“Powell’s remarks yesterday sent a jitter through the system.” – 01:03
Andy Baehr, Head of Product & Research at Coindesk Indices, discusses the current state of the cryptocurrency market as October 2023 comes to a close. The segment opens with a reflection on the recent pullback of major cryptocurrencies following the Federal Reserve’s latest meeting, highlighting the disappointing performance of the market throughout the month. Retail traders are particularly affected, with many engaging in leveraged positions and facing liquidation events.
The ongoing U.S. government shutdown is identified as a significant factor contributing to the stalled regulatory progress in the crypto space. Andy notes that the market is still recovering from a deleveraging event that occurred on October 10th, indicating a need for a catalyst to stabilize and regain momentum.
As the conversation progresses, Andy shifts focus to the recent launches of exchange-traded funds (ETFs), particularly those related to Solana. He explains the importance of these developments for investors and provides insights into Solana’s unique features as a layer one blockchain. Andy compares Solana to Ethereum, emphasizing its faster and cheaper transaction capabilities, as well as its U.S.-centric foundation that is eager for business.
The discussion also covers the recent partnerships Solana has formed, including an announcement with Western Union for a stablecoin, positioning it as a competitive player in the blockchain ecosystem. Andy elaborates on the growing trend of launching stablecoins on Solana and the advantages it offers over Ethereum’s layer two networks.