COINDESK DAILY: Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
CoinDesk Podcast Network
CoinDesk
4.7 • 698 Ratings
🗓️ 13 June 2024
⏱️ 2 minutes
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| 0:51.4 | On Wednesday, the Federal Open Market Committee of the US Federal Reserve. Federal Reserve announced that it's holding its benchmark Fed fund rate range in 5.5.5% but the Fed's economic outlook now calls for just one 25 basis point rate cut this year. |
| 1:07.5 | The hawkish turn in the Fed economic projections took steam out of Bitcoin's rally after the CPI numbers. |
| 1:13.6 | As of 10 a.m. Eastern time, the largest cryptocurrency by market cap is trading at $69,500, down 2.5% on the day. |
| 1:23.6 | Lending protocol curve CRV token plunge 30% in early Asian trading hours. |
| 1:29.1 | This comes as some loan position supposedly tied to its founder Michael Urgolfs started to automatically liquidate. |
| 1:35.2 | Data tracked by Look-on-Chain and RCAM show Yorgov's addresses have taken out a cumulative loan of nearly $100 million worth of stable coins against $140 million in CRV collateral. |
| 1:48.3 | As of 10 a.m. Eastern time, the CRV token is trading below 30 cents after losses of nearly |
| 1:54.0 | 25% in the past 24 hours. And Australia's regulators announced during an event in Sydney on Wednesday that they are looking to include stable coin legislation into its legislative bill for the digital asset sector. |
| 2:07.4 | The regulators have also hinted that more enforcement is on its way against unlicensed entities. |
| 2:13.7 | 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. |
| 2:23.1 | That's it for CoinDest Daily. Get more updates at coin desk.com. I'm Michelle Muso. See you next time. |
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