Bitcoin slumps after CPI release; Fed Vice Chair warns banks on crypto company deals

admin October 13, 2022

0 3 minutes read

The biggest cryptoverse news on Oct. 13 included Bitcoin falling 3% as 8.2% CPI data exacerbated fears of rate hikes, and Binance allegedly filed improper financial reports in the UK. STEPN denies allegations of layoffs, and US lawmakers are calling for their dismissals. His ERCOT investigation into payments to Bitcoin miners in Texas.

CryptoSlate Top Stories

Bitcoin Falls 3% As Data Reveals Hotter Than Expected CPI Prints

September Consumer Price Index (CPI) data released today showed inflation rose by 8.2%. After the announcement, BTC fell 3% on him and he bottomed out at $18,200.

Analysts expect the Fed to inevitably raise rates by 75 basis points on Nov. 3 if the consumer price index rises.

Fed Vice Chairman Urges Banks To Handle Crypto Firms With Caution

Michael Barr called on federally regulated banks that deal with crypto companies to take action to prevent crypto-related risks from spilling over into the broader economy.

Barr warned that liquidity risks, such as bank runs on cryptocurrency exchanges affiliated with banks, could undermine its financial stability.

US Lawmakers Led by Elizabeth Warren Call for Investigation of ERCOT Support for Bitcoin Miners in Texas

Due to the Texas Electricity Reliability Council (ERCOT) crypto-friendly policy, many crypto miners are setting up rigs in Texas.

A group of US lawmakers, led by Senator Elizabeth Warren, called for an investigation into ERCOT’s mining policy.

Legislators said it was unfair for miners to be paid by the state to reduce the energy load incurred on the grid.

Hackers Steal $718 Million Across 11 Protocols, Making October The Worst Month In DeFi History

October was more of a “hacktober” as 11 DeFi protocols lost $718 million in the first two weeks of the month.

According to Chainalysis, cross-chains stood out as the number one target for hackers. About $600 million was lost in three bridge hacks, with the Binance BNB chain accounting for his $100 million in recorded losses.

French Cybercrime Authorities Leverage ZachXBT Study to Catch NFT Scammers

Celebrities such as soccer player Neymar and rapper Eminem have reportedly lost Bored Ape Yacht Club NFTs worth around $2.5 million in phishing scams.

However, on-chain detective ZachXBT launched an investigation and helped French cybercrime authorities catch a group of five NFT scammers.

Binance Allegedly Filed Improper Financial Reporting in UK – FT

Binance partnered with Dimplx to register Binance Digital in 2019. However, the severing of ties led Dimplx to reveal that Binance had misreported the financials of its UK subsidiary and failed to remit tax payments.

Dimplx said it will proceed to sue major cryptocurrency exchanges for filing improper financial reports.

How Bitcoin Can Turn El Salvador Into The Next Singapore, According To Max Kaiser

Bitcoin maximalist Max Kaiser says El Salvador’s move to make bitcoin legal tender has helped the country’s GDP grow by 10% and visitor numbers by 83% by the end of 2021. Told.

As a result, the country is committed to implementing appropriate securities laws to make Bitcoin a core part of the country’s international trading strategy. The move will likely make El Salvador a central financial hub in Latin America.

STEPN denies layoff claims

According to previous reports, profitable gaming company STEPN laid off more than 100 staff members.

STEPN contacted CryptoSlate to debunk the report. However, it only allowed volunteer mods to mitigate their role.

research highlights

US Debt Exceeds $31 Trillion

The world’s leading economy’s national debt has peaked at over $31 trillion, with a debt-to-GDP ratio of 137%.

Given an interest rate of 3.2%, the US will have to pay up to $1 trillion a year to service its debt.

As a result, the US may need to borrow more or undertake aggressive quantitative easing (QE) to pay down debt, which could exacerbate recession fears. There is a nature.

News around Cryptoverse

Uniswap Labs Raises $165 Million

Uniswap Labs, a decentralized exchange platform, announced it has raised $165 million in Series B funding to advance its web app, developer tools and NFT projects.

Voyager Digital Creditors opposes plan to exempt executives from lawsuits

Voyager Digital executives had filed a motion seeking immunity from legal disputes.

Voyager’s Unsecured Creditors Committee (UCC) opposed the motion on the grounds that executives wanted to avoid the responsibility to repay creditors from the $1.4 billion expected from FTX.