Another stablecoin is crashing
Huobi launched its stablecoin HUSD years ago, and now it is the most recent one to have severe liquidity problems and lose its dollar parity. As a result, the cryptocurrency trades at about $0.85, which is more than 15% less than its original fixed value of $1.
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The American record company, Warner Music Group, has partnered with the NFT marketplace OpenSea. In an effort to increase fan participation and foster community, artists signed to Warner Music Group will have their own drop sites on OpenSea. This could increase the adoption of NFTs despite their massive drop in popularity in 2022.
Crypto Punks, the most popular NFT project, just reached an important milestone. The total trading volume on OpenSea crossed 1 million Ethereum today, which is more than $1.3 billion at ETH’s price now. On average, a Crypto Punk NFT sells for approximately $100k, but someone bought Crypto Punk 2924 for $4.3 million today.
Interpol issued a red notice on Do Kwon, the co-founder of Terraform Labs. Do Kwon insists that he is not hiding, but it is unclear where he is because Singaporean authorities claim he is not in the country.
Russia took the first step toward legalizing crypto, and it benefits everyone. Kommersant reported that the country’s Deputy Finance Minister Alexei Moiseev and the Bank of Russia have settled on using cryptocurrency for cross-border payments. Locals are permitted to process international payments using crypto.
All blockchains, including Dogecoin and Zcash, according to Ethereum co-founder Vitalik Buterin, should switch to proof of stake. Vitalik believes that now that the Ethereum merge is complete, other blockchains should follow. “As proof of stake matures, I expect it to just increase in legitimacy more and more over time,” said Vitalik.
Binance announced the creation of its new Global Advisory Board. Its purpose will be to advise Binance on some of the most complex regulatory, political, and social issues the cryptocurrency industry faces amid the rapid growth and evolution of the ecosystem.
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Elon Musk has decided to carry out his $44 billion plan to purchase Twitter. The announcement caused Twitter’s shares to soar, increasing by more than 22% in a single day. In addition, Carl Icahn reportedly bought a stake in Twitter worth more than $500 million and made a large profit from this news.
The Reserve Bank of New Zealand announced its fifth consecutive 50 bps rate hike. This move was strongly anticipated, and the New Zealand dollar stayed close to $0.57 during the day. To lower the high inflation, the RBNZ has raised the cash rate to a seven-year high of 3.5% and hinted another tightening.
Purchasing Managers Index (PMI) declines more than expected in Spain, Germany, Italy, and France. As a result, the whole European PMI falls directly due to the aggressive monetary policy adopted by central banks.
Amid a massive bounce of stocks and commodities, Eurodollar reached parity for the first time in two weeks. The Euro gained 5% against the US dollar in this period.
Right after the American stock market opened, S&P 500 and Nasdaq rose 2.7% and 3%. This growth may be explained by expectations that weaker-than-expected US economic statistics will soften the Federal Reserve’s extreme hawkish tone.
After Newcastle coal grew above the $420 level from March to $450 in September, it fell by 8% in one day below the $400 per tonne mark. Coal is falling as China pledged to raise coal production capacity by 300 million tonnes. This is about the equivalent of China’s yearly imports.