Good morning, good day, and good evening. Welcome to The Morning Cup. It’s your weekly recap of the latest in crypto news and your start to the week, no matter where you are. Don’t worry, we’ve selected just what you need to stay up-to-date, so you won’t spend time pouring through the news you don’t need, only the news you care about.
So what happened this week?
🚀🚀Poloniex launches new trading system
Poloniex’s new trading system is about to launch, providing crypto traders with a brand new trading experience! Under the new system, users will enjoy higher speed, as well as better stability and a smoother trading experience. The exchange plans to add more functionalities such as a margin system, staking and earning features, trading bots, and a better fiat onramp experience in the future.
BTC, ETH & Altcoins ended in the green despite weak US data & US Fed’s rate hike
Major cryptos have little to no impact despite weak US data and the US Fed’s rate hike announced mid-last week. Bitcoin (BTC) was mostly steady early last Thursday although there was a slight decline from $23,200 to $22,600 when the aforementioned news came out. BTC’s price was back over $23,000 by press time. As of July 29, GMT 5:17am, BTC was trading at $23,912. As for Ether (ETH), it traded near $1,360, representing an 11% gain and standing at $1,728 at the time of writing. Other altcoins, like SOL, ADA, XRP and BNB, also ended in the green last Thursday.
The US economy shrank for a 2nd quarter, Fed raises rates again
The U.S. announced two economic figures last week. The first was about the Federal Reserve, which raised interest rates by 75 basis points for the second straight month while the other concerned the U.S’s GDP, which fell by 0.9% in the last three months. This quarter marks the second consecutive quarter where the economy has contracted. Although two consecutive quarters of negative growth is often considered a recession, the White House hasn’t directly characterized the current economy as being in a recession. Kenneth Rogoff, the former chief economist of the International Monetary Fund, said in an interview that the U.S. government needs additional data to determine whether its economy is in a recession and that the job markets are still very strong. “Normally, economists, not journalists, when they call it recession, they look at the broad-base downturns, “ Rogoff stressed.
Tech city: Miami partners with TIME, Mastercard, Salesforce to launch 5,000 NFTs
The city of Miami will partner with TIME magazine publisher Time USA, Mastercard, and Salesforce to release 5,000 Ethereum NFTs later this year with an aim of bringing other brands and organizations into Web3. Mayor Francis X. Suarez made the announcement last week and hoped that the collaboration will uncover new ways to engage consumers and create exciting new revenue streams for the industry. Miami’s plan comes amid Ethereum’s move from a PoW to PoS consensus mechanism, aka the Merge.
New Listings on Poloniex
Here’s what we’ve listed recently:
Check out our article from this week, on Ethereum Classic (ETC).
What is Ethereum Classic (ETC)?
A quick explainer/background on smart contract platform Ethereum Classic.
Think you know the Metaverse? Put that knowledge to the test!
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Highlights for the week
Our New Trading System is about to go LIVE! This means a faster, more stable and user-friendly trading experience. With newly added features like Market and Stop-Market Orders, this is Poloniex’s most powerful trading engine yet🚀
And in our commitment to better serve our customers and make sure that they have access to the highest quality projects in crypto, we’ve delisted several assets. You can check our help center for a full list of these assets. Trading for these tokens will halt August 8, 17:00 UTC, and withdrawals will be disabled on November 25, 2022 at 17:00 UTC.
Our recap of past campaigns and ongoing campaigns that YOU can get involved in!
We just wrapped up our ETC futures listing giveaway. Thank you to everyone who participated 🙌
We just started Phase III of our Poloniex Referral Carnival! Make sure to invite your friends to share 5,000 USDT! Phase III runs from August 1st — August 14th. Check our help center for more info: https://support.poloniex.com/hc/en-us/articles/7851495084695-Poloniex-Referral-Carnival-Phase-III-Invite-Friends-to-Share-5-000-USDT
The community megaphone📢
Highlights from the community
We asked you what your thoughts/actions are toward the Fear & Greed Index’s assessment of the crypto space that we are currently at the “fear” level.
Also, make sure to enter out 200USDT giveaway to celebrate our New Trading System! Contest closes on August 8th.
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel- https://t.me/PoloniexEnglish
Is there anything you’d want to see us cover in our newsletter? Make sure to comment on this Medium article! Just want to show your appreciation? Smash that clap button and give a round of applause👏
Thanks for spending some time with us as we went over what’s going on. We’re quite excited about our new trading system, and we can’t wait for you to see all that it has to offer. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening🚀