FED effect in the crypto markets are seen today
The hawkish comments from Chairman Jerome Powell threw the US stock indices down more than 1%, causing a jolt in the market.
Bitcoin and Ethereum have barely moved in the past 24 hours as the investor remains stable. The biggest mover today was CFX, posting a 24-hour return of 10.5% and outpacing Conflux's proposal to improve CFX tokenomics.
Bitcoin and Ethereum are affected by FED
CFX undoubtedly outperformed last month, with a 30-day rate of return of 248%. CFX, Turing Award winner Dr. Native token of Conflux, a Layer 1 blockchain created by Andrew Yao. Despite the creator's strong track record and strong transaction speed, Conflux is known to be the only crypto platform approved by the Chinese government. This claim came about when Conflux agreed to create blockchain-based SIM cards with China Telegram, a state-owned enterprise in China.
The latest performance comes when he has just confirmed a deflationary mechanism for CFX; some of the collateral stored there will be destroyed and in turn the circulating supply of CFX will decrease. Meanwhile, the team behind the blockchain recently received $10 million in funding from DWF Labs, ensuring construction and upgrades continue in the expanded bear market.