Buffett bashing Bitcoin
While we have informed about the purchases of Warren Buffett, which he announced during the annual shareholder meeting over the weekend, the meeting brought rather unpleasant remarks towards crypto from the Oracle of Omaha. He stated that he would not buy Bitcoin even if its price was 25 dollars and Munger added that Bitcoin is evil. Do you agree?
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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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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.
Bovespa, a Brazilian stock index, rose 5.5% in a single day, close to 116,000, a level not reached since April. This is because of the first round of the presidential election. Results revealed that President Jair Bolsonaro of Brazil’s far-right party surpassed polls and still has a chance to win.
The Australian ASX 200 Index climbed strongly from a critical low and gained 3.75% to 6,700. The Reserve Bank of Australia surprised the markets with a modest 25 bps rate increase to 2.6%. This led to a drop in the Australian dollar and bond yields and supported an increase in equity prices.
The Brazilian real increased by 4% versus the dollar, trading at about $5.2. BRL strenghtens as investors cheered an unexpectedly close outcome in the first round of the presidential elections. After no candidate receives a majority of more than 50% of the vote, the contest will proceed to a runoff scheduled for October 30.