Tag: Federal Reserve

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Crypto Economy News

A Huge Inflatable Rat, Referring to Bitcoin (BTC), Stands Before The Federal Reserve on Wall Street

A giant inflatable rat, referring to Bitcoin (BTC), was installed yesterday in Wall Street, in front of the Federal Reserve Bank of New York, as a form of protest to draw the public’s attention to the state of the economy and the administration of money in the United States.

The rat exposes threatening claws and fangs, covered with color codes and mathematical equations. In its blue eyes, the letters “PoW” can be read, which stand for “Proof of Work,” the algorithm related to Bitcoin (BTC). The piece was created by Nelson Saiers, a US artist and mathematician, former hedge fund manager, who seeks to represent his vision on the central bank’s handling of the US Dollar.

Saiers says he wants to use the piece to help people better understand cryptocurrencies and the Federal Reserve, as well as learn to be a little more faithful to the vision Satoshi Nakamoto had. He also seeks to attract the attention of the Federal Reserve, the agency that controls the US Dollar.

The inflatable rat before the Federal Reserve Bank of New York raised mixed opinions among the Bitcoin (BTC) community members

In this sense, he pointed out that the color white represents the lab rats used for experimental purposes, symbolizing the governmental actions during the financial crisis of 2008, whose products created for the recovery of the economy were experimental, as the mathematician qualified them.

On the other hand, as for the “PoW” inscription, Saiers assures that he is comically asking for a work test that eliminates the centralized fiat money. In his opinion, although Bitcoin (BTC) has been despised, as the rats are, it may play a role in the disappearance of the central banks.

The work, which is still on display in front of the Federal Reserve Bank of New York, aroused people’s curiosity, while some Bitcoin (BTC) community members pointed out on Reddit that many bystanders may not understand the message and associate it with Bitcoin (BTC). Others believe that the figure does not attract attention because it can be confused with any other inflatable rat used in union protests.

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Crypto Markets News

Bitcoin (BTC) And Cryptocurrencies, In General, Criticized During The US Congress Session

On July 18th, the US Congress was the scene of several discussions on cryptocurrencies, in general, and Bitcoin (BTC), in special. Federal Reserve (FED) Chairman Jerome Powell and Democratic Senator Brad Sherman used their speeches in the Chamber to express their negative views on the issue.

Powell said that, despite their growth and the interest they have generated in the population, the cryptocurrencies are not yet large enough to compromise the country’s economic and financial well-being. The head of the FED expressed his displeasure with the issue, assuring that these tools are not among the priorities of the institution he heads. For him, they are assets for money laundering and pose significant risks to investors.

Also, he assured that the FED is not working on adopting its own cryptocurrency. For him, most crypto holders sell and pay in dollars, and he added that cryptocurrency is not a right way to preserve value because of its volatility.

Despite the negative US Congress views on cryptocurrencies, the US SEC might approve Bitcoin (BTC) ETFs trading

But despite pointing out the criminal uses of cryptocurrencies, Powell’s position was not as openly negative as that of Brad Sherman, a congressman and member of the California House of Financial Services. For him, the federal government must ban U.S. citizens from investing in cryptocurrency.

In the United States, authorities are watching out for illegal activities with cryptos as well as their legal status. A House subcommittee recently held a hearing to address the anonymity of cryptos transactions, raising concerns about the possible use of these assets for illicit purposes.

For its part, the Department of Justice, in conjunction with the U.S. Futures Trading Commission, could be on the trail of possible illegal practices that could influence the bitcoin market, especially regarding trading activities.

The Securities and Exchange Commission (SEC) received more than 60 comments, mostly in favor of Cboe Global Markets’ request for approval of Bitcoin (BTC) ETFs, an issue that has been on the company’s agenda and has been taken up again by the company. Most commentators highlight the benefits that investors in that country would obtain from the acceptance of Bitcoin (BTC) ETFs trades.

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Crypto News

Federal Reserve Branch Lists Cryptocurrency Prices Charts

St. Louis Federal Reserve Branch has listed four cryptocurrency price tracking charts in its comprehensive database of inquiries.

St. Louis Federal Reserve Branch listed four cryptocurrency price charts

The Federal Reserve Economic Data (FRED), a Federal Reserve-managed economic database, was announced on Tuesday that will henceforth feature price data for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

All the price data and the charts are obtained by the Federal Reserve bank directly from the Coinbase cryptocurrency exchange and trading platform, a renowned crypto-related business based in San Francisco, USA. All the prices and the charts will be automatically updated daily at 5 PM PST.

It may be possible for the St. Louis Federal Reserve Branch also to list price data for the Ethereum Classic (ETC) cryptocurrency when Coinbase officially lists it on its cryptocurrency exchange platform, which it has been told will happen soon.

The Federal Reserve had an awkward affair with cryptocurrency

As noted by CCN, the St. Louis Federal Reserve Branch has been amazingly receptive to cryptocurrency, both as a commodity and as a technological asset.

St. Louis Fed. Governor James Bullard recently addressed the cryptocurrency Consensus conference, held last May in New York. While not precisely bullish, his remarks hint at a future in which cryptocurrencies will have a substantial impact on the world’s economy. He also voiced his concerns that cryptocurrencies may cause the monetary landscape to revert to a “non-uniform monetary system,” as it existed in previous centuries.

“Cryptocurrencies may be inadvertently pushing in the wrong direction when trying to solve a major social problem, which is the best way to facilitate market-based exchange,” stated James Bullard.

On the other hand, Raphael Bostic, who manages the Federal Reserve Bank of Atlanta, cautioned the youth at a recently held conference not to put money into cryptocurrencies, which he likened to popular collectibles such as Beanie Babies.

In the same tone, Neel Kashkari, chairman of the Minneapolis Federal Reserve, stated last month that the cryptocurrencies market has “become a sham,” while the blockchain technology is “probably more interesting and has more potential” than Bitcoin (BTC).

Besides, according to the Federal Reserve of San Francisco, the actual value of 1 Bitcoin (BTC) would be $1,800 which is approximately equated with the costs of mining 1 BTC.

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