The Blockchain Bulletin, Feb 7: England Cuts Interest Rates From 4.75% to 4.5%
Hey folks! Welcome to the latest edition of The Blockchain Bulletin. Over the last 24 hours, the crypto community witnessed several developments. Let’s have a quick peek on the events that reflect the dynamic nature of the ecosystem.
Swedish asset manager Virtune has expanded its cryptocurrency exchange-traded product (ETP) offerings by launching two new products in Finland: the Virtune Avalanche ETP and the Virtune Staked Cardano ETP. These ETPs, now listed on Nasdaq Helsinki, provide investors with direct exposure to Avalanche and Cardano, respectively. Notably, the Staked Cardano ETP offers an additional 2% annual return through staking rewards. Both products are fully backed and securely stored with Coinbase, ensuring maximum safety for investors.
Ripple’s XRP is garnering attention as analysts predict a potential surge reminiscent of its 2017 performance. On the other hand, technical indicators suggest that Ethereum would experience a major market surge and break above the $4,000 resistance level. Further, an analyst predicted that it could spike toward $7,400, $10,000, or even $14,000, with increase in ETH ETFs inflows, signaling a rising confidence among large-scale investors.
In the United States, Trump Media and Technology Group has announced plans to launch its own Bitcoin Plus ETF under its Truth.Fi umbrella. The company has filed for several trademarks related to this initiative, including Bitcoin Plus SMA, marking its entry into the rapidly growing crypto ETF market. Additionally, the Trump family’s financial venture, World Liberty Financial (WLFI), has been actively investing in ONDO via USDC. Simultaneously, Ondo Finance has announced the launch of Ondo Chain, a permissioned Layer 1 blockchain designed to promote the tokenization of real-world assets (RWA).
On the regulatory side, Tornado Cash developer Alexey Pertsev is set to leave prison on February 7, though he will remain under supervision via an electronic monitor. On the other hand, crypto derivatives exchange Deribit exited the Russian market following the latest round of EU sanctions.
Across the Atlantic, the Bank of England has announced another 25-basis-point cut to interest rates, reducing the base rate from 4.75% to 4.5%. This marks the third reduction since August, and analysts anticipate further cuts throughout the year as the central bank navigates economic uncertainties.
In political developments, the Czech Republic’s president has signed a bill that exempts capital gains tax for holding Bitcoin for more than three years. This move positions the country as one of the more crypto-friendly jurisdictions in Europe, potentially encouraging long-term investments in digital assets.
Meanwhile, in the real estate sector, Tether has signed a Memorandum of Understanding (MoU) with Reelly Tech, one of the UAE’s leading property platforms. More than 30,000 agents on the platform will now be able to use USDT to streamline transactions and enhance efficiency. This partnership highlights the increasing use of stablecoins in traditional industries, further bridging the gap between digital assets and real-world applications.
