Jun 13, 2024

"CoinDesk Daily" host Michele Musso breaks down the biggest headlines impacting the crypto industry today, as the U.S. Federal Reserve announced on Wednesday that it expects just one rate cut this year.

Video transcript

You're watching Coin De Daily. Hi, I'm Michelle Musso in for Jen Sani. On Wednesday. The Federal Open Market Committee of the US Federal Reserve announced that it's holding its benchmark fed fund rate range in five and a quarter to 5.5%. But the fed's economic outlook now calls for just 125 basis point rate cut this year. The hawkish turn in the fed economic projections took steam out of Bitcoin's rally after the CP I numbers as of 10 a.m. Eastern time. The largest Cryptocurrency by market cap is trading at $69,500 down 2.5% on the day. Lending protocol curve crv Token plunged 30% in early Asian trading hours. This comes as some loan position supposedly tied to its founder, Michael Yuro started to automatically liquidate data tracked by look on chain and a CAM show. Ys addresses have taken out a cumulative loan of nearly $100 million worth of stablecoins against 100 and $40 million in crv collateral as of 10 a.m. Eastern time, the CRV Token is trading below 30 cents after losses of nearly 25% in the past 24 hours. And Australia's regulators announced during an event in Sydney on Wednesday that they are looking to include stablecoin legislation into its legislative bill for the digital asset sector. The regulators have also hinted that more enforcement is on its way against unlicensed. A representative of the Australian Securities and Investment Commission said they are held meetings with regulators like the SEC about their legal positions on crypto. That's it for Coin de Daily. Get more updates at Coin de.com. I'm Michelle Mosso. See you next time.

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