Welcome to the March 14, 2024 edition of the Genfinity News Recap! As you navigate through your busy workday, staying informed about the latest developments in the realms of Web3 and finance can be a challenge. However, we are here to provide you with an overview of the crypto news you might have overlooked today.
March 14, 2024 Genfinity News Recap
The US dollar
The U.S. dollar gained ground on Thursday, buoyed by reports of higher-than-expected producer prices and a decrease in unemployment claims, indicating a potential reduction in rate cuts by the Federal Reserve. The dollar index, measuring the currency against six major counterparts, rose, marking its largest weekly gain since mid-January. Data revealed a 0.6% increase in the U.S. producer price index for final demand in February, surpassing economists’ forecasts. Additionally, a separate Labor Department report showed a decline in initial claims for state unemployment benefits, further strengthening the dollar’s position.
Market sentiment suggests surprise at the strength of U.S. data, with Reuters speculating that expectations are shifting towards a potentially hawkish stance from the Fed in its upcoming policy meeting. Although the Fed’s interest rate forecast from December projected three rate cuts for 2024, recent economic indicators, including persistent inflation and a robust labor market, could influence revisions to this outlook.
In the cryptocurrency realm, Bitcoin experienced a decline of over 5% after reaching a record high, attributed in part to the prospect of Bitcoin exchange-traded funds (ETFs) and anticipation of Fed rate cuts. These factors have contributed to Bitcoin’s repeated surges to new all-time highs.
Cybersecurity
According to a press release dated March 14 and shared with Cointelegraph, the first European country has adopted QANplatform’s quantum-resistant technology to safeguard its government-owned cybersecurity infrastructure against potential attacks from quantum computing. The blockchain technology provided by QANplatform enables the development of smart contracts and applications resistant to quantum attacks.
Although the name of the country remains undisclosed for national security reasons, Patrick Storchenegger, CEO of QAN’s Intellectual property holding company, emphasized that the integration of the QAN stack will bolster the country’s post-quantum cybersecurity layer, enhancing its strategic advantage.
The interest in post-quantum security has surged since the launch of IBM Condor, the second-largest quantum processor with 1,121 qubits, in December 2023. In response to the impending threat posed by quantum computers, the European Commission initiated the Quantum Flagship in 2018, allocating a budget of at least €1 billion over 10 years for research in this field. Following a $15 million investment from MBK Holding in December 2023, QANplatform intends to further develop its quantum-resistant technology stack.
Regulation
United States Senator Elizabeth Warren, widely recognized for her critical stance on the blockchain industry, faces continued criticism for her persistent opposition to digital assets. In February, a group comprising military and national security experts, in collaboration with the Blockchain Association, expressed apprehensions regarding Warren’s proposed cryptocurrency legislation.
Reported by Cointelegraph, concerns linger among industry insiders that Warren’s Anti-Money Laundering bill could impede blockchain’s progress in the U.S. by inhibiting innovation if enacted. Eighty signatories, in a letter from The BlockChain Association voiced concerns that the bill could jeopardize the nation’s strategic edge, endanger jobs, and have minimal impact on targeted illicit activities.
Despite this, Warren remains resolute in advocating anti-crypto policies, as evidenced by her Bloomberg interview where she expressed a desire to collaborate with the industry while casting aspersions on it. The crypto community remains unimpressed by Warren’s approach, and she faces a new challenge from John Deaton, an advocate for XRP holders, who announced his bid for the Senate seat in Massachusetts, posing a direct threat to Warren’s influence from within the crypto industry. As more pro-crypto candidates emerge in electoral races, it highlights the growing political significance of the crypto sector.
Elections
CoinDesk reported that a recent poll commissioned by crypto investment firm Paradigm revealed that among voters who own cryptocurrencies, former President Donald Trump is currently the preferred choice, with approximately 48% intending to vote for him, while 39% are favoring President Joe Biden. However, given the poll’s 3.5% margin of error and the presence of undecided voters, the gap between the two candidates could be narrower, potentially altering the trend.
The survey, conducted online by Public Opinion Strategies and gathering the opinions of 1,000 voters, indicated that nearly half of the respondents trust neither political party to address crypto-related issues effectively. According to Paradigm’s Justin Slaughter and Dominique Little, many voters seek policymakers who can provide clear direction on crypto policy matters.
Additionally, the poll revealed that over 10% of respondents have either invested in a Bitcoin exchange-traded fund (ETF) or plan to do so, suggesting growing interest beyond institutional investors since the SEC approved Bitcoin spot ETFs.
We hope you enjoyed our March 14, 2024 Genfinity News Recap! Come back tomorrow evening for another news summary and please leave a comment below.
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