announced they were “forced to serve him electronically”.

The lawsuit is based on the alleged violation of US laws by FTX, the plaintiffs allege that Nash, BitBoy, Jung and others received compensation for promoting the company without properly disclosing such information.

Many people in the crypto community are now wondering what this case could mean for Youtubers who promote different projects without disclosing their relationship with said projects.