Welcome to another edition of Crypto NFT Today! The past two weeks have been full of must-know events that will define the future of blockchain, cryptocurrency, and NFTs.
With Bitcoin rising above $93,000, Blackrock expanding the tokenized money market, and more, there’s lots of essential news you should know about. So, let’s dive in and see what’s happening!
Bitcoin Rises Above $93,000
Bitcoin surged past $93,000 for the first time on Wednesday, continuing its postelection rally as traders analyzed October’s inflation report.
The flagship cryptocurrency was up over 1%, last sitting at $91,201.09, with a brief peak at a record $93,469.08. The latest consumer price index showed a 0.2% rise in prices for October, pushing the annual inflation rate to 2.6%, aligning with predictions.
Blackrock Expands Tokenized Money Market
BlackRock has expanded its tokenized money market fund to include several additional blockchains. On Wednesday, the investment manager announced that its USD Institutional Digital Liquidity Fund (BUIDL) is now accessible to investors on the Aptos, Arbitrum, Avalanche, OP Mainnet (formerly Optimism), and Polygon blockchains. The fund initially launched on Ethereum in March.
The BUIDL fund, introduced two months after BlackRock’s iShares Bitcoin Trust, a popular bitcoin ETF, offers investors U.S. dollar yields through a blockchain-based structure. Tokenizing “real-world assets” like gold, a core concept in decentralized finance (DeFi), has gained traction among financial institutions that are cautious about crypto assets but interested in leveraging blockchain technology.
Federal Reserve Chairman Talks Crypto Following Election
Crypto markets dipped slightly late Thursday in U.S. trading after a speech by Federal Reserve Chairman Jerome Powell, following a significant rally post-Donald Trump’s election.
In prepared remarks at a conference in Dallas, Powell stated, “The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.”
Franklin Templeton Expands Trading
Franklin Templeton has extended trading of its OnChain U.S. Government Money Market Fund (FOBXX) to Ethereum, the second-largest blockchain by market cap.
Earlier this year, the asset manager added several new blockchains to support the fund, including Coinbase’s Base, Aptos, and Avalanche. The fund’s primary public blockchain remains the Stellar network.
