Midday Crypto Update: Key Developments in Blockchain and Digital Assets

Midday Market Highlights

Key developments between 7:00-12:00: offshore RMB trends, Cardano developments, and Tether-related movements.

• Goldman Sachs warns inflation risks could disrupt Federal Reserve rate-cut plans, prompting market reassessment of macroeconomic conditions.
• The UK Treasury has launched a blockchain-based government bond pilot, with HSBC's digital asset platform selected, marking deep integration between traditional finance and blockchain technology.
• Industry analysts predict Tether will enter the top treasury buyers in 2024, highlighting stablecoin reserve diversification trends.
• Coinbase CEO sold approximately $550 million worth of shares over the past year, representing about 5% of his holdings.
• Offshore RMB surged past the critical 6.9 level against the USD, hitting the highest since April 2023.
• Cardano founder announced the privacy-focused Midnight blockchain will launch next month, reigniting interest in privacy-enhancing technologies.
• An Ethereum Foundation executive emphasized that no current L1 blockchain rivals Ethereum in both technological innovation and monetary value.