Extreme Inflation 9.1%!!!

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2022-10-04 22:50:47

Inflation hits a new record

Inflation in the US rose to a new peak in June, with the CPI rising to 9.1% according to new data released Wednesday by the US Bureau of Labor Statistics. This is the highest level in more than 40 years and higher than the 8.6% rate for the year ending in May. It was also much higher than the 8.8% expected by economists.

With interest rates rising higher, many investors think that the FED will probably increase interest rates by 1% at the next meeting. More than 82% of investors think this is possible, according to the CME Fed Fund Rate index.

US stocks had a strong session and ended slightly lower in all three indexes. Stock futures show a continuing downtrend. Oil held at $96/barrel. Gold is flat at 1727 USD/ounce.

Bitcoin price has a slight increase to around $20,000. Altcoins also rose similarly.

The first day after receiving information about inflation reaching a new record, it is possible that the market was in anticipation so it did not fall sharply. In addition, previous declines that made investors want to leave have left the market. Those who stayed were more mentally stable. Another reason is that the information has not penetrated the market enough and investors have not had enough time to objectively assess the impact of this increase in inflation.

Celsius filed for bankruptcy

After more than a month of stopping withdrawals and transfers on its centralized lending service, Celsius has officially filed for Chapter 11 bankruptcy.

This decision was made after reviewing the recommendations of the community. With this form of bankruptcy, if approved by the court, all Celsius assets will be frozen. Users depositing funds on Celsius are the victims who will become creditors and participate in the company restructuring strategy.

The company has also paid off mortgages on decentralized apps like MakerDAO and Compound. Currently, Celsius has 162 million in cash, and details of the company’s financial situation and next plan in the near future are sent to the court.

Is there any sign of BTC price bottom?

A share about Pi-Cycle-Bottom and Bitcoin price. A Twitter account announced that the market is witnessing a Pi-Circle-Bottom phenomenon and historically the market has been trending up since then. This phenomenon happened in 2015 and 2018 and was a sign of a bottom before the price rallied. However, the market is still very unpredictable and can move in any direction.

Recently, short-term investors under 6 months of moving BTC are making a profit, as shown by the Bitcoin NUPL index above 1. However, the NUPL index of long-term investors staying below 1 shows that they are cutting losses recently. It is possible that short-term investors have recently bought so their BTC is profitable. And long-term investors from 6 months to 1 year are subject to selling BTC.

At the same time, recent selling has also come from small miners under financial pressure. The large mining factories are almost unaffected.

Other information:

  • Struggling to retain and add subscribers, Netflix has announced that it is planning to roll out a tier of ad support. The company has designated Microsoft as a partner for its ad support service.

  • After the SEC refused to release a paper explaining why it thought BTC and ETH were not securities, Ripple filed a lawsuit to ask the SEC to do so. Recently, the court approved and sent a request to the SEC to produce documents in accordance with Ripple’s petition. This is a good step towards the lawsuit between Ripple and the SEC.

  • Cardano’s Vasil hard fork is widely believed to be delayed and will not take place as planned. However, the technical director at Cardano Foundation KtorZ, said this information is not accurate. There are a few bugs that have been fixed and the Vasil hard fork will still take place at the end of July as planned.

  • Binance conducted a burn of nearly 2 million BNB tokens during its 20th BNB auto-burn event. More than $444 million worth of tokens were destroyed.

  • Ethereum’s second tier solution, Polygon has been selected to participate in a special startup program. Launched by The Walt Disney Company, the blockchain-based project is the only crypto company this year selected to participate in the Disney Accelerator Program 2021. This project towards the Web3 social application ends Connecting users through NFT and augmented reality (AR).

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