Fed's inflation remarks give cryptos boost🙌

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The total crypto market cap saw a 3.67% 24-hour rise, touching $1.09T on Wednesday. The spike followed the US Fed’s positive remarks on interest rate hikes and inflation. BTC and ETH are up by 3.21% and 5.60%, respectively. MATIC is up 11.4%, making it the top gainer among the crypto top 10. Boosting the crypto market, Nasdaq rose 2%. The Crypto Fear and Greed index is at 60/100.

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*Last updated at 9:00 am, 2 February 2023

From the crypto news wires 📰

💪BTC breaks above $24K after Fed remarksBTC broke through the $24K barrier on Wednesday after the US Fed took on a dovish stance in relation to interest rate hikes. The crypto market cap too rose by over $40B. Fed Chair Jerome Powell said that the disinflationary process has begun, but rate hikes will continue until inflation stabilizes. BTC's YTD return is over 36%, making it one of the best-performing asset classes yet again.

🫡Meta unruffled by mega metaverse lossesThe metaverse division of Meta (formerly Facebook) recorded losses amounting to $13.7B in 2022. In the last quarter, the division lost $4.3B—its largest quarterly loss so far. However, Meta CEO Mark Zuckerberg has reaffirmed his commitment to the company’s long-term strategy. The company’s CFO, Susan Li even acknowledged that the losses were likely to increase in 2023.

🏪BNB Chain to launch decentralized storage systemBNB Chain, Binance’s blockchain network, released a white paper for BNB Greenfield, a new decentralized data storage system, on 1 February. The new system, meant to round out Binance’s existing decentralized network, comes with smart contract-integrated Web 3.0 applications. With BNB Greenfield, Binance aims to grant users and dApps complete ownership of their data. That means the system will be able to support website hosting, publishing, data storage, and personal cloud applications. It will be powered by BNB tokens. The testnet for BNB Greenfield is expected to be launched in the next few months, according to the white paper.

🇿🇦South Africa retail giant to accept BitcoinAs BTC rebounds to the $24K level, South African grocery retailer Pick n Pay has announced that it is now accepting Bitcoin. Pick n Pay will be accepting BTC in all its 1,628 stores after a three-month pilot in 39 locations. Customers will need to use a Bitcoin Lightning wallet or the CryptoQR scanner app from CryptoConvert, which is linked to Bitcoin Lightning, to pay for items using the crypto. They will have to accept the conversion rate of the South African rand to BTC at the time of payment.

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