Bitcoin, which was maintaining its price levels above $22,000 for a while now, has lost that crucial area. The main reason for this is the recent release of August’s Consumer Price Index (CPI) data, which is indicating 8.3% year-on-year.
Experts were anticipating an 8.1% figure, and thus, this increased stat has come as a shock for the entire crypto space.
Now, it’s important to see how the Federal Reserve reacts regarding increasing the interest rates.
Meanwhile, Robert Kiyosaki, author of the Rich Dad Poor Dad and financial expert, continues with his prediction that one of the largest crashes in history is about to take place. This is the reason he is advising everyone to grab cryptocurrencies before they overtake the US Dollar.
Everyone Must Invest in Crypto
Though Robert is forecasting a massive bear cycle, he also claims that this is the time for investors to accumulate and claim returns later. He indicates that in the upcoming crash, the US dollar will pull down the entire economy, prompting the worldwide acceptance of cryptocurrencies.
He goes on to say that this is not the time for want, it’s a need- everyone should enter the crypto space before it’s too late.
He continues to release his prediction on Twitter. The link below is an example of one such tweet, in which he claims that a market crash is on its way indicating a price drop for stocks, Bitcoin, gold, silver and real estate.
After examining how Bitcoin and other cryptocurrencies have plunged along with stocks and other risky assets and with today’s CPI data release, it appears as if Robert Kiyosaki’s prediction might turn out to be true.
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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
South Korea Court Dismiss Arrest Warrant Against Terra General Head of Affairs, Yoo Mo
Yoo Mo, the head of general business operations of Terraform Labs, had an arrest warrant issued for him, but the Seoul Southern District Court judge in South Korea dropped it because it wasn’t necessary to keep him in custody.
Do Kwon the terra co founder who is wanted by the interpol and more than 194 nations for allegedly breaking South Korean capital markets regulations is reported missing.Yoo was a “essential aide” to Terra founder Do Kwon, according to local press reports.Yoo was also accused of breaking the nation’s Capital Markets Act.
The algorithmic stablecoin UST, which lost its peg to the dollar and caused the Terra ecosystem to collapse in May, had its price artificially boosted and deflated by Terra.
Yoo Mo set free
According to SBS and Yonhap News, Yoo is no longer wanted for arrest despite all his allegation The arrest warrant was notable because it was the first arrest of its kind in the fallout of Terra’s collapse. Do Kwon himself still remains at large, though the infamous founder said last month that he is not “on the run.”
South Korean authorities have kept up their pressure on the founder of Terra and LUNA, declaring on Thursday that Kwon must hand up his passport to the cops. If Kwon declines, his passport will expire in two weeks.
On a tweet,Kwon, who has been largely quiet since Terra’s meltdown, came online to refute rumors that the 3,313 Bitcoin that South Korean prosecutors had frozen belonged to him.
‘I have no idea whose money has been frozen’, but Kwon wished them well and hoped they would put it to good use.
According to the time of writing Terra is currently trading at $0.0002856. In the last 24 hours it has traded as low as $0.0002837 and as high as $0.0003046. The trading volume is $291,576,585 while the market capitalization is $1,969,113,668.
Due to this news LUNC is set for higher prices but investors are advised to exercise caution since the market may be volatile.
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Atlanta Fed CEO Supports Fed’s Hawkish Movement! Will Crypto Market See New Lows?
The crypto market’s performance for the year 2022 has largely been impacted by Federal Reserve’s interest rate hikes due to increasing inflation. While the Federal Reserve continues with its rate hikes, the cryptocurrencies, especially Bitcoin, are facing the heat. However, amidst unfavorable macroeconomic conditions, the crypto market has not yet hit new lows, instead the currencies are struggling to rise.
Meanwhile, the president and CEO of Atlanta Fed, Raphael Bostic is of the opinion that the struggle to raise the odds of inflation rate is still at the entry level.
At the time of reporting, Bitcoin is valued at $20,129 with a drop of 0.31% over the last 24hrs. Whereas Ethereum, the second largest cryptocurrency is trading at $1,365 after a surge of 1.15% in the past day.
World Bank Warns Against Recession
Also, the OPEC’s (The Organization of the Petroleum Exporting Countries) has planned to reduce oil production so that the petrol price is increased. This move is expected to influence higher inflation.
It’s a known fact that the Fed’s decision to increase the interest rates has negatively impacted the crypto market and other traditional markets. Yet, Bostic believes that the Fed is still in the early stage in terms of fighting inflation. As per the president, the Fed should continue its hawkish move and increase another 150 bps by the end of 2022
On the other hand, the World Bank and the United Nations have issued a warning at the Central banks against upcoming recession
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Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.
Elon Musk To Acquire Twitter! Till What Extent Will “Free Speech” Be Permitted?
In April, Tesla founder Elon Musk signed a contract to buy Twitter but backed out in July due to a reported lack of details on bots and spam accounts. This move by Elon Musk forced Twitter to take legal action against Musk.
However, after fighting a legal battle for months, it looks like Elon Musk has finally decided to acquire the firm at its original price of $54.20 per share.
This has brought mixed reactions from the public. A few believe that Twitter will find stability under his surveillance, while others claim that he might allow dangerous voices like Donal Trump to return.
Earlier in April, Elon Musk had claimed to make a few changes related to free speech, getting rid of spam bots, fake accounts and many more.
Elon Musk’s main focus would be the social media giant’s spam bot accounts. In a TED talk in April in Vancouver, he claimed that if he goes ahead with the Twitter acquisition, he would first eliminate spam and bot accounts.
Elon Musk said these spam and bot accounts make any product worse and that he “will either defeat spam bots or die trying.”
Freedom Of Speech
Earlier in April, Elon Musk had raised support for free speech as he had asserted that even his worst critic should remain on Twitter and said that is the true meaning of free speech. This stance by Musk could also mean the return of Donald Trump, former US president, who was banned for his post on the US Capital riot on Jan 6, 2021.
Next, Musk had also spoken about making Twitter’s algorithm accessible to the public and had even made a poll which received one million votes, and 82% of respondents voted ‘yes’ for the plan.
Though Elon Musk did not reveal his exact plan, it could mean software’s access for the open public to inspect and help improve the network.
The SpaceX founder had also spoken about the edit button and long tweets. However, recently the Twitter platform came up with an edit button feature even before Musk acquired it.
Meanwhile, with Twitter agreeing with the terms it looks like the deal will be closed soon.
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