Crypto Chronicle with NewsCrypto
Good morning NewsCrypto readers!
Let’s start with the latest tech news.
Apple’s iPhone 15 is out! And by the “latest”, we mean a delightful remix of what you probably already have in your pocket and the latest price tag.
Now that we got that out of the way, let’s dive into the latest crypto news.
iPhone 14 vs iPhone 15
Here's what we got on the menu today:
1. FTX Customers Are Finally Going To Be Repaid?
2. CPI Data Was Just Released
3. Gary Gensler, The Karen of Crypto World
4. Funny meme
FTX Customers Are Finally Going To Be Repaid?
FTX's liquidation strategy, sanctioned by judicial oversight, encompasses the sale or transfer of digital assets. This is meticulously orchestrated within a framework that prioritizes the integrity of transactions and safeguards the interests of the debtors.
However, the magnitude of this operation must not be understated nor can it be overstated (like most folks on CT did): the liquidation process will be limited to $100 million on a weekly basis but the important thing is it won’t be publicly announced before it happens.
While $1.16 billion of $SOL seems like a huge selling pressure it’s important to point out that most of the tokens are locked until 2028 and are vesting linearly.
Renowned crypto analytical firm, IntoTheBlock, noted the potential ramifications: "FTX’s impending $3B liquidation could be instrumental in shaping market trajectories."
Strategic Implications and Market Transparency
The last-minute decision by FTX to modify its liquidation blueprint - to not announce the liquidation - appears to be a deliberate endeavor to mitigate the potential market repercussions of a large-scale asset selling. The inherent volatility of the cryptocurrency market is well-documented, and a pronounced liquidation announcement could precipitate a cascading effect, destabilizing asset valuations.
By circumventing the traditional route of advance public disclosure, FTX ostensibly aims to prevent the potential risks associated with such a significant move. However, this approach, while potentially astute from a strategic standpoint, does prompt discussions about transparency and the broader implications for market stakeholders.
The judicial order that underpins FTX's liquidation strategy underscores a commitment to safeguarding the interests of all involved parties. Yet it is crucial to continually assess the balance between strategic maneuvering and transparent operations.
CPI Data Was Just Released
The U.S. Department of Labor's latest reveals:
· Consumer Price Index (CPI): Up by 0.6% for August, marking a 3.7% increase year over year.
· Core CPI (excluding the ever-volatile food and energy): A suprise 0.3% jump, slightly hotter than the predicted 0.2%.
· Energy Prices: A notable surge of 5.6%, with gasoline prices leaping by 10.6%.
Housing's Hefty Role
Lisa Sturtevant from Bright MLS highlights that housing, especially rent growth, plays a significant role in these inflation measures. However, the CPI's reflection of these housing trends has a bit of a lag.
Market's Mood
Post-report reactions? Stock market futures took a brief tumble but soon steadied. Crypto, on the other hand, rallied upon the news and is still in an uptrend. Treasury yields climbed, and worker paychecks saw a 0.5% dip for August.
Gary Gensler, Karen of The Crypto World
Gary Gensler, the SEC Chair, seems to be channeling his inner 'Karen' when it comes to the crypto world. In his recent remarks, he painted the crypto landscape as a den of "fraud, abuse, and misconduct." It's almost as if he walked into the crypto café, didn't get his latte just right, and now wants to speak to the manager.
The Regulatory Rant
While Gensler might be acting like the overzealous customer who insists they know better than everyone else, his stance on crypto regulation is clear: his way or no way. It's as if he's trying to return a product (crypto) to a store without a receipt, insisting it's faulty, even when everyone else seems perfectly satisfied.
In Conclusion
Gensler's 'Karen-esque' approach to crypto has certainly raised some chuckles (and eyebrows) in the community. While he may have some valid concerns about scams, the crypto world is waiting for him to take off the "I want to speak to the manager" hat and join the party.
Until then, we'll keep our crypto memes and chuckles ready!
Funny Meme
