@cryptocracy 29 July 2022 more from that month

The Fed Funds Rate Hike and Solana's CryptoPanties Bitcoin sees **biggest single-day gain** in six weeks. But could that be a **fakeout**? https://www.coindesk.com/markets/2022/07/28/bitcoin-awaits-us-gdp-after-biggest-single-day-gain-in-6-weeks/ https://cointelegraph.com/news/3-bitcoin-trading-behaviors-hint-that-btc-s-rebound-to-24k-is-a-fakeout Ethereum is the **most-trending cryptocurrency**. *The Merge has everyone talking, and anticipating.* The blockchain only has **one testnet to go** before completing its Merge. Its **Mainnet Shadow Fork 10** recently went live. https://finbold.com/neither-luna-nor-shib-ethereum-is-now-the-most-trending-cryptocurrency/ https://cointelegraph.com/news/ethereum-dev-confirms-goerli-merger-date-the-final-update-before-the-merge https://www.coindesk.com/podcasts/coindesk-podcast-network/ethereums-mainnet-shadow-fork-10-goes-live-and-cathie-woods-ark-invest-offloads-14m-coinbase-shares/ https://youtu.be/ef65cLi1gpY The SEC **lost its attempt** at barring XRP holders from introducing talking points in the *SEC v. Ripple* lawsuit. *The SEC is trying every lawyer’s trick in its playbook to bully Ripple into submission. But Ripple isn’t folding.* https://dailyhodl.com/2022/07/28/sec-loses-bid-to-bar-xrp-holders-from-participating-in-regulators-lawsuit-against-ripple/ Meta has lost $2.8 billion **building the metaverse**. *But it’s not over yet.* Mark Zuckerberg talks about the **long-term vision for the metaverse** in Meta’s Q2 earnings call. https://www.barrons.com/articles/meta-stock-metaverse-earnings-51659021228 https://www.youtube.com/watch?v=3f1R6OwunZ4 Ark Invest dumps **1.4 million Coinbase shares**. The crypto exchange is involved in a hotly contested SEC investigation over whether its token listings are securities and it could have some **chilling effects on crypto**. Of course, Coinbase has an artful interpretation of the **SEC’s vague rules**. *“Vague” is an understatement.* *The Coinbase investigation and Ripple lawsuit will have serious ramifications on the entire crypto industry for years to come. Congress needs to clarify the rules with legislation and take into account that crypto assets do not fit nicely into current financial asset definitions. In the UK, the Financial Conduct Authority (FCA’s) is an overarching regulatory agency for all things finance. That means crypto, by default, falls into the FCA’s domain. It isn’t that easy in the U.S.* https://www.coindesk.com/video/the-hash-on-cdtv-clips/cathie-woods-ark-invest-dumps-over-1-4m-coinbase-shares/ https://cointelegraph.com/news/coinbase-sec-investigation-could-have-serious-and-chilling-effects-lawyer https://www.axios.com/2022/07/28/coinbases-artful-interpretation-of-vague-rules **News of the week:** The Fed **raised the funds rate** a full quarter percent. Here’s how it’s **impacting cryptocurrencies**. What the heads are saying: https://www.federalreserve.gov/newsevents/pressreleases/monetary20220727a.htm https://www.businesstoday.in/crypto/story/how-us-fed-reserve-rate-hike-impacts-cryptocurrencies-342983-2022-07-28 ****Mikkel Mørch******, executive director at** ****ARK36**** https://www.linkedin.com/in/mikkel-m%C3%B8rch-executive-mba/ https://ark36.com/ Major crypto assets, including Bitcoin and Ethereum, have actually rallied in the immediate aftermath of the announcement. This may suggest that market participants were actually quite fearful of the 100 bps and sighed with relief when the raise aligned with the consensus. Since the next hike doesn't come until September, there may be some room for upside now - although that will be contingent on the strength of the dollar and the wider macro environment.” ****Damian Scavo******, CEO at** ****Streetbeat**** https://www.linkedin.com/in/dscavo/ https://www.streetbeat.com/ It's very interesting also to see how crypto is starting to correlate with the stock market and in general, with the planetary economy. It means that the crypto market is reaching a certain level of maturity. ****Chris Terry******, BPSAA Board Member and VP Enterprise Solutions at** ****SmartFi**** https://www.linkedin.com/in/chrisjterry/ https://smartfi.com/ We anticipate that Bitcoin will continue to trade in this tight range of $20,000 plus or minus 10-15%. Tether refutes claim that 85 percent of portfolio is backed by **Chinese commercial paper**. *If Tether has been transparent from the get-go, they would have to refute rumors.* https://www.cryptotimes.io/tether-refutes-claims-of-chinese-commercial-paper-exposure/ Binance supports **new Terra upgrade**. https://watcher.guru/news/terra-upgrade-scheduled-for-today-binance-offers-support Unstoppable Domains is now **valued at $1 billion** after a $65 million raise led by Pantera. *Unstoppable Domains is the leading cross-chain NFT domain name provider on the planet and will be for a long time.* https://siliconangle.com/2022/07/27/web3-digital-identity-startup-unstoppable-domains-raises-65m-1b-valuation/ New MetaMask feature **could be dangerous**. *I would be super-reluctant to use this feature. As my grandson says, it’s a trap.* https://nftnow.com/culture/new-metamask-update-urges-users-to-read-the-fine-print/ Solana has a new fashion NFT project called **CryptoPanties**. Created by the Swedish band Rave Review, it’s ecofriendly. *If you’ve always wanted to own a pair of panties inspired by the likes of Oprah and Madonna, here’s your chance. What more could a perv ask for?* https://read.cash/@PVMihalache/cryptopanties-flashing-my-underpants-nft-in-public-c3b75d42

Speaking of Solana, Leo Finance now has a **Solana community** for those who are simply infatuated. They’re also opening a **physical store** in New York City. https://hive.blog/hive-167922/@uyobong/read-and-talk-everything-solana-earn-crypto-doing-so https://cryptonews.com/news/solana-team-set-to-open-doors-of-a-physical-store-in-new-york-to-promote-solana-and-web3.htm Apple and Google draw Congressional attention for “**scammy crypto apps**.” https://www.theverge.com/2022/7/28/23282297/apple-google-cryptocurrency-app-scams-trading-investors-senate Trustless Media **pulled in FTX** as a lead investor in its Web3 community-owned media hub. https://techcrunch.com/2022/07/27/ftx-ceo-leads-trustless-medias-seed-round-to-help-build-community-owned-web3-shows/ Apple is looking for **Web3-savvy marketing directors**. *If this wasn’t Apple, I might be tempted.* https://www.coindesk.com/business/2022/07/28/apple-seeking-web3-savvy-content-marketing-directors/ What are **semi-fungible tokens**? *Hint: It involves Solana and Magic Eden.* https://blockworks.co/web3-watch-what-are-semi-fungible-tokens-and-why-is-coinbase-making-a-movie/ Is .eth **the new .com**? *If Jimmy Fallon has one, we should all have one. (nervous chuckle)* https://finance.yahoo.com/news/web3-eth-new-com-ethereum-amazon-050034995.html Former Amazonian creates a **climate-friendly marketplace** for NFT sales. https://www.geekwire.com/2022/amazon-vet-flips-nft-model-on-its-head-creates-a-climate-friendly-marketplace-for-digital-art-sales/ Employees are more concerned about **working in the metaverse** than their bosses are. https://gizmodo.com/metaverse-vr-meta-work-from-home-remote-work-1849342330 Some of the fine folks at Hive have taken it upon themselves to tell the story of the **Steemit-Hive hard folk on film**. https://peakd.com/@filmmaking4hive/posts How should states **tax NFT sales**? https://www.cpapracticeadvisor.com/2022/07/28/how-should-states-tax-nft-sales/68932/ Immutable **lays off staff** despite growth. https://beincrypto.com/nft-startup-immutable-lays-off-staff-despite-boasting-of-growth-plans/ A new Russell Crowe film was partially **funded by NFTs**. https://dailyhodl.com/2022/07/28/russell-crowe-film-partially-funded-by-nfts-makes-its-debut/ Cuban NFT artists **claim censorship**. https://cointelegraph.com/news/cuban-nft-artists-say-they-face-censorship-within-the-crypto-market *Snark and commentary in italics.* Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. *First published at* *Cryptocracy**. Not to be construed as financial advice. Do your own research.* https://cryptocracy.substack.com/p/impact-of-feds-rate-hike-on-crypto Image credit: **PVMihalache** **at Read.Cash** https://read.cash/@PVMihalache