Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Happy Monday, Ndaxers— Here’s what happened last week:
U.S. Federal Reserve Governor Christopher Waller endorsed a 50 basis point interest rate cut, citing unexpectedly weak inflation data as the main factor. Waller highlighted that the core Personal Consumption Expenditures (PCE) index, which excludes food and energy, is running well below the Fed’s 2% target, especially given high housing services inflation. This significant slowdown in price growth, coupled with upcoming August PCE data, convinced Waller to support a more aggressive cut. He indicated openness to further rate reductions if inflation continues to soften, emphasizing the importance of maintaining the Fed's credibility in targeting 2% inflation. Yahoo Finance
During his keynote speech at TOKEN2049 in Singapore, Ethereum co-founder Vitalik Buterin shared his optimistic outlook for Ethereum's future, highlighting the network's progress in reducing transaction fees, lowering confirmation times, and enhancing user experience. He acknowledged the challenges that previously hindered crypto adoption but emphasized recent advancements in security tools, privacy protocols, and account abstraction. Buterin proposed multi-signature wallets as a secure solution for user funds, advocating for a balance between self-sovereignty and reliance on third parties. He believes these improvements will be pivotal in driving Ethereum towards mainstream adoption while preserving its core principles of decentralization and open-source development. cryptonews
On September 20, five Bitcoin miner wallets from 2009 moved a total of 250 BTC. These wallets, which received 50 BTC each just weeks after Bitcoin’s launch, likely belonged to individuals involved in the early days of the blockchain’s creation. The unexpected activity has sparked speculation within the crypto community, with some suggesting the wallets might be linked to Bitcoin’s creator, Satoshi Nakamoto, or early adopter Hal Finney. Cointelegraph
Inflation in Canada has slowed to 2% in August, its lowest annual rate since February 2021, down from 2.5% in July. This marks the first time inflation has returned to the Bank of Canada’s target since 2021, bolstering expectations for more significant rate cuts. Economists suggest the central bank may cut rates by 50 basis points in October, following a series of rate reductions since June that have brought the overnight rate to 4.25%. The slowdown in inflation was largely driven by lower gasoline prices and declines in five of eight subsectors on a monthly basis. However, mortgage interest costs and rents continue to pressure consumers, rising 18.8% and 8.9% respectively. Excluding shelter, the consumer price index increased by just 0.5% year-over-year. BNN Bloomberg
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