Daily Crypto News | June 11th, 2022

Daily Crypto News Jun 11

1.Bitcoin, Ethereum Tumble as Rising CPI from FED.

According to FED yesterday, the Consumer Price Index (CPI) rose 8.6% accelerated again in May after slowing down in April, which could have a negative impact on cryptocurrency markets already reeling from the Federal Reserve’s tighter monetary policy. This is the largest increase in 12 months since December of 1981, from the Bureau of Labor Statistics. The rise came from price movements across a broad range of goods and services, came from shelter, food, and gasoline.

CPI rate by FED

Then, Bitcoin and Ethereum show immediately reflection from this. Bitcoin is down by 4.2% and Ethereum is down by over 7% over the past 24 hours, according to CoinMarketCap.

Inflation is forcing households to be more conscientious about how they spend their money, and it especially impacts those with less income that spend more of their budget on necessities, such as food and rent. Tighter budgets might have a dampening effect on the demand for digital assets.

2. US Could Actually Pass Stablecoin Law This Year.

At Consensus 2022 hosted bt Coindesk, the US lawmakers could have a new federal law on stablecoins by the end of this year. They worry that a lack of regulatory clarity may be putting the brakes on crypto innovation, and the recent collapse of Terra’s UST only adds fuel to the fire for the need of this law.

Senator Pat Toomey said that: “We’re going to need to have regulatory certainty about that”, citing broad consensus among lawmakers and policymakers on the need for action. He believe that the Biden’s administration is interested in doing something in this space.

While passing a bill in a matter of months is an extremely ambitious goal, especially with midterm elections coming in November, Toomey’s optimistic view appears to be shared across the aisle.

3. Twitter’s CEO is Building Web5 Powered by Bitcoin.

Twitter’s parent company Block Inc. is looking to bypass Web3 entirely and focus on a new Bitcoin-centric model for identity management. Twitter’s CEO Jack Dorsey has announced plans to build a new decentralized web powered by Bitcoin, he believe that the largest blockchain network will play a major role in the internet’s evolution.

The new project, called “Web5,” represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of Twitter in November 2021.

Whereas Web3 incorporates blockchain technology and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a series of tweets that described several software components working together to enhance the user’s experience and enable decentralized identity management.

4. Bitcoin’s Hashrate Hits an All-Time High.

This week, the Bitcoin network has never been more powerful as the protocol’s computational processing power reached a lifetime high on Wednesday. Despite Bitcoin’s mining difficulty was expected to decrease, at block height 739,928, Bitcoin’s hashrate tapped an all-time high reaching 292.02 EH/s. In fact, for the first time the hashrate network exceeds 300 EH/s region.

The last hashrate ATH took place on May 2, 2022, at Bitcoin block height 734,577, when it reached 275.01 EH/s. The jump to 292.02 EH/s 37 days later, was approximately 6.18% higher than the ATH on May 2. The ATH on Wednesday was only 2.73% away from reaching 300 EH/s or 0.3 zettahash per second (ZH/s) range.

5. Abra Introduce First Bitcoin Card on the American Express Network.

Abra, a crypto assets platform, announced that launch of its crypto credit card, which will use the American Express network and give cardholders the chance to earn Bitcoin as a reward for making purchases. Abra Crypto Card customers will now be able to take advantage of American Express’s global reach while trading earned rewards for cryptocurrencies in the Abra app.

Abra will make a final list of the cryptocurrencies that can be earned as rewards closer to launch, Barhydt says, noting that Abra’s goal is to ensure that people get actual value out of the crypto rewards card.

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