The Federal Reserve raised interest rates by 25 basis points to a range of 5.25%-5.50% as expected, in line with market expectations | Binance Morning Report (July 27)

● The Federal Reserve raised interest rates by 25 basis points to 5.25%-5.50% as expected, in line with market expectations
According to Jinshi.com, the Federal Reserve resumed raising interest rates in July, raising the benchmark interest rate by 25 basis points to a range of 5.25%-5.50%, the highest level since 2001, in line with market expectations.
● The probability of the Fed raising interest rates in September is 18%, and the probability of raising interest rates in November is 36.5%.
According to Jinshi, federal funds rate futures show that the probability of the Federal Reserve raising interest rates in September is 18%, and the probability of raising interest rates in November is 36.5%.
● Federal Reserve FOMC statement: Will consider further tightening monetary policy to curb inflation
According to Jinshi, according to the Federal Reserve FOMC statement, the Federal Reserve will continue to evaluate more information and consider further tightening monetary policy to curb inflation.
● Cryptocurrency bill to be voted on in US Congress for the first time this week
According to Reuters, the U.S. House of Representatives Financial Services Committee will vote on several bills this week to develop a regulatory framework for cryptocurrencies, which will be a milestone in Capitol Hill's efforts to codify federal regulations for the digital asset industry. The legislation the committee plans to consider includes a bill that will define when cryptocurrencies are securities or commodities, and another bill that will establish a system for regulating stablecoins. This will be the first time that a cryptocurrency regulatory bill has been put to a vote in Congress and a victory for cryptocurrency lobbyists.
Senate Banking Committee Chairman Brown said he was unsure whether additional legislation was necessary to regulate cryptocurrencies. The committee's Republican chairman, Patrick McHenry, said his first priority was to advance a cryptocurrency market structure bill that would expand the Commodity Futures Trading Commission's (CFTC) oversight of the cryptocurrency industry while clarifying the SEC's jurisdiction.
● US House of Representatives and Senate reach bipartisan agreement on cryptocurrency bill
Bitcoin News posted on Twitter that the U.S. House of Representatives and Senate reached a bipartisan agreement on a cryptocurrency bill that would require cryptocurrency exchanges to register with the Commodity Futures Trading Commission (CFTC) and create a new regulatory framework for Bitcoin and the entire "alternative" industry.
● The US SEC plans to propose regulations to regulate brokerage firms regarding AI conflicts of interest
According to Reuters, the U.S. Securities and Exchange Commission (SEC) plans to propose regulations to regulate brokerage firms regarding AI conflicts of interest, and the SEC has begun voting on new cybersecurity rules and artificial intelligence proposals.
● Singapore High Court recognizes cryptocurrency as property in case
According to CoinDesk, a judgment from the Singapore High Court showed that the court recognized cryptocurrencies as property in the case.
Bybit previously filed a lawsuit in a Singapore court, claiming that Ho Kai Xin violated her employment contract and abused her power by transferring more than 4.2 million USDT to addresses she owned and controlled, and transferring a certain amount of fiat currency into her own bank account.
Presiding judge Philip Jeyaretnam said that USDT can be held in trust and that holders of crypto assets in principle have intangible property rights recognized by common law, which can therefore be enforced in court.
● Canada’s Financial Conduct Authority launches public consultation on regulatory capital and liquidity treatment of crypto-asset risks
According to the Daily Planet, according to an official announcement, the Office of Financial Supervisory Commissioner of Canada (OSFI) proposed to change its capital and liquidity programs for crypto assets to reflect the changing risk environment and international developments.
OSFI announced two draft guidances on the regulatory capital treatment of crypto-asset risks, one for federally regulated depository institutions and the other for insurance companies. The Basel Committee on Banking Supervision published new bank standards for crypto-asset exposures in December 2022. In response, OSFI took the opportunity to draft this more detailed guidance for Canada.
The two draft guidelines will be open for public comment until September 20, 2023, will replace the interim consultation on the regulatory treatment of crypto-asset risks issued in August 2022, and will come into effect in early 2025.
● Nigeria’s central bank is changing the eNaira model to boost adoption
Nigeria is changing its eNaira model to encourage greater use of its central bank digital currency (CBDC), Central Bank of Nigeria (CBN) acting governor Folashodun Shonubi said, according to CoinDesk.
Nigeria has been working to drive wider adoption of eNaira, which was launched in October 2021. Although the number of eNaira wallets grew more than 12-fold to 13 million between October 2022 and March this year, that is a small number for a country with a population of nearly 224 million.
In order to improve service quality and make it more user-friendly, the CBN has upgraded its eNaira app to enable contactless payments, local media The Sun reported in early July. The bank did not provide details of the planned changes to the eNaira model and did not respond to a request for comment.
● Bank of Italy Innovation Center supports research on security tokens for institutional-grade DeFi
According to Cointelegraph, the Bank of Italy's Milano Hub innovation center will support a project developed by Cetif Advisory to study the security token ecosystem for institutional-grade DeFi. The project has no "commercial purpose" but will expand the "analysis scope" of security tokens on the secondary market, while striving to allow institutional market participants to operate in the DeFi environment while complying with regulatory guidelines. It will further develop Cetif Advisory's Lionity platform, which is described as an "institutional-grade automated market maker."
● Messari: BNB Chain’s daily average number of active addresses and transactions increased by 25.6% and 24.4% respectively in Q2
According to Planet Daily, Messari released the BNB Chain 2023 second quarter report. The main points are as follows:
- BNB Chain’s daily active addresses and transactions increased by 25.6% and 24.4% respectively, mainly driven by increased LayerZero activity;
- BNB Chain’s average daily active addresses reached about 1.4 million, a metric that almost reached the historical average level (about 1.5 million) at the end of the last bull cycle in Q4 2021. Average new unique addresses increased by 91.1% month-on-month, reaching a new all-time high after a surge in activity in late April.
● More than 3.4 million addresses bought BTC at around $30,000, and BTC price volatility is at a historical low
Crypto analysis platform IntoTheBlock posted on Twitter that data showed that when the price of Bitcoin fell below $30,000, approximately 68.96% of holders were still in a floating profit state. More than 3.4 million addresses bought BTC at around $30,000.
In addition, the number of newly created addresses on the Bitcoin network has been increasing since May of this year, and recently hit a new high for the year. This shows that Bitcoin is attracting new users. During the Ordinals hype, Bitcoin chain activity peaked, and many coin holders were worried that the price of the currency would fall sharply after the craze faded, but the current Bitcoin network transaction volume is still on an upward trend.
IntoTheBlock said that the Bitcoin NVT (network value to transaction) ratio is at an unprecedented level, and this indicator usually indicates that Bitcoin is overvalued. Currently, Bitcoin's volatility is at a historical low, and generally speaking, such low volatility is generally a precursor to large price fluctuations.
● Data: A total of 330 million cryptojacking attacks were recorded in the first half of 2023, which has exceeded the total number of related attacks in the previous three years
According to Decrypt, data from a report by cybersecurity company SonicWall showed that the agency recorded a total of 332.3 million crypto-jacking attacks in the first half of 2023, an increase of 399% compared to the whole of last year. This number is higher than the total number of crypto-jacking attacks in 2020, 2021 and 2022.
SonicWall said cryptojacking involves exploiting servers and computer equipment belonging to someone else to mine digital assets, with the privacy-centric Monero cryptocurrency being the most popular. Those affected may not even realize they are victims; they may simply feel their machines are running slower than usual.
Spencer Starkey, vice president of SonicWall Europe, Middle East and Africa, said the biggest symptoms of cryptojacking include slower device response times, unusually high electricity bills, and overheating batteries that cause fans to overuse. Compared to ransomware or banking Trojans, the goal of cryptojackers is to remain undetected for as long as possible.
● Binance Research report: RWA tokenization continues to be popular, attracting large institutions to participate
Binance Research released a report stating that the tokenization of real-world assets (RWA) continues to be popular, user adoption continues to increase, and it attracts the participation of large institutions. With the relatively low yields of decentralized finance (DeFi) and rising interest rates, the tokenized Treasury market has ushered in growth. Currently, investors have lent more than $600 million to the US government through the tokenized Treasury market and received an annualized yield of approximately 4.2%.
The tokenized asset market is expected to reach $16 trillion by 2030, a significant increase from $310 billion in 2022, which means the market still has huge room for growth.
It is worth mentioning that many protocols have integrated real assets or actively participated in their growth. Protocols such as MakerDAO, Maple Finance, and Ondo Finance are briefly mentioned in the report.
● Binance AI NFT generator renamed Binance Bixel
Binance AI NFT Generator is now renamed Binance Bixel. This feature enables users to create customized images using AI and mint them as NFTs stored on the BNB Smart Chain.
All eligible Binance users can now use Binance Bixel without time limit. To mint AI-generated images as NFTs, you need to complete identity verification (KYC) and pay a minting fee of 0.008 BNB. These Bixel NFTs can be used as profile pictures or listed on the Binance NFT Marketplace.
● Binance introduces seed tags and watch tags: helping users identify high volatility and high-risk tokens
According to community feedback, it is difficult for users to distinguish between tokens in the Innovation Zone and the main trading zone, so Binance will launch the Seed Tag and Monitoring Tag on July 26, 2023.
Users need to pass the corresponding test on the Binance spot and/or Binance margin platforms every 90 days and accept the terms of use before they can obtain trading rights for tokens with seed or watch labels. The test is designed to ensure that users understand the relevant risks when trading tokens with seed and watch labels. The seed label and watch label will appear on the corresponding Binance spot and Binance margin trading pages and the market overview page. Binance will also display a risk warning banner for all tokens with seed and watch labels.
The Seed label will replace the Innovation Zone and will apply to all tokens currently listed on the Innovation Zone, as well as future listings of innovative project tokens that may have higher volatility and risk than other listed tokens.