Federal Reserve Raises Rates 0.5%, More Hikes Still On The Table – December 15

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $17,387

Bitcoin price has tumbled back down to the lower $17,000s, following what appeared to be a strong upward move yesterday.

Top-20 altcoins are also mostly down, as Ethereum falls 5%, BNB drops 3% and Litecoin also suffers a 5% decline.

Top Stories for December 15, 2022 πŸ”₯

πŸ‘‰ Federal Reserve Raises Rates 0.5%, More Hikes Still On The Table

The Federal Reserve has raised interest rates by 0.5%. but says it will continue to increase the federal funds rate to reach its 2% inflation target.

The Fed’s latest statement shows that it expects the 2023 unemployment rate to average 4.6%, equating to hundreds of thousands of more jobless workers compared with the current rate of 3.7%.

This announcement comes as the Labor Department reported that annual inflation clocked in at 7.1% in November, the lowest reading in over a year.

πŸ‘‰ UN Launches Blockchain Solution To Distribute Aid To Ukrainians

The United Nations High Commissioner for Refugees (UNHCR) is launching a blockchain-based program to distribute cash to Ukrainians affected by the ongoing Russian invasion.

The program will be piloted in Kyiv, Lviv, and Vinnytsia. Participants will need to download Vibrant, a Stellar-based mobile digital wallet, to receive the well-known USDC stablecoin, a dollar-pegged stablecoin.

They will then be able to convert the USDC to U.S. dollars, euros, or local currency and withdraw their funds at MoneyGram locations around the world.

πŸ‘‰ Coinbase Launches Asset-Recovery Tool Mistakenly Sent Tokens

Coinbase has launched a recovery tool for approximately 4,000 unsupported ERC-20 tokens. If a user has mistakenly sent unsupported tokens to their Coinbase address, the company will help recover those tokens for a fee.

Coinbase charges a 5% fee for recovering assets worth over $100, and a separate network fee applies to all recoveries. The feature is not available for Coinbase’s Japan and Prime (or institutional) customers.