30 Second Cryptocurrency Price Summary
Current Bitcoin Price: $11,462
Bitcoin price appears to be in a slow grind back towards yesterday’s highs, following a brief spike after Jerome Powell’s Federal Reserve speech.
Top-20 altcoins are trading somewhat flat, with minimal changes in price for most coins. Ethereum is up almost 2%, XRP is down 1%, and Neo is the only coin with an appreciable change, rising 6%.
Top Stories for August 28, 2020
Federal Reserve Chair Jerome Powell announced yesterday that the Fed will allow inflation to rise above its previous 2% target, in an attempt to stimulate the US economy.
Bitcoin’s reaction to the news was underwhelming, jumping 2% rapidly, before correcting back to pre-speech prices.
The move, however, has once again highlighted the faults present in fiat currency, strengthening the case for Bitcoin and its unalterable monetary policy.
Digital Currency Group, a prominent crypto investment firm, has allocated $100 million into “Foundry”, a new subsidiary specializing in mining and staking.
Founded in 2019, Foundry is now one of the biggest crypto mining companies in North America. They aim to provide expertise and capital to miners and manufacturers.
Coinbase and Circle have announced an upgrade to its USDC stablecoin, which they are calling “USDC 2.0”.
The new-and-improved USDC coin will enable services supporting the coin to pay for Ethereum gas fees on behalf of USDC users, charging them in USDC instead of ETH.
The improvement will allow users to not have to deal with using ETH directly for their stablecoin use – a hurdle which can vastly complicate processes for beginners.
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Source: Federal Reserve to Let Inflation Run, BTC Reaction Underwhelming – August 28