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

This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. .

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.