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The central bank of the United States, the Federal Reserve, has said at the conclusion of its regular Federal Open Market committee meeting it will keep its key overnight interest rate near zero, while maintaining its monthly bond purchases of at least $120 billion.
Reddit has joined the Ethereum Foundation in a bid to provide development resources to scaling tools, improving its commitment to the technology and echoing the platform’s long-held “decentralized ethos.”
MV Index Solutions (MVIS) and CryptoCompare have announced that products licensing their co-branded indices, have surpassed $1 billion in assets under management.
Sponsored: Kohima is a decentralized esports project with an innovative ecosystem involving esports gamers, streamers, and sponsors. KHM is the native token of the Kohima ecosystem.
Top stories in the Crypto Roundup today:
- Fed Maintains Monetary Policy That Helped Bitcoin Rise
- Reddit Joins Ethereum Foundation to Scale Crypto Rewards
- MVIS CryptoCompare Indices Surpass $1 Billion in AUM
- LUNA, SXP, MATIC Are Moving in the Crypto Market
- Sponsored: Kohima finance, a DeFi based E-sports gaming ecosystem: Kohima Token presale is live
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Fed Maintains Monetary Policy That Helped Bitcoin Rise
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The central bank of the United States, the Federal Reserve, has said at the conclusion of its regular Federal Open Market committee meeting it will keep its key overnight interest rate near zero, while maintaining its monthly bond purchases of at least $120 billion.
The move was expected as Chairman Jerome Powell announced it would keep the strategy until there was at least a bounce back from the COVID-induced recession, while adding there was “great uncertainty ahead.”
Keeping interest rates low makes borrowing cheaper and disincentivizes savings, leading more people to go out and spend, stimulating the economy. For the cryptocurrency world, this means some investors turn to Bitcoin as a store of value.
Ultra-low interest rates mean interest-being investments like bonds barely generate interest, and are much less attractive. Lower interest rates are also associated with higher inflation, and the Fed’s bond-buying strategy has seen some use BTC to hedge against potential inflation and currency debasement.
Investors, amid the central bank’s aggressive monetary policy, also eye assets like gold as a safe haven. The Fed’s policy staying in place could mean a shift towards cryptoassets will continue.
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Reddit Joins Ethereum Foundation to Scale Crypto Rewards
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Reddit has joined the Ethereum Foundation in a bid to provide development resources to scaling tools, improving its commitment to the technology and echoing the platform’s long-held “decentralized ethos.”
In a post on the Ethereum subreddit, Reddit employee u/jarins wrote that in this stage of their partnership “immediate efforts will be focused on bringing Ethereum to Reddit-scale production.”
“Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”
Reddit’s development resources, including a developer team, would be involved in the work, which could lead to new layer-two scaling tools, or pushing projects from a prototype stage to production. The goal is to allow Reddit’s Community Points feature to scale for its over 50 million users.
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MVIS CryptoCompare Indices Surpass $1 Billion in AUM
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MV Index Solutions (MVIS) and CryptoCompare have announced that products licensing their co-branded indices, have surpassed $1 billion in assets under management.
Demand for crypto index services has been global and products have been launched across Europe, Asia, and America. MVIS last year launched four new indices supporting the growing cryptocurrency space, including one to measure the performance of a digital assets portfolio investing in BTC, one for Ethereum, one measuring the performance of a portfolio investing in bitcoin with a closing value based on a 1h volume weighted-average price, and one tracking the performance of the 25 largest and most liquid cryptoassets.
Institutional interest in the cryptocurrency space has now been well-documented. The assets under management across all cryptocurrency exchange-traded products (ETPs) surged to nearly $36 billion earlier this year, with aggregate ETP trading volumes almost tripling this month.
Corporate adoption has also been growing, with Nasdaq-listed business intelligence firm MicroStrategy leading the charge. The company has invested $1.135 billion to buy 70,784 BTC, which are now worth $2.236 billion. Square, Galaxy Digital, Ruffer Investment, One River, and recently Marathon has also invested in BTC.
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LUNA, SXP, MATIC Are Moving in the Crypto Market
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Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with rather liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.
Dogecoin (DOGE) – Dogecoin is a bitcoin clone created as a meme. The cryptocurrency’s community sponsored multiple high-profile events and participate in various philanthropic projects over the years. DOGE is up 44% in the last 24 hours.
Terra (LUNA) – Terra aims to build a new financial infrastructure that works better for everyone. The network is powered by a family of stablecoins, each pegged to major fiat currencies all algorithmically stabilized by Terra’s native token, LUNA. LUNA is up 23.56% in the last 24 hours.
Swipe (SXP) – Swipe is creating a platform that will be accessible to users worldwide via an Apple or Android device which enables them to buy, sell, or pay with cryptocurrencies at millions of locations. SXP is up 12.47%.
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Kohima finance, a DeFi based E-sports gaming ecosystem: Kohima Token presale is live
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Kohima is a decentralized esports project with an innovative ecosystem involving esports gamers, streamers, and sponsors. KHM is the native token of the Kohima ecosystem.
Kohima Gamers and Streamers can earn KHM rewards for taking part in tournaments and other gaming activities. KHM can be redeemed in our online store. KHM holders can purchase a wide range of items from our merchandise.
Initial investors/supporters of the Kohima project can benefit from price appreciations through a regular buyback of the KHM Token from the listed exchanges.
Earn More KHM Tokens
KHM Investors are likely to achieve the highest possible APY through farming KHM tokens. Initial rewards on each pool are 3750 KHM / 2 weeks, with a reward halving every two weeks. Our initial investors/supporters are likely to make the most out of the Kohima project.
How to Buy KHM Tokens: Pre-sale is live.
Kohima Finance is a decentralized gaming and esports project with a Yield Farming option and has a Limited token supply. Only 35,000 KHM minted will be distributed to the community through the Presale event.
KHM token will be distributed once the presale event is completed, and the primary utility token allows investors to earn more KHM rewards by staking through the Kohima website.
The KHM token will be listed on the Uniswap exchange and then on some more CEX’s in the coming days with an initial listing price of 15-20$ per KHM Token.
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State of the Crypto by Top Tier Exchange Volume
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Source: https://www.cryptocompare.com/email-updates/daily/2021/jan/28/