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Bitfinex Alpha | Crypto Gaming Continues to Grow as Inflation Debate Sweeps Markets
Fed speaking has always been an art. After last week's FOMC meeting decided to raise rates another 75 basis points, Fed Chairman Jerome Powell said future hikes were likely to be smaller, but then seemed to contradict himself by saying more hikes would continue. The market cheered first, then cringed, full of doubts.
But we shouldn't be too surprised by the Fed's stance that constant rate hikes are in no one's interest. The Fed knows that the 375 basis points of rate hikes since March will have an impact on the economy. The trick, therefore, is not to overtighten, lest the patient end up being strangled.
The market reaction was not so much a reflection of the latest rate hike as it was how investors and businesses reacted to it and how they interpreted asset values. The Fed takes this into account and needs to strike a fine balance when determining monetary policy.
The challenge is daunting. In the real economy, wage inflation is very sticky. Wages for active workers rose 7.7% year-over-year in October, while those who changed jobs rose a staggering 15.2%. That's down from 15.7% in September, but still substantial.
Core CPI, a key determinant of interest rates, rose 0.6 percent in October. For the Fed to hit its 2% inflation target, core CPI needs to rise by at most 0.1-0.2%. There are two more CPI announcements ahead of the next FOMC on December 13-14. If we see core CPI slowing to 0.3-0.4% along with a slowdown in other indicators, rates could rise by as little as 50bps in December.
When we look at on-chain activity, we notice that crypto assets in the gaming industry are growing rapidly. BNB and Polygon have been the main blockchains for game developers, but Solana has been gaining ground, while WAX and Hive have also proven resilient as they have games with loyal fan bases. It provides an interesting perspective for anyone looking to evaluate a blockchain based on its utility and gaming activity.
https://blog.bitfinex.com/bitfinex-alpha/bitfinex-alpha-as-the-inflation-debate-grips-markets-growth-in-crypto-gaming-continues/
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Bitfinex partners with OpenPayd
Bitfinex is one of the world's largest exchanges for digital tokens, but its state-of-the-art technology has been hampered by slow payment speeds in Europe. OpenPayd offers an alternative to exchanges, making payments cheaper and faster for customers.
Bitfinex is an absolute giant when it comes to cryptocurrencies. It's not a word we use lightly - it's one we reserve for businesses that process billions of dollars in transactions per month at the time of writing.
As a digital token trading platform, Bitfinex has long been one of the most well-known names in the industry, with a global footprint. However, buying digital tokens using fiat currency is an unnecessarily slow and expensive process for Bitfinex customers.
Payments usually take 2-3 days to clear through their existing SWIFT connection, possibly even longer. In the trading world, this is slow. In the crypto world, it's a glacier.
OpenPayd offers something a little different. Bitfinex's customer experience is enhanced by providing customers with a virtual IBAN connected to the SEPA instant payment rail, where payments and payments can be made in real time. Customers have full oversight, can add funds to their crypto wallets and withdraw fiat currency as needed, and operations teams no longer need to spend grueling hours manually reconciling individual payments.
Automated reconciliation also eliminates the possibility of human error. No one wastes time chasing down lost deals and correcting mistakes when they inevitably happen. Bitfinex can focus on growing and developing its products rather than doing unnecessary administrative work on fiat payments.
So, how long does it take to create thousands of virtual IBANs? The entire integration took less than a month thanks to OpenPayd's developer-friendly API. Our approach doesn't slow down client onboarding in any way and is scalable. No matter how fast Bitfinex's customer base in Europe grows, OpenPayd's infrastructure is built for the scale they are achieving.
In short, digital currency transactions in Europe are now smoother for all involved.
"We chose to partner with OpenPayd because of its powerful embedded financial functionality, ability to help us access SEPA real-time payment rails, and the speed of integration enabled by its API. This partnership is part of our ongoing effort to improve Part of a great customer service experience.”
https://www.openpayd.com/uk/blog/case-study-bitfinex
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Bitfinex will list content creator tokenization platform XCAD
Bitfinex announced that it will list XCAD Network’s native token XCAD, a global tokenization platform that enables content creators to monetize their works.
Built on the Zilliqa blockchain, XCAD Network allows content creators on YouTube to issue their own creator tokens and mint NFTs for fans to buy and trade. Content creators can apply to join the platform, and if accepted, their tokens are automatically activated for fans to collect. Fans can then earn tokens simply by downloading the XCAD web browser plugin and watching the creator's content directly on YouTube.
The XCAD Network was developed as a viewing revenue model, the more content a fan watches from a creator, the more creator tokens the fan earns. This model ultimately gives fans an even greater incentive to watch their favorite content creators. The more tokens fans earn, the more influence they have over channel-related decisions.
XCAD Network aims to provide content creators with more ways to monetize their work and increase engagement, and also has its own XCAD DEX (decentralized exchange) for exchanging and selling tokens, and a platform called Influencer MarketCap database to track and analyze creator tokens and NFT markets.
"We are delighted to welcome XCAD to Bitfinex," said Paolo Ardoino, Bitfinex CTO. "XCAD's vision is to empower content creators to find other ways to reward their work."
XCAD Network reports that some of the most prominent YouTube influencers are supporting XCAD Network, including stunt performer Mr Beast (with over 109 million subscribers), rapper and boxer KSI (with over 24 million subscribers) and joke blogger Niko Omilana (with over 6 million subscribers).
https://blog.bitfinex.com/media-releases/bitfinex-to-list-content-creator-tokenization-platform-xcad/
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Bitfinex users can deposit and withdraw USDT through Basic Plus verification
As part of its goal of achieving financial freedom, starting November 9, all Bitfinex customers will be able to deposit and withdraw Tether tokens (USDt) with Basic Plus verification.
As the first and most widely used stablecoin, this verification change enables more Bitfinex customers to invest in USDt.
You only need to upload the following information: official ID photo, biometric photo (selfie), phone number, residential address
USDt, the world's most popular stablecoin, enables customers and businesses -- including major exchanges, wallets, OTC desks, payment processors, financial services, and ATMs -- to easily spend fiat on the blockchain currency. Some of the largest players in the digital currency ecosystem have integrated Tether tokens.
Tether tokens provide the functionality of blockchain-based tokens without the volatility usually associated with cryptocurrencies. In addition to this, Tether tokens offer a host of important advantages such as wide availability, fast transfers, low fees, and a wide choice of fiat currencies. Currently, Tether tokens can be used for:
USD-pegged Tether Token (USDt)
Tether token pegged to the euro (EURt)
Tether Token (MXNt) pegged to the Mexican Peso
A Tether token pegged to the British pound (Tether GBP)
An offshore Chinese yuan-pegged Tether token (CNHt), and
Explore the world of Tether tokens with Bitfinex and enjoy all the benefits!
https://blog.bitfinex.com/announcements/depositing-and-withdrawing-tether-tokens-at-bitfinex-made-even-simpler/
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Bitfinex market analyst: "After being hit by a string of high-profile failures this year, the market may remain volatile until traders calm down."
The prices of almost all major cryptocurrencies have experienced a plunge after cryptocurrency exchange FTX announced that it will be acquired by rival exchange Binance.
Bitcoin, the world's largest cryptocurrency, has lost more than 8 percent of its value in the past 24 hours and is currently trading around $18,000. Ethereum, the second-largest cryptocurrency, also fell more than 16 percent to $1,200. Polygon's Matic suffered the most in the top ten, losing around 20% over the past day.
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https://cryptonews.com/news/crypto-prices-crash-as-ftx-crypto-exchange-collapses-what-we-know-so-far.htm
Bitfinex announced the reserve certificate: 135 cold and hot wallet addresses hold over 200,000 BTC and over 1.22 million ETH in total
Bitfinex announced the reserve certificate: 135 cold and hot wallet addresses hold over 200,000 BTC and over 1.22 million ETH in total
https://cointelegraph.com/news/bitfinex-cto-releases-proof-of-reserves-amid-ftx-bankruptcy-fiasco
