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First Mover Americas: Hedera’s Token Gains on Fed Move

The latest price moves in crypto markets in context for August 14, 2023.

By Lyllah Ledesma|Edited by Mark Nacinovich

Updated Aug 14, 2023, 5:04 p.m. Published Aug 14, 2023, 12:24 p.m.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Hedera Hashgraph’s HBAR token took the lead among major cryptocurrencies on Monday with a gain of 15% over the last 24 hours, after the U.S. Federal Reserve’s FedNow added a Hedera Hashgraph-based micropayments platform, Dropp, as a service provider. FedNow is an instant payment service provider developed by the Fed for depository institutions in the U.S. Hedera is a public distributed ledger based on a Hashgraph algorithm that the company says allows users to process transactions quickly and cheaply. Bitcoin and ethereum were trading flat on Monday after trading in a tight range over the weekend.

FTX founder Sam Bankman-Fried has been sent back to jail ahead of his October trial on seven federal criminal charges after a federal judge revoked his release on bond Friday afternoon, saying the former crypto heavyweight appears to have tried to tamper with witnesses. Bankman-Fried is willing "to risk crossing the line in an effort to get right up to [the line], wherever it is," said U.S. District Judge Lewis Kaplan in New York. Bankman-Fried's lawyers said they will appeal the decision and asked that Bankman-Fried remain free until the appeal is heard. The judge rejected that motion.

Bank of America wrote in a research report last week that PayPal’s (PYPL) new stablecoin, PYUSD$1.0004, won't likely to be adopted widely anytime soon and longer term will face more competition from other branded stablecoins.“Investors may have been fine holding non-yield bearing stablecoins such as USDT$1.0001 and USD Coin (USDC), when rates were close to zero, but yield-bearing stablecoins will likely become increasingly available and attractive with short-terms rates above 5%,” analysts Alkesh Shah and Andrew Moss wrote.