Bitcoin continued to trade comfortably above $30K as Asia markets opened. Investors were unstirred by Fidelity's spot bitcoin ETF filing, which follows applications by BlackRock and 2 other financial services firms. By JPRubin23 and GWilliamsJr_CMT
’s Tuesday release of a new service, known as “Super staking,” which packages the entire cycle into a one-click operation.U.S. equity markets largely shrugged off the positive economic data - a revised 2% increase in GDP and decline in weekly jobless claims – that suggested inflation would remain problematic and offered potential support for the Federal Reserve's plans to raise interest rates two more times in 2023.
“Nonetheless, inflation pressures continue to run high, and the process of getting inflation back down to 2 percent has a long way to go,” Powell said, adding: “We see the effects of our policy tightening on demand in the most interest rate–sensitive sectors of the economy, particularly housing and investment. It will take time, however, for the full effects of monetary restraint to be realized, especially on inflation.
In an email to CoinDesk, Akash Mahendra, director at Haven1 Foundation and portfolio manager at digital wealth platform Yield App, wrote that while the"bitcoin ETF frenzy" was"good news for bitcoin's price," the industry's success would also depend heavily on innovation. "Endorsement from large institutions is fantastic, and we do all hope that BlackRock’s ETF goes through – not least because rejection would be very, very bad for bitcoin," Mahendra wrote."However, at its core, blockchain is really a place for innovation beyond what is available in the traditional finance sector."
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