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Dan Romero and Varun Srinivasan join Tempo

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Dan Romero and Varun Srinivasan join Tempo

Farcaster co-founders Dan Romero and Varun Srinivasan said Monday they are joining stablecoin-focused startup Tempo, signaling a pivot away from crypto-native social media and toward blockchain-based payments.

The move follows last month’s acquisition of Farcaster by Neynar, a long-time infrastructure provider for the protocol that offers APIs and tools for developers building on the network.

Farcaster was once pitched as crypto’s answer to Twitter, a protocol-based alternative where users controlled their identities and data. After Neynar’s acquisition, Romero, Srinivasan and several members of their team at Merkle, the company behind Farcaster, stepped away from the project.

In a post on X, Romero said he’s now focused on building a “fast, inexpensive and transparent” global payments network at Tempo.

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Launched quietly last year, Tempo has quickly drawn attention as one of the most well-capitalized new ventures in the stablecoin space. It was incubated by payments giant Stripe and crypto venture firm Paradigm, both of which have deep experience in building and scaling financial infrastructure. Tempo’s goal is to power international payments using stablecoins, offering an alternative to traditional cross-border systems that remain costly, slow and opaque.

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Crypto World

Bitcoin Sees Modest Relief as US CPI Inflation Avoids Surprises

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Bitcoin Sees Modest Relief as US CPI Inflation Avoids Surprises

Bitcoin (BTC) broke back above $70,000 around Wednesday’s Wall Street open as US inflation data soothed anxious markets.

Key points:

  • Bitcoin bounces around a narrow range as US inflation data offers a modest tailwind.

  • Oil prices stay lower as an emergency release of 400 million barrels is confirmed.

  • BTC price expectations focus on future liquidations in the mid-$60,000 zone.

Bitcoin edges higher as CPI matches expectations

Data from TradingView showed BTC price action eking out modest gains, while failing to match local highs from the day prior.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

The February print of the US Consumer Price Index (CPI) was in line with expectations at 2.4% year-on-year, per data from the Bureau of Labor Statistics (BLS). 

“Over the last 12 months, the all items index increased 2.4 percent before seasonal adjustment,” it confirmed in an official statement.

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US CPI 12-month % change. Source: BLS

This was a relief for risk assets already on edge over geopolitical instability and its potential impact on inflation. The Middle East conflict and global oil supply squeeze, however, were likely only to be truly reflected in March’s inflation data.

“The market will now await March’s data,” trading resource The Kobeissi Letter thus wrote in a response on X.

Other recent inflation gauges missed anticipated levels both to the upside and downside, making for a shaky overall picture of inflationary forces even before events in Iran.

Oil, a key risk factor for CPI going forward, stayed below the $90 mark on the day as the International Energy Agency (IEA) approved the emergency release of 400 million barrels — the largest such release ever recorded. 

CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView

Trader eyes BTC price “breakout upwards” in March

With price still rangebound, Bitcoin market participants chose not to bet big up or down.

Related: Bitcoin faces ‘highly volatile’ setup as bulls eye return to $80K by month-end

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“Very simple; buy the lower bounds, sell the higher bounds,” trader, analyst, and entrepreneur Michaël van de Poppe told X followers. 

“I still think we’ll see that breakout upwards in this month to test higher grounds, but if not, I’m a buyer on lower levels.”

BTC/USDT four-hour chart. Source: Michaël van de Poppe/X

Trader Lennaert Snyder eyed downside liquidity for a potential local low, suggesting that this could come at around $65,000.

Data from monitoring resource CoinGlass put 24-hour crypto market liquidations at $240 million, with short positions accounting for a larger slice of the total.

Crypto liquidation history (screenshot). Source: CoinGlass