- In this week’s crypto news Roundup, we look at how the market fares after last week’s crash and ahead of Federal Reserve Chair Jerome Powell Friday speech.
- Elsewhere, we check out what Hong Kong’s new crypto regime will mean for OKX, and Croatia’s bid to become another big European crypto hub.
- This, and much more in this week’s edition of The Roundup Newsletter.
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Happy Friday!
Adam Morgan here with a digest of the week’s most important crypto stories.
Let’s start with how the markets are doing after last week’s crash, which caused Bitcoin to drop below $26,000 for the first time since June.
However, there are signs of slight recovery as market watchers wait on US Federal Reserve Chair Jerome Powell is set to speak later today, live from the annual economic symposium in Jackson Hole, Wyoming.
The speech is certain to tip the scales one way or another. Markets have reassessed the possibility of interest rate hikes, as Powell’s colleagues shared hawkish outlooks around inflation. The odds of an additional rate hike this year are around 44%, according to the CME’s FedWatch tool.
Crypto’s correlation to equity indexes has jumped throughout August, according to CCData, as macro factors dominate headlines.
Elsewhere, OKX’s Lennix Lai told our very own Callan Quinn that Hong Kong’s new crypto rules could benefit retail investors — while also posing a challenge for platforms.
In DeFi news Curve founder Michael Egorov’s bailout buyers are nearly underwater on the 158 million CRV purchase. Investors purchased the tokens directly from Egorov in over-the-counter deals earlier this month, Tim Craig reports.Those tokens are nearly in the red as Curve Finance’s CRV closes in on $0.4. The fear now is that some buyers might sell to avoid losses, potentially increasing the sellside pressure.Egorov told DL News he isn’t too worried.
That’s all for this week, have a great weekend.
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