Olympic Meme Coin collects $300,000
With Olympic fever at its peak, the Netherlands has its first medals. At the same time, The Meme Games (MGMES), the Olympics’ meme coin, has already raised more than $300,000 during its presale. The coin attracted a lot of attention due to the involvement of prominent crypto-influencers. These influencers highlight the innovative nature of MGMES, which combines gamification with high rewards.
The presale is thus a great success and the token value is expected to rise further with the launch on the decentralised exchange on 10 September.
ETFs in model portfolios: BackRock’s view
Sandra Cohen, chief investment officer for ETFs at BlackRock, indicated that crypto ETFs will soon be included in model portfolios. Firms such as Morgan Stanley and UBS aim to implement a balanced risk-return strategy and are conducting comprehensive risk analyses of Bitcoin and Ethereum.
BlackRock expects the assets under management of these model portfolios to increase significantly over the next five years, from $4.2 trillion to $10 trillion.
Federal Reserve decides: interest rates remain unchanged
The Federal Reserve again left interest rates unchanged, keeping them between 5.25 and 5.50 per cent, the highest level since 2001. This was expected by financial markets. According to the Fed, not enough progress has yet been made towards the 2 per cent inflation target, despite a decline in consumer price growth. Inflation is still too high for interest rate cuts.
Despite consumer prices rising less than a year ago, inflation is still a concern. The Fed remains alert to inflation risks and will base future decisions on various economic indicators.
