On this day (13-07-2022), the US Consumer Price Index (CPI) numbers for June 2022 are anticipated to be released, as per the news shared by the Financial Express. The June CPI figures are anticipated to be “significantly inflated,” according to the White House. But the House feels that the CPI statistics would be retrospective since declining energy prices may have already allayed some Americans’ anxieties about inflation when they were previously confronted with a sharp rise in the price of food and gasoline.
High inflation rates may prompt the US Federal Reserve to raise interest rates further. According to crypto analysts, increased inflation data might send the cryptocurrency markets into a spiral once more owing to concerns about the Federal Reserve tightening monetary policy. However, if the CPI figures shock everyone by showing signs of the US economic slowdown, cryptocurrency markets may experience an uptick.
Earlier, a collapse in the stock, bond and cryptocurrency markets was brought on by high inflation data published in May. The US Federal Reserve was subsequently compelled by the CPI statistics to boost the rate of interest hike at its policy meeting in June from the 50 bps stated at the previous meeting to 75 bps.
The previous several days have already seen a correction in the crypto markets as a result of rising inflation statistics. The price of the leading cryptocurrency Bitcoin fell to $19,496 the previous day.
The following are some other noteworthy stories from the cryptocurrency sector that you should be aware of right now:
First global crypto rules soon
According to a statement made by the Financial Stability Board (FSB), “strong” international regulations for cryptocurrencies will be proposed in October this year, according to the news agency Reuters. The statement follows recent volatility in the cryptocurrency markets, which made clear the necessity for regulation of the speculative industry.
FSB is an organization made up of central bankers, treasury employees and regulators from the Group of 20 (G20) nations.
Celsius settles Aave’s debt
According to a CoinDesk story, troubled cryptocurrency lender Celsius Network has paid off all of its debt on the decentralized finance (DeFi) platform Aave. Last month, Celsius Network stopped accepting withdrawals and made staff cuts.
The co-founder of Three Arrows surfaces
After being silent for over a month, the “missing” co-founders of the insolvent cryptocurrency hedge company Three Arrows Capital (3AC) have now come forward. A co-founder of 3AC named Zhu Shu charged the court-appointed liquidators with “baiting.”
“Unfortunately, baiting was used against us despite our willingness to work with the Liquidators. With regard to the StarkWare token warrants, I hope they acted in good faith,” he tweeted.
Crypto Fear and Greed Index continues to decline
The “severe fear” zone has not changed as the Crypto Fear and Greed Index, which monitors market emotions, has decreased from 6 points to 16.
STEPN declares profit
The Solana blockchain-based platform STEPN (GMT) declared a $122.5 million profit for the second quarter of 2022, despite the greatest meltdown in the history of the cryptocurrency markets.
