Federal Reserve's Bostic states that he still expects the Fed to cut interest rates twice this year.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
Ethereum Foundation hires social media manager in response to community criticism of its disconnect from users
Josh Stark, a long-time member of the Ethereum Foundation, announced on social platform X that the foundation is hiring a social media manager. This move is in response to community criticism regarding the foundation's disconnect from its user base.
The new social media manager will be responsible for managing the foundation's accounts on X, Facebook, LinkedIn, as well as crypto-native platforms Farcaster and Lens, while also operating the @ethereum brand account.
Federal Reserve's Bostic: Still expects the Fed to cut interest rates twice this year
According to Caixin, Federal Reserve's Bostic stated that he still expects the Fed to cut interest rates twice this year. Many things could happen in the future that may increase or decrease the rate cuts. The current benchmark interest rate is in a moderately tight state, compared to a neutral rate of 3%-3.5%. Due to the upcoming policy changes, economic slowdown is a major concern, but businesses expect 2025 to be a solid year, and so far, the economy continues to show resilience.
Canary's LTC ETF listed on DTCC website, code LTCC
According to a message shared by Litecoin's official X account, Canary's LTC ETF has been added to the Depository Trust & Clearing Corporation (DTCC) website, with the code LTCC.
Previous news reported that Bloomberg ETF analysts stated that DTCC does not casually list a large number of stocks or ETF products, and almost all listed on its qualified documents are either trading or pending.
Insiders: Deribit acquisition talks ongoing, both Kraken and Coinbase interested in acquisition
Insiders revealed that acquisition talks between cryptocurrency options exchange Deribit and Kraken are still ongoing, and previous rumors about Kraken withdrawing from the acquisition are not true. According to Bloomberg, Deribit's valuation could reach $4-5 billion or higher.
Another insider indicated that the U.S. listed exchange Coinbase is also evaluating the possibility of acquiring Deribit. Notably, while there are reports that Deribit is working with FT Partners to assess acquisition offers, Deribit CEO Luuk Strijers denied the claim of being acquired. Currently, neither Kraken nor Deribit has made any official comments regarding the acquisition rumors.
Stacks co-founder: The "honeymoon period" for Bitcoin L2 is over, expects more than two-thirds of projects to disappear
Stacks co-founder Muneeb Ali stated at the Consensus 2025 conference that the "honeymoon period" for Bitcoin Layer 2 projects is over, and he expects that more than two-thirds of projects will disappear in the next three years. Ali emphasized that not all projects have sufficient mission-driven focus and determination to continue building, and most projects have realized that market competition is exceptionally fierce.
When discussing the Bitcoin ecosystem, Ali pointed out that the trading volume and market capitalization of the entire sector are currently suppressed, and investors tend to choose blue-chip projects expected to survive for at least five years when pursuing low risk. Ali also predicted that as the influence of public chains like Ethereum and Solana declines, the market will tilt towards Bitcoin.
He emphasized that Bitcoin is attracting external capital inflows through channels like spot ETFs, while other projects are competing in the same pool of funds. Based on data from the past decade and halving cycle patterns, he believes that Bitcoin's price will not fall below $50,000, and large hedge funds will follow this trend.
Bybit CEO: The PI project is a scam, Bybit will not list any suspected scam projects
Bybit CEO Ben Zhou tweeted that in 2023, Chinese police issued an official warning about PI, alerting the public that it is a scam targeting the elderly, which could leak personal data and lead to loss of pensions, along with multiple other reports questioning the project's legitimacy. Bybit has not received any listing requests from PI and claims that PI's refusal to list on Bybit or the assertion that Bybit has not passed some kind of PI KYB is completely unfounded. If the PI project were legitimate, it should proactively respond to these concerns, but instead, it chooses to fabricate lies and engage in baseless childish attacks; personally, he still believes PI is a scam, and Bybit will not list any suspected scam projects.
Illuvium undergoes restructuring due to operational difficulties
According to Decrypt, the NFT game project Illuvium is undergoing restructuring and layoffs due to poor performance, with some core contributors opting for pay cuts or receiving salaries in tokens. Last year, Illuvium released three interconnected games: Overworld, Arena, and Zero, covering different game genres, and the layoffs occurred around that time. Despite Illuvium's grand vision, the community's response has not been very positive after years of development.
In December, co-founder Kieran Warwick admitted that concerns about the gameplay of the series were reasonable and that changes must be made. Adjustments, including setting a salary cap of $85,000, have "significantly" reduced costs. However, this week, Warwick stated that larger cuts must be made.
Figure receives SEC approval to issue first interest-bearing stablecoin
PANews reported on February 20 that Figure has received approval from the U.S. Securities and Exchange Commission to issue the first interest-bearing stablecoin. However, a spokesperson for the agency did not immediately respond to requests for comment. The stablecoin, named YLDS, developed by digital asset company Figure Markets, will be pegged to the U.S. dollar and offer users a 0.5% yield, similar to cash in a savings account.
Market Dynamics
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