Daily News | Musk’s Tweets Pushed DOGE Up 9%, US Will Vote on the Crypto Bill for the First Time, Possibility of Future Interest Rate Hikes Will Increase

2023-07-27, 03:53

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![](https://gimg2.gateimg.com/image/article/16904364330726.jpg)
## Crypto Daily Digest: Musk’s tweets pushed DOGE up 9%, the US Congress will vote on the cryptocurrency bill for the first time this week
In the early morning, Musk forwarded the video tweets related to the new logo X on Twitter released by <a href="/vi/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> and the self-custodial Dogecoin wallet founder DogeDesigner.

As a result, DOGE rose in the short term, rising by about 9% in response to the call, and then fell back to its current price of $0.0816.

It is reported that Musk has recently released multiple tweets related to Dogecoin, all of which have caused a short-term rise in Dogecoin, and his personal social media account positioning has been changed to XD (Twitter X+DOGE symbol).

The Google Play Store is about to launch a blockchain-based content policy. According to Joseph Mills, the product manager of Google Play, in an article posted on the Android Developer Forum, the store is currently updating relevant policies to open up new avenues for blockchain-based digital content trading in applications and games.

For example, adding fresh vitality into traditional games through user-owned content, or using rewards such as NFTs to increase user loyalty. This policy update requires that the explanation of tokenized digital assets within the application must be open and transparent. For example, if an application or game sells or allows users to earn tokenized digital assets, developers must explicitly state this situation in the application.

At the regulatory level this week, the US Congress will vote on the cryptocurrency bill for the first time.

The Financial Services Committee of the United States House of Representatives will vote on several bills aimed at developing a regulatory framework for cryptocurrency this week, which is a milestone in Capitol Hill's efforts to regulate the federal regulation of the digital asset industry.

The legislation that the House Financial Services Committee plans to consider includes a bill that will define when cryptocurrency is a security or commodity, and another bill that will establish a system to monitor stablecoin (digital tokens typically backed by traditional assets such as the U.S. dollar).

This is the first time that the cryptocurrency regulation bill has been voted on in Congress, which is the initial victory of the cryptocurrency lobbyists, who have promoted the legislators to provide clear regulation for the industry.

However, it remains to be seen whether these bills will receive support from the Democratic Party, and many believe that this factor is crucial for the chances of the bill eventually becoming law.

According to the American Bankers Association (ABA), to ensure effective consumer protection and financial stability, the stablecoin ecosystem, like the banking ecosystem, must be subject to strong supervision. It is hoped that the level of federal supervision over stablecoin issuers licensed by the state is the same as the current level of supervision over state-chartered banks.

The latest "Joint Investigation Group on Virtual Asset Crime" in South Korea, a hot land for coin speculation, has been officially established. At the establishment ceremony of the "Joint Investigation Group on Virtual Asset Crime", South Korean Prosecutor Lee Won Seok stated that by eliminating risks such as illegal behavior, transparency, and reliability can be improved. He hopes to contribute not only to the protection of market participants but also to the development of the national economy.

In addition, the US Department of Justice operates the 'Virtual Asset Enforcement Agency.' Strengthening responses to virtual asset crimes is a global trend.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1690436467 BTC.png)
Intraday funding remains weak, leaving the market undecided about its direction. There is a possibility of a downward move to test the major uptrend. If adopting a bullish approach, close attention should be paid to the purple uptrend line. Breaking below this trend line could signal the end of this year's rebound rally. The next support level is $28,535 USD.

### ETH
![](https://gimg2.gateimg.com/image/article/1690436485ETH.png)
In the short term, there is consolidation and oscillation around $1,857 USD. It is advisable to watch if the upward trend can hold above this level. In the medium to long term, if it fails to rebound and stabilize above $2,037 USD, the overall structure remains bearish.

### WLD
![](https://gimg2.gateimg.com/image/article/1690436514WLD.png)
Short-term positions have already gained 31.51%, holding at $2.205 USD and $1.845 USD. If the upward trend continues, the next targets are $2.584 USD, $2.785 USD, and $3.350 USD, forming a short-term rising trend.
 
## Macro: Interest rate hikes have been announced, with no market turbulence, is the US economy achieving a soft landing?
The Federal Reserve announced a 25 basis point interest rate hike, raising the interest rate range to 5.25% -5.5%.

This is the 11th rate hike since the start of the rate hike in March 2022.

The Federal Reserve made minimal changes to the post-meeting statement (almost copying the June statement). It did not provide new guidance for future policy plans - it will continue to evaluate more information and its impact on monetary policy.

Although interest rates are raised by 25 basis points, we still need to remain highly vigilant.

Inflation remains high, with inflation dropping to 3% in June. The Federal Reserve's concern should be that core inflation is declining slower.

The de_script_ion of economic growth has been raised from "mild" to "moderate," which is more like a hesitant rate hike.

At 18:00 (UTC), when the Federal Reserve announced the interest rate resolution, the financial market almost did not change, and the world seemed to be asleep. The decline of the S&P 500 index and the Nasdaq-100 narrowed, the US dollar and the US treasury bond barely changed, the swap contract still showed that the possibility of another interest rate increase was 50%, and the traders in Asia who stayed up all night waiting for the resolution yawned.

It can be considered the quietest rate hike in the world.

Powell's speech analysis stated that the Federal Reserve has not ruled out the possibility of raising interest rates again in September and will not cut rates this year; Federal Reserve staff no longer predict that the economy will fall into recession - this is the second highlight of Powell's news speech, defined by the Federal Reserve as a "soft landing of the economy."

Federal Reserve officials plan to hold three more meetings this year, with the next meeting scheduled for September. Daleep Singh, a former senior executive at the New York Fed and chief global economist at PGIM Fixed Income, stated that Powell's mission to attend the meeting may be to make market expectations for another rate hike later this year "priced into a coin toss."

"Pricing the next series of decisions as a coin toss can maximize the flexibility of the Federal Reserve to respond to the upcoming data," said Subadra Rajappa, head of American interest rate strategy of Société Générale.

As long as the focus of the debate is whether the Federal Reserve needs to raise interest rates one to two more times by 25 basis points, it is not particularly important for investors whether the Fed has completed the rate hike. But if you tell me they will raise interest rates by another 100 basis points, it would be a meaningful change.

What do you think of this interest rate hike?

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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