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
OFAC Opens Door for Tornado Cash Users to Potentially Withdraw Funds https://bit.ly/3QCSFUh
S. Korean City Busan Taps Huobi to Develop Blockchain Infrastructure https://bit.ly/3eOwDAW
Binance Sued in Italy Over Exchange Outages, Hearing This Week https://bit.ly/3DmDefY
Uruguay’s Executive Branch Proposes Crypto Bill for Central Bank to Regulate Virtual Assets https://bit.ly/3QE0etX
Filecoin Service Provider Announces Move to Singapore in Light of Tightening Restrictions in China https://bit.ly/3RXdlaA
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