Bitcoin gaining dominance
Bitcoin has been a dominant cryptocurrency ever since its inception. In the past few months, Bitcoin has slowly regained the 40 % level of its dominance over the crypto world, with the current number heading north of 45 %. However, since January 2021, when the dominance was at almost 80 %, the biggest crypto has seen a sizeable drop.
More market movers from category
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.
Societe Generale has provided additional services for its asset manager clients to meet the growing demand from investors for cryptocurrencies. The services will give asset managers the ability to provide crypto funds in a straightforward and appropriate way inside a framework that complies with European legislation.
MicroStrategy bought an additional 301 bitcoins for $6.0 million at an average price of $19,851 per BTC. As of September 19, the company holds about 130,000 BTC acquired for $3.98 billion at an average price of $30,639 per Bitcoin. Their investment is down approximately 33%.
More market movers
Leaders in Europe thought the two explosions that destroyed the pipelines used to transport Russian natural gas to Europe were intentional. However, some officials accused the Kremlin of being behind the explosions, saying they were meant to be a warning to Europe. Meanwhile, EU gas is up 13% on Wednesday.
European equities markets declined sharply, with the German stock index DAX hitting a two-year low of 12,000. The stock index is pressured by the hawkish monetary policy of central banks, which could draw DAX even lower.
The Indian rupee hit a record low of 81.7 and is on track with the retreat of riskier currencies. This is due to recession fears and expectations of a hawkish Federal Reserve policy. Pressure on the rupee is also contributed to an increase in capital outflows from the country.
After four straight days of losses due to concerns about future Russian supply, EU gas futures spiked 8% near €190. This may be due to the Nord Stream report of a pressure reduction at the two lines of Nord Stream and one line of Nord Stream 2.
The ruble-based MOEX Russia dropped by 7% to about 1,925 on Tuesday, the lowest level in more than five years. MOEX is down 55% from its all-time high at 4,271. Concerns about the worsening Russian-Ukrainian conflict and nuclear threats persist.
China continued its lockdowns that appeared to hurt its economy as the rest of the world said goodbye to COVID. The nation’s real estate market and stock market suffered as a result. Currently, the government has directed state banks to buy equities to stop excessive selling.