Federal Reserve Raises Interest Rates 0.25% – February 2

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$23,812

Bitcoin price saw a strong move to the upside following the Federal Reserve decision yesterday, briefly breaking through the $24,000 level.

Top-20 altcoins have also performed very well, as Ether gains 6%, BNB rises 7% and Avalanche leads with a 17% rally.

Top Stories for February 2, 2022 🔥

👉 Federal Reserve Raises Interest Rates 0.25%

The Federal Reserve has raised its benchmark interest rate by 0.25% to a range of 4.50% to 4.75% – the eighth consecutive increase by the central bank as they attempt to control inflation.

The Fed believes its campaign to curb prices is working and has plans to keep rates high for some time. The move to slow the pace of monetary tightening, which was expected, comes amid signs of a cooling US economy and concerns of a possible recession.

The Fed has been hiking rates since March 2022 to combat inflation, but policy makers worry that raising rates too high could cause a recession. It may now employ smaller rate hikes to control inflation as inflation has fallen from 9.1% to 6.5%.

👉 Luxor Mines Largest Bitcoin Block Ever, Containing Wizard NFT

Bitcoin mining company Luxor has mined the largest Bitcoin block ever, containing a Taproot wizard-themed NFT based on the original “magic internet money” meme.

The NFT takes advantage of the discount offered by NFT project Ordinals to place extra text in the Bitcoin blockchain. Luxor appears to be making the case that NFTs belong on the Bitcoin blockchain, but there is a debate in the Bitcoin community about whether these NFTs are a reasonable use or spam that should be discouraged.

👉 eBay Looks To Hire Web3 Roles For NFT Marketplace

eBay is hiring several Web3 roles for its NFT marketplace KnownOrigin, which it acquired in June. The roles include a Crypto Counsel to advise on expanding into NFTs and other blockchain tech, a Head of Community, a marketing executive, and others.

The Crypto Counsel role will focus on providing regulatory guidance as eBay delves deeper into the Web3 world. eBay has been making moves into the NFT space, having dropped a collection of hockey-themed tokens with OneOf in May and partnering with Notable Live to onboard users to digital collectibles this week.