Shocking Announcements

So the other day, global remittance giant Western Union published a video with a shocking announcement that they stand ready to support cryptocurrencies.

In the video, President Odilon Almeida stated "we already operate with 130 currencies" and went on to say that if they feel like adopting crypto then "technology-wise, it's just another currency."

See, this goes right back to a report that we published yesterday showing how interest to adopt crypto is very high but education is still lagging.

The post from WU did not go unnoticed by the community and crypto enthusiasts who were only too happy to point out that the entire point of cryptocurrencies was that they can be sent without the need of a third party.

One thing that might be helpful here is that Western Union is still in partnership with Ripple Labs and are conducting an ongoing pilot to see how XRP can streamline things for them.

The good people from Dash were also quick to respond with a video of their own.

Today's Highlights

  • Tightening up the Screws
  • FB Drops FAANG
  • Fully Regulated Cryptos

Traditional Markets

As expected the Federal Reserve raised their interest rates yesterday from 2.25% to 2.5%. Even though the market was fully expecting it, the indices did see a sharp drop when the announcement hit (purple circle).

(Click on image to enlarge)

The purple rectangle represents the press conference with Fed Governor Jermobe Powell. Powell started off talking very fast and did seem a bit nervous and even cleared his throat several times in the first few minutes, which is never a good sign.

What really dropped the markets though, was that the Fed didn't at all seem sympathetic to the current market turmoil. They indicate that they're not about to hike rates aggressively unless the economy grows quicker. However, they seemed unwilling to reduce the pace of their quantitative tightening. Meaning, that they will continue to reduce the size of their enormous balance sheet, which is still way overinflated from 10 years of quantitative easing.

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Disclaimer: This content is for information and educational purposes only and should not be considered investment advice or an investment recommendation. Past performance is not an indication of ...

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