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🥁 The Fed Raises Rates 10 Times in a Row

Sui Network is pumping, and how to keep an eye on your wallets for hackers

Author

The BEN Team
May 04, 2023

Read time: 2 minutes | Total savings in this newsletter: $430.15

*drum roll* Welcome to today's issue of BEN Beats 🥁

Here's what we got:

  • Tool of the Day⚒️ - Keep An Eye on Your Wallets

  • Top Story 🎤 - The Fed Raises Rates 10th Times in a Row

  • Trending News 🗞️

  • Promo Codes for Upcoming Events 💫

  • Featured Jobs of the Week 💼

  • Tweet of the Day 🐦

  • Co-Founder Connect 🤝

🎯 Join the hunt 🏹 for the next 1000x in crypto. Become a BEN Degen today for exclusive deep-dive analyses and access to a premium community of investors, builders, and founders.

Brought to You By

🧰 Web3 Tool of the Day ⚒️

A few weeks ago, a reader told us they had their entire wallet drained over the course of the day. They could have stopped it, but didn't check on their wallets until it was too late.

That's why today's featured tool is Webacy. Webacy delivers real-time notifications to your email and/or phone anytime something moves in and out of your wallet. If something fishy is up, you'll be the first to know!

Get a taste of omniscience with your new all-seeing companion. Nothing will get past you!

Top Story 🎤

The Fed Raises Rates 10 Times in a Row

So, the US Federal Reserve just hiked up federal interest rates by a quarter-point. Crazy. This the tenth time in a row since March 2022, the highest it's been in SIXTEEN years.

Here's what's up:

  • Basically, the point of this is to fight against inflation. Theoretically, raising rates makes it more expensive to borrow money, and so people slow down making all the purchases they can't afford. Then, sellers have to drop their prices to keep selling, increasing the purchasing power of the dollar, aka inflation goes down.

  • The Fed says they don't expect to raise rates again, which is like the boy who cried wolf. But this time they super duper mean it, so much so that they removed a whole sentence from their previous statement that said "some additional" rate hikes might be needed.

  • According to Jerome Powell, the Fed chair, the wildly unprecedented collapse of three large banks in the past six weeks (First Republic, Silicon Valley Bank, and Signature Bank) will likely cause other banks to tighten lending. This will help slow the economy, cool inflation, and lessen the need for the Fed to further raise rates. It's all good, man! 👈😎👈 After all, when has the government ever been wrong?

  • To be fair, the economy does appear to be cooling down, with consumer spending flat in February and March.

  • In the meantime, this could adversely affect the market, stocks, crypto, and all. Guess we'll see what happens!

Trending News 🗞️

  1. Sui Token is going wild now that trading has started, making the network worth an incredible $13 billion on its first day!

  2. The lawyers are cashing in on the FTX drama, managing to to bill FTX $145 million in just five months! Will there be any left for the defrauded users?

  3. Ex-OpenSea product manager officially convicted for using his inside knowledge of featured asset listing to make $50k inside trading NFTs. Not a large sum, but they are throwing the book at him on the principle.

  4. The FDIC seized First Republic after it failed, and sold it off to JPMorgan.

  5. Democratic congresswoman Lois Frankel somehow perfectly timed the markets, selling some of her First Republic stocks and buying JPMorgan stock right before the bank sale.

  6. Poloniex agrees to pay $7.6 million to settle sanctions violation charges and lack of proper KYC for crypto traders between 2014 and 2019.

Promo Codes for Upcoming Events 💫

  • 🎟️ 15% off the Blockchain Economy Istanbul Summit (May 8 - 11) with code TPromo15

  • 🎟️ 10% off to Bitcoin 2023 (May 18 - 21) with code BEN10

  • 🎟️ $300 off to Messari Mainnet (Sep 20 - 23) with code BENATMAINNET

Featured Jobs of the Week 💼

Unicorner sends the best early-stage startups straight to your inbox. Every Monday morning, you'll get a 2-minute rundown on a promising company with the potential to be a future unicorn. Learn about the next Netflix, Uber, or Airbnb before they're the next Netflix, Uber, or Airbnb. Check it out here.

Tweet of the Day 🐦

Balaji closes out his bet that Bitcoin would hit a million dollars by mid-June.

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Disclaimer: This newsletter is purely educational and is not intended to be financial advice. Please don't take it as such. This is not an invitation to buy or sell digital assets, nor does it suggest how you should make your financial decisions. Always do your own research.