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Bitcoin Loses 6%, Equities Fall as Inflation Exceeds Estimates

Daily Market Wrap

  • Crypto market cap: 997 Billion, down 6.44%

  • BTC price stands at USD 20,269, down 9.47%

  • ETH price stands at USD 1,609, down 6.31%

  • Top gainer: eCash (XEC), up 10.26%

  • Top loser: Terra (LUNA), down 22.07%

News of the Day

Why it matters:

  • CPI report came out on Tuesday reporting inflation rising more than expected in August, despite being lower than July’s, showing an 8.3% year-on-year increase

  • The Federal Reserve will meet on September 21st and with inflation being above expectations, analysts are confident that the central bank might hike interest rates up by another 75 basis points

  • Expectations of a tightening monetary policy has led to Bitcoin and Ethereum losing 6% and 8% respectively, and the Nasdaq index opening 3% lower

Crypto Daily Spotlight

Brief introduction: Terra is a decentralized stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilize the price of the protocol’s stablecoins. Starting on May 9, Terra (Luna) collapsed, losing more than 99 percent of its value due to its link to terraUSD (UST), a stablecoin that was pegged to the US dollar.

Why it matters:

  • Upon the collapse of the Terra ecosystem back in May, which led to a $40 billion wipeout affecting numerous investors, there has been allegations of illegal activity behind the Terra project and the project itself being a scam

  • While South Korean regulators have barred the persons of interest from leaving the country, Kwon claimed last month that there has not been any contact between him and the law enforcement

  • South Korean prosecutors have been investigating into the Terraform Labs team, and have just issued arrest warrants for six people including founder Do Kwon, believing that they have violated the nation’s capital market rules

  • Shortly after the news release, LUNA, the new token of the revived ecosystem dropped around 40% to $2.6

Daily Sector Tracker

Daily News Roundup

  1. OFAC Opens Door for Tornado Cash Users to Potentially Withdraw Funds

  2. S. Korean City Busan Taps Huobi to Develop Blockchain Infrastructure

  3. Binance Sued in Italy Over Exchange Outages, Hearing This Week

  4. Uruguay’s Executive Branch Proposes Crypto Bill for Central Bank to Regulate Virtual Assets

  5. Filecoin Service Provider Announces Move to Singapore in Light of Tightening Restrictions in China

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