Crypto markets dip on release of Fed minutes
Crypto markets fell after the U.S. Federal Reserve released minutes from its July 27 meeting in which the agency said it will continue to hike interest rates in order to manage inflation. The minutes stated that inflation was still too high, despite the labor market being strong and unemployment low—and there was no evidence it would subside just yet. Inflation in the U.S. is currently at a four-decade high.
Crypto prices today: Bitcoin falls 3.8%, ETH down 5%
Bitcoin is currently trading at $23,395.64, a decline of 3.8% over the previous day. Ethereum fell 4.9% over the last 24 hours to $1,842.99. Solana fell 7.45% to $40.88, while Cardano is trading lower by 5.12% at $0.538. Avalanche (AVAX) has fallen by 6.82% to $25.85. The global crypto market cap stands at $1.12 trillion, a 4.08% decline over the previous day.
Coinbase has a serious insider trading problem: Report
Three finance researchers at the University of Technology in Sydney claim that insider trading is “systemic” in the crypto industry. They have estimated that such activity has taken place on up to 25% of Coinbase listings in the last four years, resulting in at least $1.5 million in ill-gotten profits. “Our findings identify cases that are yet to be prosecuted,” they wrote.
Coinfund launches $300M Web3 fund to bet on next ‘industrial revolution’
Crypto-focused investment firm Coinfund is launching a massive $300 million venture capital fund for Web3 founders looking to finance their crypto projects. The fund will prioritize a “founders first” philosophy when identifying Web3 projects that already have early traction in the market and aim to shape the next blockchain-based version of the internet.
Crypto scam revenue falls 65% amid market downturn: Report
As per Chainalysis 2022 Crypto Crime Report, revenue from crypto scams fell 65% year-on-year (YoY) to $1.6 billion so far this year as crypto prices declined. The total number of individual transfers to scams was at its lowest level in four years. The fall in asset prices made fraud schemes less alluring. Also, there are fewer inexperienced people in the market now than when prices were increasing.
