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Home»BITCOIN NEWS»Crypto News This Week: Top 4 Coins and Events You Can’t Miss
BITCOIN NEWS

Crypto News This Week: Top 4 Coins and Events You Can’t Miss

By Crypto FlexsMay 27, 20244 Mins Read
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Crypto News This Week: Top 4 Coins and Events You Can’t Miss
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This week’s “Cryptocurrency of the Week” takes a closer look at the pivotal developments and key data releases that will shape the cryptocurrency landscape in the last week of May. From important inflation data impacting Bitcoin’s trajectory to important governance votes and strategic collaborations in the blockchain sector, each event has the potential to significantly impact market dynamics.

#1 Bitcoin and Cryptocurrency Markets Await US PCE Data

As the US Bureau of Economic Analysis prepares to release personal consumption expenditures (PCE) price index data for April on May 31, the Bitcoin and cryptocurrency markets are on high alert. This indicator, which is essential for assessing inflation, directly influences the Federal Reserve’s policy decisions. Affects market dynamics.

Talkingmacro analysts emphasize that while the Consumer Price Index (CPI) and Producer Price Index (PPI) provide initial signals, “PCE data, although lagging, remains an important indicator in gauging sustainable economic trends.”

This week, PCE inflation is expected to ease to +0.2% month-on-month from +0.3% previously, to +2.6%, down slightly from +2.7% year-on-year. This data point is significant as it puts it just above the Fed’s 2% target, suggesting inflation could be cooling. “Markets have largely priced in the current trajectory toward the Fed’s target, although a significant deviation could trigger volatility,” Talkingmacro analysts noted.

Bitcoin’s sensitivity to federal policy means that unexpected changes in inflation expectations could significantly impact the price of the cryptocurrency. “Crypto is very sensitive to the pricing or ‘forward guidance’ of Federal Reserve policy, so it makes sense to pay close attention to this data and macroeconomic trends,” wrote analysts at Talkingmacro. With the Bitcoin price currently hovering below $69,000, the market can expect some volatility.

#2 Uniswap (UNI) – Vote to activate fee sharing mechanism

The decentralized finance (DeFi) sector is set to witness a pivotal development as the Uniswap Foundation prepares for a governance vote on May 31 to implement a fee-sharing mechanism for UNI token holders. This proposal aims to modify protocol governance to ensure that protocol fees are distributed pro rata to stakers and voters.

Erin Koen, Head of Governance at Uniswap Foundation, explained: “Maintaining this lead (in the market) will become increasingly difficult. (…) To survive and grow in a believably neutral way, Uniswap governance must use its reputational, financial and technological capital for good.”

At the time of the announcement in February, UNI received strong support from the market, with its price soaring by 40%. Approval of this proposal marks a significant shift towards more sustainable economic incentives within the Uniswap ecosystem and could potentially set a precedent for other DeFi platforms.

#3 SIX – Six V2 released

Today marks the launch of Sei V2, an ambitious upgrade that transforms the Sei blockchain into a high-performance parallel Ethereum Virtual Machine (EVM). Governed by SEI token holders, this upgrade involves several stages: initial governance approval, alpha release for stability, and final implementation once all systems are deemed stable and efficient.

According to Sei Labs engineers, the introduction of Sei V2 aims to “solve the scalability and performance bottlenecks faced by existing blockchains, paving the way for more robust consumer-grade applications.” The upgrade process, planned to minimize risk and optimize performance, is expected to significantly improve the blockchain’s throughput and reduce transaction latency.

Sei v2 proposes an upgrade to a live blockchain. The launch is planned in three phases.

Step 1: Governance

Phase 2: v2 Alpha: Stability and Infrastructure Deployment

Step 3: v2 beta live

Learn more here: https://t.co/jZ8igrE8UU pic.twitter.com/BlUlyqs0jh

– B.E. 💨 (@Say Network) May 15, 2024

#4 Link – Chainlink and SWIFT Tokenization Discussion

Chainlink’s collaboration with SWIFT, a global provider of secure financial messaging services, will be highlighted at the Consensys 2024 conference in Austin, Texas. Speculation is rife that this partnership could lead to another major announcement.

On Thursday, May 30, a session titled “How Swift and Chainlink are working together to unlock tokenized assets at scale” featuring Jonathan Ehrenfeld and Sergey Nazarov, Head of Securities and Digital Asset Strategy at SWIFT, will be featured on Mainstage. It is scheduled to be held in -Founder of Chainlink. We will explore how integrating blockchain technology with SWIFT’s extensive financial network through Chainlink can facilitate a scalable and secure on-chain financial system for tokenized assets.

A previous collaborative experiment conducted in June 2023 involving major banks such as BNP Paribas and BNY Mellon demonstrated SWIFT’s ability to facilitate token transfers across blockchains. This also highlighted the potential for Chainlink to become a pivotal component of the future of finance.

At press time, BTC was trading at $68,602.

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