It looks like the past week has been a volatile economic week affecting both the stock and crypto markets with the Fed continuing to raise interest rates. Let’s review the main news of the market with CoinCu this week.
Market figures for the week
The crypto market’s capitalization: The capitalization fell by about 6% to $932 billion over the week. On Monday and Wednesday, the indicator fell to $900 billion, as a result of the news about the U.S. Federal Reserve’s rate hike.
Trading activity dropped significantly: The indicator decreased by 15% to $500 billion. The weekly average was $71 billion. Marginal recovery was observed a week earlier amid the Ethereum Merge upgrade and probably due to positive developments in other crypto projects.
The Cryptocurrency Fear & Greed Index: The index dropped to 20 points the very next day after the Ethereum transition to PoS. Between 17th and 23rd September, the median value of the index stood at 22 points.
Interesting news of the week
President Of El Salvador, Believer In Bitcoin, Wants Re-Election
El Salvador’s president Nayib Bukele, who made bitcoin legal tender in the country last September, said he plans to run for another five-year presidential term in 2024. For more specific information, you can read the article below:
ECB Announces 5 Partners To Help Develop CBDC
The European Central Bank (ECB) will work with five firms to create future digital euro user interfaces. For more specific information, you can read the article below:
Do Kwon Says He Is Not ‘On The Run’ But Korean Prosecutors Say ‘Yes’
Prosecutors in South Korea have requested that Interpol issue a red notice against Do Kwon, the co-founder of the defunct cryptocurrency operator Terraform Labs, on the grounds that he is refusing to cooperate with an investigation into the $40 billion implosion of the TerraUSD and LUNA tokens. For more specific information, you can read the article below:
FCA Warns FTX For Providing Unauthorized Cryptocurrency Services
The Financial Conduct Authority (FCA), Britain’s main financial regulator, has issued a warning regarding cryptocurrency exchange FTX operating illegally in the United Kingdom. For more specific information, you can read the article below:
MicroStrategy Just Bought 301 More Bitcoins Worth About $6 Million
Investment firm MicroStrategy announced it has made its latest Bitcoin purchase of $6 million. For more specific information, you can read the article below:
Nasdaq Stock Exchange Opens Crypto Custody Service
According to a press statement issued on Tuesday, Nasdaq, the second-largest stock market operator in the United States, is launching a cryptocurrency custody service in order to capitalize on the demand from institutional crypto investors. For more specific information, you can read the article below:
JPMorgan CEO Jamie Dimon Calls Crypto Tokens As ‘Decentralized Ponzi Schemes’
JPMorgan Chase CEO Jamie Dimon alluded to himself as a significant critic of crypto tokens when speaking before US Congress, describing them as “decentralized Ponzi schemes.” For more specific information, you can read the article below:
Kraken CEO Jesse Powell Steps Down From His Position
Kraken CEO Jesse Powell steps down from his position. Powell stated that he is taking a step back from his CEO position. He stated that he wants to expand his attention to various other products of the firm and be an industry advocate. For more specific information, you can read the article below:
Russia Approves The Use Of Crypto For Cross-border Payments
The Central Bank of Russia and the country’s Ministry of Finance are said to have reached an agreement to enable cross-border payments in cryptocurrencies. For more specific information, you can read the article below:
Iran To Launch CBDC Named ‘Crypto Rial’
According to Iran’s Chamber of Commerce, the Central Bank of Iran (CBI) has completed preparations to launch its digital currency on September 22. The “Crypto-Rial” digital currency will use blockchain technology to convert Iranian Rial banknotes into cryptocurrency. For more specific information, you can read the article below:
Cardano Vasil Hard Fork Upgrade Successfully, First Blockchain Established
Cardano’s long-awaited Vasil hard fork upgrade has officially gone live. With the hard fork upgrade, Cardano will increase network capacity and transactions faster but with lower costs. Vasil also introduced enhancements to Plutus that allow developers to create more powerful dApps. For more specific information, you can read the article below:
Fed Raises Interest Rates By 0.75% In Latest FOMC Meeting
The new interest rate adjustment announced by the US Federal Reserve (Fed) is 0.75%, unchanged compared to the previous 2 adjustments in June and July, in line with the forecast of the vast majority of investors experts, and markets. For more specific information, you can read the article below:
Bitcoin is currently struggling below the $19,000 price zone as the Fed’s economic tightening signal has sent the US dollar back to its highs. Next week will be the last week of September, let’s wait for the September candle to not be too pessimistic to welcome more positive things in October. Follow CoinCu to follow market volatility news through daily and weekly news updates.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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