Weekly Crypto News: Edition #3
Welcome to Wizardia Weekly: Edition 3! This is when we bring you the latest news from the world of crypto and blockchain. In this edition, we will cover some of the stories that made headlines in the past week, such as:
What is the FOMC Interest Rate Day and why does it matter for investors: Learn how the FOMC Interest Rate Day affects the financial markets and what to expect from the Fed’s decision and speech.
Chat GPT Launched a Token: Discover how a Twitter user successfully convinced ChatGPT to launch its own Ethereum blockchain token.
CitiGroup has a new blockchain: Citigroup introduces a new way of sending money across borders using digital tokens on a private blockchain, paving the way for blockchain adoption in the financial sector.
Lets dive in.
What is the FOMC Interest Rate Day and why does it matter for investors?
Today marks the day that many investors find rather challenging - the FOMC Interest Rate Day, a moment when the U.S. Federal Reserve unveils its verdict on interest rates.
The decision at hand is whether to increase, decrease, or maintain the current rates.
According to CME FedWatch, there is an overwhelming 99% likelihood that the Federal Reserve will opt for a rate pause.
This sentiment is echoed by analysts from prominent financial institutions such as JPMorgan, Goldman Sachs, Citi, Wells Fargo, and others, all of whom anticipate no interest rate hikes on this occasion.
However, the spotlight will be on Jerome Powell and his post-announcement speech. The market's reaction is somewhat unpredictable, but here's a simplified guide I jotted down earlier:
- In the event of an interest rate increase, prices are likely to decline. This could be a significant market shock if rates rise unexpectedly, especially given the prevailing expectation of stability.
- If interest rates remain unchanged, the direction of price movements will largely depend on the tone of Powell's speech. A hawkish stance may lead to price declines, while a bullish outlook may drive prices upward.
It's crucial to keep in mind that market reactions are driven by perception rather than concrete outcomes.
Regardless of the outcome, I maintain a long-term investment perspective and plan to hold onto my assets. In times of uncertainty, it's wise to stay composed and stay the course.
Did you miss Augusts News Wrap up? Catch it here.
Chat GPT Launched a Token:
Today I discovered something amazing online.
A crypto enthusiast and a fan of generative art, @CroissantEth, challenged ChatGPT, a chatbot powered by AI, to launch its own token on the Ethereum blockchain.
The result: the challenge was a success.
What did ChatGPT acutally do:
Wellll...
1. Wrote the ERC20 smart contract that defines the basic features and rules of a token, such as how it can be moved, approved, and created.
2. Used OpenAI’s API to interact directly with the Ethereum blockchain. This is a service that lets developers access various AI models and tools, such as ChatGPT and DALL-E. ChatGPT used this service to connect to a web3 provider and send the token contract to the blockchain.
3. Chose the token’s total supply, fixed at 65 billion tokens. This is the maximum number of tokens that can ever exist for this project. ChatGPT picked this number based on its own reasoning and preference.
4. Created the token’s name, called “AstroPepeX.” This is the official name of the token that distinguishes it from other tokens. ChatGPT came up with this name by mixing two popular elements of internet culture: astrology and Pepe the Frog.
5. Set the ticker symbol for the token as “$APX.” This is the shortened name of the token that is used in trading platforms and exchanges. ChatGPT derived this symbol from the first and last letters of the token name.
6. Employed DALL-E to design the token’s visual representation. This is a neural network that can generate images from text descriptions. ChatGPT used DALL-E to make a unique logo for the token based on its name and symbol.
7. Gave up ownership of the token, ensuring its complete independence from human involvement. This means that ChatGPT gave up its control over the token contract and sent all the tokens to a burn address, which is an address that no one can access or control. This ensures that the token is fully decentralized and autonomous.
Impressive, right?!
P.S. - It’s important to note that the content shared here is not intended as financial advice. It’s simply an intriguing project I’ve come across.
CitiGroup Has a New Blockchain
Citigroup is a financial behemoth. It has over $750B in assets under management and is one of the Big Four banks in the U.S.
Well, the bank just made a big crypto move: it’s launching a digital token service for institutions.
Here’s everything you need to know:
It’s called Citi Token Services.
Institutional clients will be able to tokenize their deposits to send money across borders.
It will use a private blockchain and smart contracts to execute transfers.
The new service will reduce transaction processing times “from days to minutes”.
Citigroup is also using it to pilot a global cash management system where institutional clients can transfer funds between Citi branches, 24/7.
While Citigroup is using a private blockchain (boooo!) it’s the first step in getting institutions familiarized with the benefits of blockchain transactions.
Dont miss: 5 things that can beat the bear here!
The Magic Crypto Ball 🔮
The Crypto Enforcement Chief of the SEC warns that more legal actions are coming to crypto companies. This includes crypto exchanges, DeFi platforms, etc…
Oak Grove Ventures is launching a new $60M Web3 fund. The fund will invest in companies working at the intersection of Web3, A.I., and biotech.
Circle launched its USDC stablecoin on the Polkadot network. Now any app in the Polkadot ecosystem can use the dollar-backed stablecoin.
Walmart and POCLab (a web3 creative studio) are collaborating to launch “The Cultureverse”. The metaverse experience was created to celebrate the 50th birthday of hip-hop.
The Balancer front end was compromised yesterday. Over $250K worth of crypto was stolen from the DeFi protocol. Stay away for now!
That wraps up another exciting edition of Wizardia Weekly! As we navigate these ever-evolving waters of the crypto sphere, remember to stay informed, stay cautious, and embrace the transformative potential of this digital revolution.
And just like in the world of crypto, where innovation knows no bounds, we'll continue to crawl, walk, run, and one day, fly towards a future shaped by blockchain technology and decentralized possibilities.
Until next time, stay curious and keep your eyes on the horizon! 🔮✨
Watch the Spintop X Wizardia sponsored tournament recap for some epic highlights and footage!
Ryan Turnbull
Introducing Ryan Turnbull, a passionate Australian Chief Vibe Officer at Wizardia. Among many things, Ryan builds Wizardia’s community, creates captivating live streams, forms partnerships with other web3 projects, and produces engaging video and blog content. With his expertise, Ryan introduces crypto gaming to both masters and beginners, fostering a vibrant, exciting and supportive environment.
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