Bitcoin Reaches $29K! Why BTC is unaffected by regulatory pressure

In this week’s episode of Market Talks, Cointelegraph welcomes Brent Xu, Founder and CEO of Yumi – a decentralized finance hub built on the Cosmos SDK that provides tools for macro-level lending and borrowing. Prior to founding Umee, Xu led strategy at Tendermint as they created the strategic roadmap and partnerships for the Cosmos Ecosystem.

Let’s start with our main topic for today: despite the recent United States regulatory action against crypto companies and related uncertainty, Bitcoin (BTC) has reached $29,000, a new high for 2023. It may also indicate that the crypto market is not too concerned about the Commodity Futures Trading Commission’s lawsuit against Binance and its CEO Changpeng “CZ” Zhao. Even the Crypto Fear and Greed Index – which aims to numerically represent current “feelings and sentiments” towards bitcoin and other major cryptocurrencies – has risen steadily over the past month despite swings in the global banking sector. . However, what does all this really mean for the crypto space? Shouldn’t investors worry so much about regulation?

This week Saudi Arabia, Kenya, Pakistan, Russia, India and Brazil decided to trade in their own currencies instead of the US dollar. Why did they decide to do this, and will it have a significant impact on the US and the dollar? Will there be any implications for the crypto space?

We ask Xu what his vision is for how DeFi protocols and crypto exchanges want to build their own banking services in the future. Centralized crypto exchanges are under all kinds of pressure from regulators right now, but we still see Fidelity Investments expanding its offerings, and Nasdaq getting closer to launching its crypto custody platform. We also get Xu’s take on Fidelity Investments’ recent expansion.

There is a lot going on in the crypto space right now in terms of regulation, with the crypto sector being specifically targeted. We ask Xu what his long-term vision is for the future of the regulated crypto space in the United States.

It seems that the United States Federal Reserve is waging an endless battle against inflation. There is no end in sight to the rise in interest rates. Will the Fed Lose Its Battle? When will we get a pause in rate hikes and how realistic is it for the Fed to meet its targets this year?

We cover all of this and more, so make sure you stay until the end. Market Talks airs every Thursday at 12:00 PM ET (5:00 PM UTC). Each week it features interviews with some of the most influential and inspiring people in the crypto and blockchain industry. So head over to the Cointelegraph Markets & Research YouTube page and hit that like and subscribe button for all our future videos and updates.

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