Key Financial and Crypto Events This Week Including U.S. Rate Cut, Do Kwon Sentencing, and Blockchain Updates
The Federal Open Market Committee is expected to cut the target interest rate by 25 basis points to a range of 3.50%-3.75%, with the official announcement set for December 10, according to CME FedWatch. Lower U.S. rates typically provide support for riskier assets, including cryptocurrencies.
In legal news, Do Kwon, founder of Terraform Labs, is scheduled for sentencing on December 11 in New York. Prosecutors are seeking up to 12 years in prison after he pleaded guilty to conspiracy and wire fraud related to the collapse of UST/LUNA.
On the blockchain front, the EstateX platform launched on December 8 exclusively for Unicorn Club members holding 1 million ESX tokens and for NFT holders, featuring its first property for sale. Enjin (ENJ) also activated the Senotsa upgrade on its mainnet, covering both Relaychain and Matrixchain, on December 8.
Celo’s Jello hardfork, aimed at introducing zero-knowledge-powered fault proofs, is scheduled for December 10. Furthermore, Bittensor (TAO) is approaching its halving event around December 13, which will reduce daily emissions from 7,200 tokens to 3,600.
Regarding macroeconomic data, Mexico’s November inflation reports show a headline year-over-year increase of 3.57% and core year-over-year inflation of 4.28%. Additional economic events to watch include Canada’s rate decision on December 10 and the release of U.S. Initial and Continuing Jobless Claims data around December 11.
