Cryptocurrencies responded positively to Fed
Fed Chairman Jerome Powell has reinforced the speculations made by many Fed officials in recent weeks, signaling that the Federal Reserve will actually slow the pace of rate hikes next month.
The cryptocurrency market has responded positively to the Fed's move towards more dovish strategies. Bitcoin has formed a stronger hold above $17,000 after rising 1.8% in the last 24 hours. Ethereum is moving along with Bitcoin and changing hands just below $1,300. Medium to large altcoins are mostly in the green, with MATIC leading the way, up 7% over the same period.
Cryptocurrencies responded positively to Fed
DEX emerged from the FTX saga largely unscathed. Monthly DEX volume across all chains doubled in November to $109 billion. The increase was notable during the first week when the FTX debacle began to unfold, with transaction volume across all chains increasing 146% from $20 billion to $49.2 billion. The rate of increase is comparable to the rate during the Terra crash in the first week of May, when weekly DEX volume increased by 115%. The loss of confidence in CEX is also reflected in token prices. While a basket of CEX tokens suffered serious losses, the DEX token outperformed the market overall.
Telegram reveals vague plans as it continues to grapple with the collapse of FTX. The messaging platform has gained attention following the success of its blockchain-based platform Fragment, which has earned $50 million worth of TON from the sale of usernames since its launch less than a month ago. Telegram founder and CEO Pavel Durov detailed the next steps for Fragment on his channel on Wednesday, saying that the platform will go beyond usernames and become a set of blockchain tools for Telegram. New functionality could include non-custodial wallets and decentralized exchanges, accessible directly from the Telegram app, allowing millions of users to securely trade crypto.
