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Here’s what we got for you today:

• 📈 Fed Funds rate is over 5%!

• 👩‍⚖️ Crypto YouTuber served a lawsuit via a tweet!

• 🧱 Around The Block: Bitcoin is back above $30K

📈 Fed Funds Rate Over 5%!

Federal Reserve has raised the Fed Funds rate over 5% for the first time since 2007.

The hike was widely anticipated but comes in the wake of the collapse of several banks.

• First Republic Bank collapsed and had to be rescued by JPMorgan

• Silicon Valley Bank was abruptly seized by regulators after comments from the CEO caused a bank run.

• Signature followed SVB’s suit a few days later.

• Silvergate (which had a lot of crypto exposure) voluntarily liquidated back in March.

Despite the colossal damage, the Fed's Chair, Jerome Powell assured that the banking system is sound and resilient and that the Fed is keeping a close eye on the banks.

And If the economy requires it, the Fed will be "prepared to do more”.

Phew, that's a relief right… right? 😳

Well, if Balaji Srinivasan's video testimony is anything to go by, we should be worried. Because he thinks the economy is heading into a financial crisis that will be worst than the financial crisis of 2008.

If you haven't seen the video, I urge you to watch it, there is so much information packed into that video.

On the other hand, although inflation is showing signs of slowing, it remains persistently high.

But the Fed is determined to get rid of it - like a pesky mosquito on a hot summer night.🦟🏸

The Fed’s main goal is to bring inflation back to a 2% target rate.

Powell also believes that there’s a possibility for a soft landing — an idea Balaji strongly disagrees with, he explained his views in the video.

At this point, we can only hope the Fed's plan works out.

👩‍⚖️Crypto YouTuber Served a Lawsuit via a Tweet!

Cryptocurrency YouTuber, Tom Nash, has been served a lawsuit through a tweet!

That's the first I've heard of, is that even legal 😀

So, the lawyers couldn't find any other way to reach him, so they made their complaint, and the Florida district court judge permitted them to serve the legal notice to Tom Nash via a tweet.

Here's the tweet:

But why all this fuss to serve Nash?

Nash is the last of ten defendants named in a class-action lawsuit against influencers alleged to have promoted the now-bankrupt cryptocurrency exchange FTX without disclosing their compensation.

The other nine defendants comprise seven YouTubers, including Graham Stephan, Brian Jung, and Ben Armstrong (popularly known as “BitBoy Crypto”).

As well as the talent management company that handled the promotion of FTX, Creators Agency, and its founder Erika Kullberg.

🧱 Around The Block: Bitcoin is back above 30K

• 🤑 Bitcoin is back above 30k: Bitcoin eyes liquidity above $30K as gold hits new all-time high

• 📖 Digital Assets Definition: SEC steps back from defining digital assets in new hedge fund rules

• 🏦 Bank Failure: US regional bank shares sink despite Fed calling banking system ‘Sound’

• 🚫 Coinbase to cease issuing new Bitcoin-backed loans via Borrow service

That's all we have for today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.