FED Speaks, Market Listens + Puzzle

GM Readers!📪 It's BitDegree Insider, and let's make that web3 sandwich.

⭐️Today's selection:

• 🗣FED + Market Movements
• 🎥FTX MOVIES IN THE MAKING
• 🧩️Thursday's Puzzle
• 👌Selected Meme of The Day
• 📰Bite-Sized News

FED SPEAKS, CRYPTO LISTENS

The Federal Reserve gathered for their February meeting yesterday to announce and comment on the latest policy actions. As a result, Bitcoin rose by 4% after it ended.

This means that Bitcoin rose above $24,000 for the first time since last August. Then it fell slightly, as you can see in the Fear & Greed chart above.

This is the market's reaction to the Fed's decision. You see, the U.S. regulator raised interest rates by 25 basis points, the smallest increase since last March.

It impacted the U.S. stocks as well - they responded by rising as well. This also has to do with the fact that Jerome Powell, the Fed chairman, gave a speech.

Here are the main takeaways from it:

• The Fed will remain cautious.
• There will be several more rate hikes ahead. And there is a good chance that the total will exceed 5% (current rate is 4.75%).
• Powell sees the beginning of a "disinflationary process."
• Risk remains that unemployment may suddenly rise, so that the Fed could permanently suppress inflation.
• The Federal Reserve recognizes the systemic risk from U.S. debt. But Powell believes that Congress will eventually get along and find a way out, as it has done in the past.

But it was not only the Fed that announced information that could affect the market.

Meta Platforms, Inc., the social network giant, revealed their latest quarterly results. And, surprisingly, the results were quite optimistic and surpassed expectations.

The company announced a $32.17 billion net profit. Experts predicted $31.51 billion. So that's an ego boost for the colossus of the social media business.

However, compared to the same period last year, the company's revenue is down for the third consecutive quarter compared to the same period one year ago.

But... as mentioned previously, not only Bitcoin, but stocks responded favourably to the Fed speech. So Meta Platforms' stocks rose by a whopping 17%.

You can imagine that the expression 'tickled pink' could be applied accurately when you think of investors who saw such numbers.

On the other hand, Zuckerberg's Reality Labs reported $727 million in revenue. This number was $877 million one year ago.

But Mark Zuckerberg remains committed to the idea of a meta-universe. During the conference, he stated:

"The signals I've been getting so far don't say we should change Reality Labs' long-term strategy."

The question remains whether Meta's "Metaverse" will be able to compete with those who have already established themselves as not just providers of products, but as creators of communities.

We'll see what the long-term strategy changes will bring.

TL;DR: The Fed gathered for February's meeting. During it, they announced a 0.25 interest hike to 4.75%. Fed's chair Jerome Powell gave a speech in which he talked about what other actions they're about to embark on. Crypto and stocks responded positively. Bitcoin touched $24k, and, Meta Platforms, Inc. stocks rose by 17%.

FILMS, DOCUMENTARIES, BOOKS ABOUT FTX

Fortune Studios and Mark Wahlberg's production company Unrealistic Ideas have announced a partnership on a new project.

The members plan to make a documentary about FTX, CZ and its confrontation with Bankman-Fried.

This is how the creators describe their project:

"It's a subjective look at the relationship between Bankman-Fried, who grew up in an affluent family with deep political ties, and CZ. He comes from a poor family that fled China to Canada. The two are the most prominent figures in the crypto-industry, they were able to form an association, and yet they were alternately called friends and rivals."

According to the authors, the way SBF and SZ approached company management only emphasizes these differences. SBF tried to paint a "pretty picture", while CZ holds more strict and conservative views.

The executive producers will be Mark Wahlberg and Archie Gips. The latter has this to say about the film:

"The story of SBF and CZ has gained worldwide popularity. But the exciting thing is that we have exclusive access to both characters and they will both be part of this project."

The story of the FTX debacle is in demand among documentary makers, writers and journalists. For example, Michael Lewis, the author of "The Big Short", is writing a memoir about SBF.

That said, Lewis is considering selling the rights to the story to make a new movie. Competition is all over the place... SBF will get generous royalties.

What a time to become a superstar crypto fraudster!

But, far more interestingly, the publisher already has a buyer. Last month, Deadline magazine reported that Apple was in talks with Lewis to acquire the rights to the story of Bankman-Fried and FTX's Downfall.

Well... that's all without even examining the fact that the "Avengers" directors will also make a mini-series about FTX (with the support of Amazon).

What can we say. Captain Bahamas is about to become an icon.

TL;DR: The fall of FTX, and the story of SBF have amassed creators from everywhere. A documentary, a movie, a memoir, and mini-series are about to enter their production state very soon.

THURSDAY'S PUZZLE

Okay. ENOUGH WITH SBF. Let's look at someone else.

This is the CEO of Binance. He's often referred to as 'CZ'.

But... Do you know what 'CZ' stands for?

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• South Korean Officials Arrest Crypto Exchange Bithumb Owner Kang Jong-Hyun. Do Kwon probably thinks this guy's an amateur.
• Binance Takes on Web3 Infrastructure with BNB Greenfield. Big boys, big plans.
• South African Grocery Store Pick n Pay to Accept Bitcoin Payments. It's time for South Africa.