Weekly Crypto Digest for June 12 - June 18, 2023.
Monday, June 19, 2023
The Fed kept the key rate, annual inflation in the US slowed to 4%; the bill to fire Gary Gensler submitted to Congress; SEC vs. Binance continues; Bitcoin mining difficulty rises to a new high
The Fed kept the key rate. Annual inflation in the US slowed to 4%
On June 13, the US Federal Bureau of Labor Statistics published a report on consumer prices. The value of the index turned out to be lower than analysts' forecast - growth in annual terms in May slowed down from 4.9% to 4%.
On June 14, the US Federal Reserve System (FRS) for the first time since March 2022 kept the range of the key rate at the level of 5-5.25% per annum.
The decision coincided with market expectations. In the long term, the department aims to achieve 2% inflation.
The cryptocurrency market almost did not react to the news.
Bitcoin mining difficulty rises to a new high
As a result of the next recalculation on June 14, the difficulty of mining the first cryptocurrency increased by 2.18%. The indicator updated its high at 52.35 T.
On June 12th, the Bitcoin network hash rate (smoothed by the seven-day moving average) hit a record high of 393.9 EH/s.
Bill to fire Gary Gensler submitted to Congress
House Republican Majority Leader Tom Emmer and his fellow party member Warren Davidson introduced a bill to fire SEC head Gary Gensler and restructure the agency.
According to Emmer, the proposed "SEC Stabilization Act" would end Gensler's "continued abuses" that were made possible in the Commission's current structure.
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SEC and Binance Enter into an Agreement on Client Assets in the United States
The court ordered the SEC and Binance.US to find a compromise without freezing client assets with the ability to continue the operation of the platform as usual.
The US Securities and Exchange Commission (SEC) has entered into an agreement with Binance.
As part of the agreement, Binance.US will share detailed information about its business expenses, and employees of the international Binance will lose access to private wallet keys and other tools of the US division.
The deal was concluded after the relevant order of the court. On June 6, the SEC filed a motion to freeze the digital assets of Binance.US. On June 14, the court ordered the regulator and the American crypto exchange to find a compromise to ensure the protection of client assets with the possibility of continuing the operation of the platform.
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