Buterin says price drops are necessary

The creator of Ethereum, Vitalik Buterin, believes that a drop in the price of crypto assets is advantageous. Buterin claims the price decline is good at revealing flaws and that Terra is a prime example of how price crashes reveal unsustainable business models.

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Interpol issued red notice on Do Kwon

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 is about to legalize crypto

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.

Vitalik Buterin expects others to use PoS

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 creates Global Advisory Board

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 goes crypto

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 more Bitcoin

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%.

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WTI Crude oil recovers losses

Worries about limited global supply helped WTI crude futures rise 2% to $80, pulling away from 9-month lows at $76 earlier this week. Hurricane Ian caused a reduction in US crude output of around 190,000 barrels per day, or 11% of the Gulf’s total.

GBP remains volatile

The Bank of England announced that it would start making temporary purchases of long-term UK government bonds on September 28 in order to restore orderly market conditions. The British pound remained volatile, first rising to above $1.08 before dropping to $1.05.

Nord Stream damaged & gas rises

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.

DAX hit 12,000 mark

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.

Indian Rupee suffers losses

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.

EU gas surges by 10%

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.

News

EUR/USD remains offered, targets 0.95
-0.83%

EUR/USD remains offered, targets 0.95

It looks like another bearish day for the single currency as the USD remains unstoppable.
Do Kwon allegedly tried to run with 3,313 bitcoins
BTC
2.25%

Do Kwon allegedly tried to run with 3,313 bitcoins

While Do Kwon claims he is not on the run, he keeps hiding while being chased by Interpol. Allegedly, he tried to withdraw 3,313 BTC.
USD/JPY tests previous highs despite negative sentiment
1.01%

USD/JPY tests previous highs despite negative sentiment

The US Dollar traded higher on Tuesday, boosted by the risk-averse sentiment in the markets.

Severe explosions damage Nord Stream pipelines

Swedish and Danish gauging stations massive underwater explosions where the Nord Stream pipeline subsequently started leaking gas.