In today’s bitcoin and cryptocurrency news, a hotter than anticipated CPI report caused the values of BTC, ETH, altcoins, and stocks to crash. After the September 13 inflation report published an unexpectedly scorching figure that showed headline inflation growing by 0.1% month-over-month, the cryptocurrency and stock markets are suffering. Meanwhile, since the Fed’s release of the inflation data, Bitcoin, the largest cryptocurrency by market size, has decreased by about 10% and was trading at $20,367. In addition, HASHFROG, a cryptocurrency investment platform, will offer KDA cloud mining solutions with BITMAIN and ANTPOOL to provide low-cost, flexible, and effective mining services for KDA players worldwide. Finally, compound will accept bitcoin as collateral for stablecoin loans.
Bitcoin and Ethereum’s Rise is Dampened by the Hot CPI Report, and Stock Prices Also Fall
Original Source: Hot CPI report puts a dent in Bitcoin and Ethereum rally, stocks also lose ground
Crypto and stock markets are hurting after the Sept. 13 inflation report revealed 0.1% month-over-month inflation.
Even with lowering gas prices and a slowing property market, core inflation rose 0.6% month-over-month and is 8.3% annually.
Market participants and investors expected the next Fed rate hike to be 0.75 basis points, but many assumed Sept. 13’s CPI report would be lower than expected.
As the market “priced in” a 0.75 bps hike, crypto traders predicted Bitcoin (BTC), Ether (ETH), and other altcoins to rise.
But the opposite happened.
The Dow sank 2.6%, S&P 500 fell 2.9%, and Nasdaq fell 3.6%. Bitcoin price lost more than 50% of its weekend gains with a 9% drop to $20,350. With 1 day till the Merge, Ether price fell 7.29% to $1,590, and the top 100 cryptocurrencies are suffering single- to double-digit losses.
While Bitcoin’s weekend rise from Sept. 9 persisted into the start of this week, the price pushed as high as $22,800, the earlier research warned that BTC was trading near a significant overhead resistance.
The multi-month resistance from BTC’s all-time high remained as price fell to $22,400 when the market started and the monthly CPI data hit media sites. The report also highlighted the “successive bear flag continuance” trend since Nov. 10, 2021, when Bitcoin price peaked at $69,000.
Absent a bullish Merge event, Bitcoin is expected to decline.
Positively, despite Sept. 13’s fall, Bitcoin price remains in its 90-day range (pink box) between $25,400 and $17,600. From my perspective, there’s “nothing to see” until the price falls below $18,500 or the yearly low of $17,600.
The False Claim That Inflation Has Peaked Will Not Change
Original Source: ‘Inflation has peaked’ narrative premature, impact to stay: Crypto experts
US inflation for September was 8.3% year-over-year (YoY), signaling a slower-than-expected price drop. This caused world markets to fall. Crypto markets were more affected by the numbers. Experts say it’ll stick around.
“[Crypto] is a no-sentiment market. No one knows where the market will go or when it will start rising. We’ll see pressure on Bitcoin and other cryptocurrencies until attitudes alter “Manish P Hingar, creator of Fintoo, stated.
Latest numbers from CoinDCX reveal the “inflation has peaked” story may have been premature. According to them, the market expects the Fed to raise rates by 75 basis points on September 21.
Bitcoin, the largest cryptocurrency by market size, fell about 10% after the news and traded at $20,367.16 on Wednesday. Ethereum, the second-largest digital coin, fell 8 percent.
“Volatility caused $104 million in crypto liquidations within an hour after the announcement,” said CoinDCX.
“Such market conditions make it evident that many projects, even major ones, won’t survive,” said Johnny Lyu, CEO of crypto exchange KuCoin.
Other cryptocurrencies including Solana, Avalanche, and Luna fell over 10% in the last 24 hours.
Hingar further noted that the IT sector heavily employs cryptocurrencies. “Whenever the IT sector hurts, cryptocurrencies do too,” he continued.
He noted that the Indian crypto market is more speculative than others, thus the impact will be greater here.
In the next days, “the ideal option is wait-and-see, which bears little risk and safeguards available capital,” Lyu noted.
CoinDCX: “The crypto market cap looks poised to retest the $1 trillion level against the backdrop of further dismal macroeconomic data.”
On Wednesday, the crypto m-cap was $996 billion.
HASHFROG, an Investment Platform for Cryptocurrencies, Teamed Up With BITMAIN and ANTPOOL to Enter the KDA Ecosystem
Original Source: Cryptocurrency Investment Platform HASHFROG Partnered With BITMAIN and ANTPOOL to Enter the KDA Ecosystem
In recent years, the cryptocurrency market has been booming, with a number of initiatives introducing investment opportunities and market hazards to blockchain sector participants. KDA is a new cryptocurrency. KDA is different from others because of its simplicity and transaction cost-efficiency, better scalability than BTC, and future circulation capacity of 990 million tokens. With BITMAIN’s backing, KDA may become a new cryptocurrency investment possibility.
HASHFROG, a cryptocurrency investment platform, will offer KDA cloud mining solutions with BITMAIN and ANTPOOL to provide low-cost, flexible, and effective mining services for KDA players worldwide. The three parties had an online product launch on September 13, 2022, and discussed their cooperation and KDA market expectations. Representatives from the Kadena development team and the Kadena Mining Club community also attended.
HASHFROG will deploy BITMAIN’s new ANTMINER KA3 (KA3), with a hash rate of 166 T and an energy efficiency ratio of 19 J/T, pushing KDA’s mining efficiency into a new era of energy conservation and efficiency. KA3 employs the latest design of BITMAIN’s 19 series miners and the leading air-cooled heat dissipation technology so miners may enjoy Blake2s mining. BITMAIN’s marketing director, Xmei Lin, said at the press conference that BITMAIN would present three KA3 miners to Kadena’s development team to boost technological research. As a believer in the POW consensus process, BITMAIN will continue to contribute to the POW ecology and support the long-term development and ecological success of great POW initiatives like Kadena.
ANTPOOL, the world’s top mining pool, provides pool services for cryptocurrencies. ANTPOOL may offer HASHFROG KDA mining pool resources and security endorsement. ANTPOOL is the only mining pool that specializes in optimizing KDA’s hash rate, which allows KDA’s high hash rate miner to give full play to its performance in the shortest possible time, technically guaranteeing the long-term stable operation of the KDA miner and maximizing customers’ mining revenue. ANTPOOL’s innovative algorithm, simplicity, transparency, and operating efficiency reduce energy usage while guaranteeing KDA’s high-quality output.
HASHFROG, the platform providing KDA mining products in this agreement, will divide the KA3 miner’s hash rate into a 10t minimum order quantity. Customers can choose the mining unit they need. Multiple mining cycle options (90, 120, 180 days) provide investment flexibility. HASHFROG’s management team said at a press conference that the platform will offer $1000000 in extra advantages to users who purchase KDA mining devices in its initial launch and encourage cloud mining. This much welfare will boost mining output. HASHFROG, a diversified crypto service provider, will introduce mining services for several cryptocurrencies in the future. More crypto product releases are planned by the end of October to give investors asset allocation choices.
HASHFROG builds safe and compliant blockchain infrastructure and produces unique digital currency investment solutions. One-stop platform for
Cloud mining, crypto-financial management, and digital asset allocation for digital currency fans.
This strategic cooperation with BITMAIN and ANTPOOL on KDA means the three parties will deeply integrate miner, site, and mining pool resources and continue to deepen and enrich ecological cooperation in mining and energy industries by increasing upstream and downstream value along the industry and providing a solid guarantee for long-term cryptocurrency investment.
A Bite of the Institutional Crypto Loans Pie is Taken by DeFi Lender Compound
Original Source: DeFi Lender Compound Takes Bite of Institutional Crypto Loans Pie
Decentralized Finance (DeFi) lending platform Compound is vying for institutional crypto borrowing business from Genesis to BlockFi.
Longstanding crypto loans protocol adds a borrowing service for institutions that will take bitcoin and ether as collateral against stablecoin loans. The institutions will pay interest on their loans, yielding DeFi customers whose stablecoins Compound lent.
All this seems like a formula for the leverage-tinged calamity that shook centralized crypto lending companies earlier this year when 3 Arrows Capital and others defaulted. But that narrative ignores crypto financing markets.
Treasury’s borrows and loans use smart contracts, so the full position is clear (a notable difference from the centralized lenders). Overcollateralized holdings hedge against flakes and asset price fluctuations.
“We’ll source liquidity from institutions and the Compound protocol to deliver this service,” stated Compound’s VP of Treasury Reid Cumming. “A DeFi hybrid.”
Summary of today’s Bitcoin and Cryptocurrency news
Generally, the most likely trajectory for Bitcoin is still down, barring an exceptionally bullish merge event. Bitcoin’s price has been fluctuating erratically within the $25,400 to $17,600 range for the past 90 days.
Meanwhile, Cryptocurrency prices have been entangled with other risk assets, and CoinDCX predicts that this will lead to a retest of the $1 trillion threshold in market capitalization against a backdrop of increasingly negative macroeconomic data.
Furthermore, this strategic cooperation with BITMAIN and ANTPOOL on KDA means the three parties will integrate miner, site, and mining pool resources and continue to deepen and enrich ecological cooperation in mining and energy industries by increasing upstream and downstream value along the industry and providing a solid guarantee for long-term investment of cryptocurrencies.
Finally, decentralized Finance (DeFi) lending platform Compound is seeking to take a share of the institutional crypto borrowing sector.
