Web3 on 🔥 | 📝 Fed raises rates, crypto prices rise as a result

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📝 Fed raises rates, crypto prices rise as a result♾️ Meta reports a loss of $2.8 for its Metaverse division in Q2✋ Johnny Lyu, KuCoin CEO to launch an “Anti-FUD Fund”

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Fed raises rates, crypto prices rise as a result

The Fed rate hike on Wednesday was a snooze fest. Just like everyone expected, the Fed raised rates by a quarter point. And just like everyone expected, the “dot plot” showed that the Fed expects rates to rise to 3.5% by the end of the year

The only thing that wasn’t entirely expected was the reaction in the markets. Cryptocurrencies , which are often seen as a safe haven asset, soared/

The biggest winner was Ether (ETH), the native cryptocurrency of the Ethereum blockchain. ETH prices jumped 16% on the day. The rally was partly due to the fact that the Ethereum network successfully implemented a “shadow fork,” or test software update, two days earlier than expected. The test puts Ethereum a step closer to its much anticipated shift from a proof-of-work network to a more environmentally friendly proof-of-stake one.

Altcoins also did well after the announcement. MATIC rose by 9.3% (following the prior day’s 11% decline) and SOL jumped by 5%.

Meta reports a loss of $2.8 for its Metaverse division in Q2

It looks like things aren't going too well for Meta's metaverse division.

The tech giant reported a loss of $2.8 billion for its Reality Labs division in the second quarter of 2022, missing earnings and revenue expectations. Shares of the company dropped as much as 5% in after-hours trading on Wednesday, before paring losses. So, what's the problem?

It seems that the metaverse just isn't as hot as Meta thought it would be. The division reported earnings of $452 million for the quarter, down from $695 million in the first quarter. This isn't the first time that Meta has been disappointed by the performance of its metaverse division. The division previously posted a $3 billion loss in the first quarter of 2022.

It looks like Meta might need to rethink its strategy if it wants to make the metaverse a success. Until then, it looks like the company will just have to keep losing money.

Johnny Lyu, KuCoin CEO to launch an “Anti-FUD Fund”

The CEO of cryptocurrency exchange KuCoin, Johnny Lyu, has announced the launch of an “Anti-FUD Fund”. The fund will be used to track down and take legal action against those who spread FUD (fear, uncertainty, and doubt) about the crypto industry, as well as to educate crypto users on how to identify misinformation.

Lyu said that the Anti-FUD fund would cover three elements: education, motivation, and acclaim. The education element will involve delivering knowledge about what FUD is and how to distinguish it from genuine information. This will be done through both online and offline means.

The motivation element will involve rewarding industry leaders and influencers who are responsible and deliver trusted information to their audiences. The aim is to help their followers avoid FUD.

Finally, the acclaim element will involve honoring those who have made a positive contribution to the crypto industry.

The launch of the Anti-FUD Fund is a welcome move from KuCoin, and will no doubt be welcomed by the wider crypto community. It is hoped that other exchanges and industry bodies will follow suit and take similar action to combat the spread of FUD.

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