This Week in Crypto
March 24, 2023
Welcome back to This Week in Crypto, where we bring you the latest news and updates from the world of cryptocurrency. In this week’s edition, we’ll be covering:
- US Federal Reserve’s interest rate hike
- US SEC’s lawsuit against Justin Sun
- All-time high for BTC options open interest
- MXC’s Deeper Look into Initial Sensor Offerings
US Federal Reserve hikes interest rates
On March 22, the US Federal Reserve announced a 0.25% interest rate hike, indicating that it is still struggling to control growing inflation. This decision had a slight impact on the overall crypto market, which fell slightly from the previous rally that occurred as a recovery from the dip that was formed at the time of USDC depegging. However, this could also mean that more investors could potentially turn towards cryptocurrencies as an alternative investment option, given the uncertainties in the traditional finance sector.
SEC sues Justin Sun and celebrities for unregulated sale of securities
In another significant development, the US Securities and Exchange Commission (SEC) has sued Tron founder Justin Sun and several celebrities, including Lindsay Lohan, Jake Paul, and Soulja Boy, for promoting Tron’s TRX and BTT tokens without disclosing that they were being financially sponsored for these advertisements. The SEC has accused them of violating securities regulations, and this could potentially have far-reaching consequences for crypto influencers who are paid to promote various cryptocurrencies.
BTC Options Open Interest hits all-time high
On a more positive note, Bitcoin’s options open interest has hit an all-time high, indicating that there is an increase in new funds flowing into the cryptocurrency market. This could be an indication that more people are starting to see crypto as a viable alternative to traditional banking, especially during times of financial uncertainty within the traditional finance sector. The fact that BTC options open interest has spiked even as traditional financial institutions such as SVB and Signature Bank face struggles could be a sign that investors are diversifying their portfolios.
MXC’s Deeper Look into Initial Sensor Offerings
This week saw Nima, Head of Product, returned to give a deeper look into what Initial Sensor Offerings (ISOs) are, and who it benefits. ISO is not just another launchpad or fancy word, it’s a token launch mechanism and framework for 3rd party tokens to build, fundraise, launch, and operate. ISO is built to boost Web3-native IoT entrepreneurship, making it easier for early-stage projects to go from ideation to launch, and even post-launch operations.
If you’re a miner, you will be able to mine these ISO project tokens on top of mining MXC, DHX, Bitcoin, and soon Polkadot. If you are a holder, then you can participate in crowdfunding to have early access to these ISO project tokens at a fixed, potentially discounted price. Most importantly, ISO is expected to create both network scarcity and token scarcity to benefit everyone involved.
Conclusion
That’s all for this week’s update. Developments show that the crypto market continues to evolve rapidly, and investors must stay informed and up-to-date with the latest news and trends. While the SEC’s actions against Justin Sun and other celebrities could lead to increased scrutiny of crypto influencers, the increase in BTC options open interest suggests that the demand for cryptocurrencies is only growing. As always, it is essential to conduct thorough research and exercise caution when investing in this volatile and fast-paced market.
If you want to learn more about ISO and its potential, be sure to check out the video linked here. And as always, stay tuned for more updates and news from the world of crypto!
