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Gate.io Blog Daily Flash | EOS Network Jumped 20% Following Settlement With Original Founders, UK Inflation Highest In 40YR, FOMC Reiterates Hawkish Sentiment

Daily Flash | EOS Network Jumped 20% Following Settlement With Original Founders, UK Inflation Highest In 40YR, FOMC Reiterates Hawkish Sentiment

18 August 11:48


Today's Headline - EOS token jumps 17% following court ruling on Block.one settlement



In May 2020, a group of investors had sued Block.one, the company that originally designed the EOS network, alleging that its initial coin offering was a securities sale. In response, Block.one agreed to a settlement of $27.5 million with investors, according to The Block.

Yet on August 15, this proposal was denied. In the Southern District of New York, Judge Lewis Kaplan ruled that the lead plantiff in the class action, Crypto Assets Opportunity Fund LLC, did not adequately represent the interests of all investors.

In December 2021, the EOS community elected to stop ongoing payments to Block.one, over claims that it is no longer acting in the network’s best interests. The decision was led by a group of existing EOS members and block producers called the EOS Network Foundation (ENF). Today, the community also renamed its codebase from EOSIO to Antelope.

Antelope, a community-run DPoS blockchain protocol, will be supported by members of the ENF, which include EOS, Telos, Wax, and UX Network. Developers use Antelope for a diverse range of applications, from decentralized finance (DeFi) and supply chain management to non-fungible tokens (NFT) and games. The Antelope Coalition has already made Requests for Proposals, including proposals addressing faster finality, software development kits (SKDs), and peer-to-peer code improvements.

According to Zack Gall, vice president of communications at the ENF, the hard fork of the code of the EOSIO blockchain is slated for Sept. 21, which is when the official switch over to Antelope will take place.

In an interview with CoinDesk, Gall stated,

“The code was already forked back in February by the ENF and we've already added many new features and capabilities to that code, which today became known as Antelope. The code has been running on testnets for a while.”

The price of EOS rose to a height of 20% on Wednesday, before settling at 7%. At the time of writing, EOS was trading at $1.45, down by 7.9% in the past 24 hours, while up more than 13.5% over the past seven days and once rose to a height of 30%. Wednesday’s price move set EOS apart from the broader crypto market.




Chart of the Day - Top 10 Projects By Total User Fees



Uniswap leads among major DeFi projects with more than $1.39 million in daily fees paid by users, followed by Aave, SushiSwap, and GMX. Synthetix and ENS showed a significant increase in fees over the past 7 days, while Aave showed the highest 30-day change in daily fees. Meanwhile, daily fees of decentralized exchanges Quickswap, Trader Joe, and Uniswap have declined.

As of this writing,
Bitcoin (BTC) is changing hands at around $23,502, down 1.85% in the past 24 hours,
while Ether (ETH) is trading at $1,858, or down 1.4% during the same period.
Major altcoins are mostly trading in red, with the exception of Cosmos (ATOM) which is up by 4.4%, while Cardano (ADA) is down by 2.98%, Solana (SOL) -6.24%, Polkadot (DOT) -4.99%, and Avalanche (AVAX) -5.57%.

Notable gainers include:
Sperax (SPA) at $0.0327 (+91.01%),
Celsius Network (CEL) at $2.96 (+18.80%),
MobileCoin (MOB) at $1.26 (+4.48%).

Notable losers include:
Unifi Protocol DAO (UNFI) at $11.51 (-13.10%),
IoTeX (IOTX) at $0.0355 (-13.25%),
Circuits of Value (COVAL) at $0.0207 (-12.78%).

On Wednesday, investors have shown a mixed reaction to the latest FOMC minutes release, in addition to the U.K.’s latest CPI report which revealed July inflation stood tall at 10.1%, sparking international concerns over the exacerbation of price pressures elsewhere. Recently, inflation in Spain was revealed to have reached 10.8%, while France’s inflation reached 6.1%.

According to the latest FOMC meeting minutes led by Chair Jerome Powell, U.S. Federal Reserve governors anticipate announcing more interest rate increases in the coming months, but the pace of the hikes will likely slow if the inflation rate starts to come down.

Notably, some FOMC members called for stronger oversight and regulation of certain crypto-related institutions.

“While the recent turmoil in digital asset markets had not spread to other asset classes, these participants saw digital assets’ rising importance and growing interconnectedness with other segments of the financial system as underscoring the need to establish a robust supervisory and regulatory framework for this industry that would appropriately limit potential systemic risks,” the minutes said.

The Dow Jones Industrial Average (DJIA), tech-heavy Nasdaq composite, and S&P 500 were down 0.5%, 1.25%, and 0.72%, respectively, which put a stop to a 3-day consecutive ascension.

As of this writing, the crypto market is following the U.S. market closely, unsurprisingly, with Bitcoin (BTC) recently trading at $23,474 (-2.18%), while Ether (ETH) was changing hands at $1,851 (-2.21). Other cryptos were largely in the red. AAVE was down more than 8% at one point, and the popular meme coins, DOGE and SHIB, which had surged over the past few days, were each off more than 5%.

In terms of technical outlook, the 20-day EMA ($23,487) which coincides with the weekly support level at $23,470 served as a tight support zone for Bitcoin (BTC). A break and close below this zone may see the bears bringing the price back to Aug. 4’s low of $22,398, which coincides with the 23.6% Fibonacci level measured from Mar. 28 - Jun. 18.

On the contrary, if the price rebounds off the 20-day EMA, it will suggest that bulls are buying the dips to this level, which could improve the prospects of a break and close above the $24,269 weekly resistance level.

Ether (ETH), on the other hand, found support on its 12-day EMA ($1,839) in yesterday’s decline, which continues to serve as a baseline on Thursday.

If the bears manage to bring the price below the 12-day EMA, the next support would be the 50% Fibonacci level measured from Apr. 3 - Jun. 18, which coincides with the 20-day EMA ($1,777) to form a strong support zone.

However, the upsloping 20-day EMA and the RSI in the positive territory indicate that bulls are still in control which will likely keep the price from falling below the psychological level of $1,700 to prevent massive liquidations, considering the sheer amount of Ether derivatives open interests in August.




Influencer of the Day - Federal Reserve governor pumps the brakes on US CBDC in favor of FedNow: The Block Report



In an August 17 speech, Federal Reserve Governor Michelle Bowman took issue with many key areas of the Fed's work and its crossover with fintech and crypto industry concerns.

Key among them is the push for a US central bank digital dollar, or CBDC, also known as a digital dollar. The subject of much political speculation, a digital dollar has grown increasingly contentious over the past year.

Bowman said that the Fed's plans for FedNow will fill the niche many envision for a US CBDC.

"The FedNow Service will enable financial institutions of every size, and in every community across America, to provide safe and efficient instant payment services. It is intended to be a flexible, neutral platform that will support a broad variety of instant payments. My expectation is that FedNow addresses the issues that some have raised about the need for a CBDC.”

Turning to recent guidelines on requests for Fed "master accounts," Bowman also struck a tentative tone.

"Publishing the guidelines is an important step to providing transparency and consistency across the Federal Reserve System. However, more work remains to be completed before a process is established to fully implement the guidelines. In the meantime, there is a risk that the guidelines could establish false expectations regarding the timeline for evaluating and acting on these requests."




Buzzes of Yesterday - #Optimism Flash Crashed 10% On Hack Rumor, #Genesis CEO Out After 20% Layoff, #BOC Unveils e-CNY Smart Contract For Education Program




Web3




Jump Crypto Announces Plan to Build New Validator Client for Solana




Dogecoin Foundation Director hails new Libdogecoin test on Android and iOS devices




Sky Mavis’ Ronin sidechain expands to 17 validators to boost security




Paradigm Leads $20M Round for Fractional Rebrand to Tessera to Expand Collective NFT Ownership




MatchboxDAO Raises $7.5M to Build Out On-Chain Gaming on StarkNet




Coinfund Launches $300M Web3 Fund to Bet on Next ‘Industrial Revolution’




Optimism Token Flash Crashes 10% on False Rumors of a Major Hack




Business




Genesis Cuts 20% of Staff, CEO Michael Moro Out




Asset manager Monochrome will list a Bitcoin Spot ETF in Australia




eToro to acquire fintech trading Gatsby in US expansion plan




Samsung revealed as most active investor in blockchain since September, While Alphabet has been the Biggest in terms of Investment Value




Governments & Policies




Fresh Trouble for South Korean Banks Over Bitcoin Kimchi Premium Trades Worth $6.5B




Canadian Pension Fund Takes $150M Hit From Celsius Investment




Bank of China unveils new e-CNY smart contract test program for school education






Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice.
Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.
ETH/USDT + 2.40%
BTC/USDT + 1.26%
SOL/USDT + 0.83%
DOGE/USDT + 1.53%
EOS/USDT -2.68%
SHIB/USDT + 1.04%
AAVE/USDT -2.15%
OP/USDT + 4.36%
SPA/USDT + 5.66%
IOTX/USDT + 1.37%
UNFI/USDT -2.07%
AXS/USDT + 0.70%
MOB/USDT + 1.35%
CEL/USDT + 0.99%
COVAL/USDT + 6.38%
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