Bitcoin latest high, FTM up 23.7% from last week

Macroeconomics and financial markets

In the US NY stock market on the 27th of the previous weekend, the Dow closed at $28 (0.1%) higher than the previous day, rising for six consecutive days.

The US Federal Open Market Committee (FOMC) held on the 2nd has already factored in a reduction in interest rate hikes to 0.25bp. Is it easy to sell, and is there limited upside chasing?

Relation:U.S. IT/Coinbase and cryptocurrencies also continue to grow Expecting interest rate easing due to slowing inflation | 28th Financial Tankan

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rose 2.09% from the previous day to $23,637.

BTC/USD daily

Against the backdrop of the recent overheating, the price in the $23,000 range was sold several times, but the lower price was picked up and the price was reluctant to move down.

The return high in August 2010 was $25,214, which was in a rebound phase after the Terra (LUNA) shock that occurred in May last year and the Three Arrows Capital (3AC) bankruptcy.

As with US stock indexes, aggressive buying is unlikely to occur ahead of the FOMC meeting on the 2nd of next month, and the weight of the top price is also a glimpse.

Relation:Bitcoin with no sense of direction, is support likely to work around $ 20,000 | bitbank analyst contribution

altcoin market

As for individual stocks, Phantom (FTM) is doing well with a 23.7% increase from the previous week and a 143% increase from the previous month.

FTM/USD Daily

The Fantom Foundation, which operates a decentralized smart contract platform, today announced a partnership with Axelar, which introduces cross-chain swaps to the Fantom Network and Web3 ecosystems.

Axelar provides interchain communication for #Fantom & its broader Web3 ecosystem!

With @AxelarcoreFantom users & builders benefit from secure, decentralized interoperability across 30+ chains

See how they’ll bring cross-chain swaps to @SpookySwaphttps://t.co/DWchpthfk6 pic.twitter.com/SSeAoVhDX8

— Fantom Foundation (@FantomFDN) January 24, 2023

Axelar will connect 30 chains, including Fantom, to provide cross-chain communication, resulting in improved interoperability and transferability of value, the current bottleneck. It advocates the Web3 version of “Stripe”.

Stripe, a major online payment service for businesses, supports payment processing in more than 135 fiat currencies, as well as a wide variety of payment settlements such as various credit cards and digital wallets.

On the 29th, co-founder Andre Cronje announced a new innovation for the overcollateralized stablecoin Fantom USD (fUSD).

Under the liquidation mechanism introduced in fUSD v1, collateral FTMs equal to or greater than fUSD debt will be forced to liquidate with the deposit amount unlocked, including the synthetic asset “sFTM” available at FTM delegates. For validators, if they fall below the threshold “minimum stake amount”, they will not be able to generate blocks or receive rewards.

In addition, we will introduce a swap function with the decentralized stablecoin “DAI” so that users can smoothly settle their outstanding debt positions when they need it.

Relation:CoinBest started DAI exchange trading for the first time in Japan | DAI with commentary

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