Michael Saylor resigns from his CEO role

MicroStrategy co-founder Michael Saylor gave up his role as the CEO but stayed as the executive in the firm. He said he would focus more on Bitcoin after the company reported a loss of more than $1 billion related to the second-quarter price decline of Bitcoin.

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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%.

Wintermute hacked for $160 million

According to a tweet from the CEO of crypto market maker Wintermute, the company lost $160 million in a hack. Reportedly, the company got hacked in its DeFi operation. However, lending and OTC services provided by the company are unaffected.

More market movers

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.

Bearish sentiment rules markets

Rate hikes from all central banks worldwide are pushing markets lower. In the last week, DAX 40 fell by 4%, S&P 500 by 6%, and Dow Jones by 5%. Commodities followed, with WTI Crude Oil down 8% and natural gas down 11% for the week.

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.

European stock indices tumble

The sell-off on major European markets continues on Friday as investors fear the tightening wave of monetary policy would harm global growth. After dropping below 400 points on Thursday for the first time since January 2021, the STOXX 600 is down approximately 0.7%. DAX 40 is down 0.8%, setting a new two-month low.

PMI falls in several countries

Eurozone Purchasing Managers’ Index (PMI) fell to 48.9 in September of 2022 from 49.8 in August, and Germany Services PMI also dropped to 45.4 from 47.7. UK Services PMI also falls from 50.9 to 49.2, but France surprises with a rebound from 51.2 to 53.

Lumber is down 70% in 6 months

The housing sector is witnessing a dramatic slowdown and rising rates. As a result, lumber futures fell by 7% to $450, a level last seen in September 2021 and down nearly 70% from their March peak. In addition, August saw the seventh straight month of existing house sales declines, reaching their lowest level since May 2020.

News

ECB works with 5 companies to create digital euro

The ECB chose five companies to work with on the development of the long-debated digital euro. The biggest company is Amazon.

Jesse Powell to step down as Kraken’s CEO – what comes next?

Jesse Powell, the well-known CEO of Kraken exchange, is stepping down, and there are a few important takeaways from this.

Russia will harvest 100 million tonnes of wheat

Russia's wheat harvest may reach a historic level of 100 million tonnes this year, but not all of it will be exported.
Exploring the Bitcoin bottom for the 47th time
BTC
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Exploring the Bitcoin bottom for the 47th time

The Bitcoin bottom is one of the hottest topics of 2022 and many investors are getting sceptical about whether it will ever go up again.