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US stocks in the third session fell between 0.9% and 1.1%. Stock futures again showed an upward trend of about 0.1%. Gold price is still moving sideways around 1674 USD/ounce. And oil was similar to the previous day and was trading around 83 USD/barrel.
Bitcoin price around 19.00 USD. Altcoins are almost flat. At the current price, the BTC profit rate has also dropped to 48.7%, a good area for accumulation.
On the day of the Fed meeting, the market will receive information that the Fed will announce an interest rate increase. Until now, most investors still think that the Fed will increase by 0.75%. Goldman Sachs made a similar prediction. They think that the Fed will increase interest rates by 0.5% in November and December.
Wells Fargo has similar thoughts. However, the bank thinks that the Federal Reserve is raising interest rates too slowly, making the market depressed and waiting. Wells Fargo expects that the Fed will raise interest rates by 1.5% instead of many small increases.
Looking at history over the years, the Fed’s interest rate has always been higher than the annual inflation rate. Particularly for the past two years, the US inflation rate is at a high of 8.3%, but the Fed’s interest rate is much lower and at 2.5%. Many people believe that inflation will gradually decrease and interest rates will gradually increase to a level higher than inflation. The question is, does the Fed need to raise interest rates above inflation to manage it?
ETH too centralized?
The consolidation has taken place successfully, and many questions remain as ETH moves to PoS. However, the first seen benefits to the network is that ETH’s inflation rate has dropped significantly.
If ETH continues to operate on a proof-of-work (PoW) basis, the network’s inflation rate will be at 3.79%. To date, the network has fully transitioned to proof of stake (PoS) which has reduced ETH’s inflation to just 0.2% per year. The inflation of ETH is now lower than that of Bitcoin (1.72%).
Besides, there are concerns about the centralization of blocks generated now that ETH also needs to be concerned. At the moment, the majority of blocks generated on the ETH network belong to Coinbase (14.5%) and Lido (27.5%). Many people think that this concentration is worrisome. If Coinbase and Lido have bad intentions, they can link up to attack the ETH network. At the same time, these two companies have a lot of power on the network.
The consolidation of ETH just took place not long ago so there is no dispersion yet. Maybe when the network is expanding and the network’s distribution will be better. In addition, nodes can migrate to another mining pool.
Various states have touted their crypto-friendly credentials in recent years. But Colorado has already made the move to become the first state to accept cryptocurrency payments for state taxes. Crypto payments need to be made through PayPal and come with a $1 fee plus 1.83% of the payment amount.
Institutional interest in cryptocurrencies has grown since the space boomed in 2021. So the Nasdaq stock exchange launched a crypto custody service. Nasdaq Digital Assets hopes to capitalize on the growing institutional market demand for digital assets.
The company’s executive chairman, Michael Saylor, announced that the company purchased an additional 301 BTC for around $6 million at an average price of $19,851 per BTC. So far, MicroStrategy owns 0.62% of the total Bitcoin (BTC) to be mined.
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