Gold-backed stablecoins getting popular

Pax Gold (PAXG) and Tether Gold (XAUT) are getting more attention by day. This is likely due to the increasing tensions and geopolitical uncertainty, as well as rising inflation.

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Crypto Punks NFTs traded 1m ETH

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 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.

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US GDP shrank by 0.6% in Q2

Following a quarterly decline of 1.6% in Q1, the US economy shrank by an annualized 0.6% in Q2 2022. This matches the second estimate and proves the US had, in fact, entered a recession. US stock indices continue to dive lower.

German inflation is sky-high

The rate of consumer price inflation in Germany increased to 10.0% year-over-year in September 2022. Inflation surpassed market predictions of 9.4% and marked the highest level since 1951 when it peaked at roughly 11.0%.

Crypto Punks NFTs traded 1m ETH

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.

FTSE continues to drop

FTSE 100 stock index fell nearly 2% below 6,900, putting significant selling pressure on London’s stocks. Concerns about the interest rate hikes to control inflation continue to hurt markets. Moreover, the effect of the UK’s questionable fiscal strategy on global economic growth continued to dominate sentiment.

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.

News

The US imposes new sanctions on Iran oil

The sanctions affected companies involved in the petrochemical and oil trade, including companies based in China.
Stanley Druckenmiller disappointed by Fed and favors crypto
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Stanley Druckenmiller disappointed by Fed and favors crypto

After Paul Tudor Jones showed sympathy for crypto, another billionaire joined him. Stanley Druckenmiller thinks cryptos will have a comeback.

DAX erases Wednesday’s gains, remains bearish

Another batch of week data and rising inflation sent EU stocks lower.

UK records highest food inflation in history

Food prices are rising globally along with energy prices. The UK is now seeing the highest rate of inflation in this category.