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The US stock market has rebounded slightly. All three stock indexes gained around 0.6%. Stock futures are also the same color. Oil rose to 83 USD/barrel. Gold remained flat at 1728 USD/barrel.
Bitcoin also rallied back around $20,000 and at one point rose to $21,000. Most altcoins also rose.
Federal Reserve Chairman Jerome Powell said over the past day that he is “strongly committed” to fighting inflation. Between now and the end of the year, the Fed will raise rates three more times this year, with lending rates set in the range of 2.25%-2.50%. The Fed will continue to talk and emphasize that the Fed will continue to raise interest rates until inflation is under control.
Despite high inflation, the dollar remained high. The DXY index showing the strength of the USD against other currencies remains at a high level. The dollar is at a 37-year high against the British pound, 24 years against the Japanese yen,…
Similar to the US, the central bank of Canada decided to raise interest rates by 0.75%. The European Central Bank also had a 75 basis point hike in interest rates. The move follows a move from -0.5% to zero at its meeting in July. The central bank, which sets monetary policy for the 19 countries that use the euro, has kept rates negative. since 2014 to promote spending and fight low inflation.
The new British Prime Minister has said that households in the country will be limited to Ofgem energy prices despite rising energy prices. The government says the average UK home will not pay more than £2,500 a year for energy from 1 October 2022.
White House proposes to support crypto mining
The White House has expressed concern that the production of cryptocurrencies like Bitcoin (BTC) could have a negative impact on the environment, which could hinder US efforts to tackle climate change. Queen.
Although the White House Office of Science and Technology Policy does not recommend specific rules, the report released on Thursday, September 8, notes that the United States must take steps to reduce the emissions associated with cryptocurrency production.
So, the White House released new guidelines led by federal agencies in collaboration with states and businesses in the crypto space. Thereby, helping them reduce electricity costs and have easier access to green energy. These could include initiatives to limit noise pollution and encourage sustainable energy use.
If these efforts are unsuccessful, the US may consider restricting mining or banning crypto mining in this country. This is just research and guidance, so don’t worry about the worst. Bitcoin and crypto mining businesses are also looking for ways to access cheaper electricity that reduces costs.
SEC agrees to decentralize crypto management to CFTC
In a statement yesterday, SEC chairman Gary Gensler said he looks forward to giving the Commodity Futures Trading Commission (CFTC) greater powers over the cryptocurrency market “as long as it doesn’t take it away.” powers of the SEC”.
However, Gensler noted that it is important to strike a balance with the regulatory oversight given to the CFTC and to ensure it doesn’t “accidentally undermine securities law” in the United States. The Senate Agriculture Committee has proposed that the CFTC will oversee two of the largest cryptocurrencies on the market, Bitcoin and Ethereum. Chairman Gensler did not elaborate on which cryptos the CFTC will regulate.
Looking back at the companies that were sued by the SEC as securities, most were gradually delisted from exchanges and could not grow. With the exception of BTC and ETH, most altcoins are at risk of being listed as securities by the SEC. Therefore, the clearer the laws related to crypto, the more favorable the development of the market.
Coinbase, the largest US-based cryptocurrency exchange, is suing the Treasury Department challenging its decision to sanction an open protocol Tornado Cash. The exchange criticized last month’s decision as an unprecedented attack on computer code and potentially a violation of the Constitution’s free speech protections. Of these, six are individuals who said they had previously used Tornado Cash for legitimate purposes and had suffered financial losses as a result of sanctions; two of them are Coinbase employees.
Most exchanges in the US do not support BUSD. However, Gemini yesterday announced support for BUSD on their platform. Binance USD (BUSD) is a USD-backed stablecoin issued by Paxos Trust Company in partnership with Binance. Currently Paxos and BUSD have been approved by the New York Department of Finance (according to Paxos company).
In a tweet yesterday, LUNC Burn, a Twitter account dedicated to tracking LUNC’s recording activities, revealed that the 1.2% tax proposal for LUNC will be available for voting on September 10. If approved. , this proposal will burn 1.2% of the LUNC in each transaction. This also helps the LUNC to appreciate in recent days.
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