While Bitcoin and other top cryptocurrencies continue to fail to break out, all eyes of analysts are on the latest US inflation numbers to be released on Wednesday (July 13). Last week, BTC had surged above $22,000 but failed to continue the momentum. At the time of writing, BTC was again below the $20,000 level, trading at around $19,940.
“The crypto market along with the traditional financial markets has been under tremendous selling pressure due to the rising inflation and growing geopolitical uncertainty,” Shivam Thakral, CEO, BuyUcoin, said.
As the crypto investors and traders continue to hope for a sharp market rebound, here’s a look at the top 5 news crypto users should know today:
1. All eyes on inflation numbers
The release of Consumer Price Inflation (CPI) in the US for June 2022 is expected to be released tomorrow. The numbers may indicate whether the hawkish stance adopted by the US Federal Reserve has succeeded or not in slowing the pace of inflation.
Experts say that the U.S. CPI data on July 13th could be the next trendsetter for crypto markets.
“The U.S. inflation data is expected this week which may keep the investors on their toes and sellers are still dominating the market. Any news around some relief from inflation may be beneficial for the overall financial markets around the globe including the crypto market,” said Charles Tan, CMO, Atato, a licensed MPC Custodian Wallet
“Inflation numbers in the U.S. and across significant economies have been the highest in the last few decades and central banks around the world are trying to tame inflation. We expect the markets to remain choppy in the coming weeks due to various macroeconomic factors,” he added.
2. Polygon (Matic) price rises
Even as prices of most of the top cryptocurrencies have witnessed another round of fall in the last 24 hours, Polygon (Matic) has gained sharply. At the time of writing, Matic price was up nearly 6% in the last 24 hours. The crypto token’s price has increased by 12.16% in the last 7 days, according to CoinMarketCap data.
3. Three Arrows Creditors Get Emerging Hearing as founders disappear
The creditors of crypto hedge fund Three Arrows Capital got an emergency hearing in the US Bankruptcy Court for the Southern District of New York. According to reports, the lawyers representing the creditors claimed that the founders of the hedge fund are not cooperating. Interestingly, the lawyers said that persons identifying themselves as founders “Su Zhu” and “Kyle” were present on the initial Zoom call, but their audio and video were turned off and they didn’t respond to questions posed directly to them. The lawyers have also found Three Arrows’ Singapore office abandoned.
4. No ban on Binance in Philippine
Citing a lack of regulatory stance on cryptocurrency from the country’s central bank, the Department of Trade and Industry in Philippines has waved off a Binance ban proposal.
5. Voyager issues clarification on concerns over USD deposit
Battered Crypto exchange Voyager issued a clarification regarding concerns over USD deposit. The exchange, which has filed for bankruptcy, said it was still unclear how much crypto would be reimbursed to customers. “…the exact numbers will depend on what happens in the restructuring process and the recovery of 3AC assets,” the exchange said.
The exchange has been hit due to the collapse of crypto hedge fund Three Arrows Capital (3AC). Voyager had extended a loan of $650 million. In a statement, the exchange said: “Voyager currently has approximately $1.3 billion of crypto assets on its platform, plus claims against Three Arrows Capital (“3AC”) of more than $650 million.”
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)