Like last week, where we saw the announcement of the inflation rate of the previous month in the United States and the historical update of the Ethereum Merge, we will also go through 3 important events, each of which can have a different impact on the digital currency market.
To Report “The Block”, over the past few days, the attention of users of the cryptocurrency space was mainly focused on the update of the Ethereum platform. This week, however, users are likely to focus more on news related to US economic policies.
In addition, the Cardano network is also set to complete its long-awaited update, the Vasil hardfork, this week.
The possibility of raising bank interest rates again in the United States
It is expected that the officials responsible for regulating the monetary policies of the United States will announce their final decision to increase the bank interest rate in this country on Wednesday this week. According to a Bloomberg survey of several economists, the Federal Reserve will increase the bank interest rate by 0.75 percentage points this time, and with this action, the interest rate in the United States will reach 3-3.25%.
The Central Bank of America has increased the bank interest rate at a considerable speed during several consecutive periods in order to deal with the inflation that has arisen as a result of the country’s economic growth, the crisis in energy supply and the disruption of the supply chain activity after the Corona epidemic. Currently, market participants expect the interest rate in the United States to reach 4% by the end of 2022.
Since the beginning of this year, Bitcoin has reacted to the increase in interest rates in the United States and, just like the shares of a company active in the field of technology, it has shown a tendency to fall with increasing concerns about the growth of interest rates in this country.
The Central Bank of America’s announcement about the interest rate increase in this period will be published at 22:30 (Tehran time) on Wednesday, September 30. It is expected that the Bank of England will increase the interest rate one day after that.
The United States is considering the regulation of digital currencies more seriously
The US Financial Stability Oversight Council, chaired by Treasury Secretary Janet Yellen, will hold a meeting this Friday to work on its report on legal loopholes related to cryptocurrencies and other potential risks related to these assets.
This report is the latest part of the Biden administration’s regulatory framework for digital currencies, which is the first official attempt in this country to coordinate the approach of government agencies in the United States in dealing with digital currencies.
The Financial Markets Task Force of the President of the United States, which is another regulatory council under the leadership of the US Treasury, suggested last fall that if Congress is unable to pass laws related to stablecoins, this task should be entrusted to the Financial Stability Oversight Council of the United States.
After the Ethereum merger, Cardano also updates its network
Another Thursday and another blockchain update!
On September 22 (31 Shahrivar), a week after the implementation of the Marj Ethereum update, the Cardano network will also perform a Vasil hard fork.
Vasil’s update is designed to increase Cardano’s scalability while reducing transaction fees. This change can also enable developers to design more powerful and efficient blockchain applications, which will benefit the ecosystem along with improvements to the Cardano network’s smart contract platform, Plutus.
Some of the developers involved with the project have cited Vasil as the most important update to Cardano since its inception. The update was scheduled for early summer, but its launch was delayed.