Main Takeaway: US CPI Numbers Come Out
US monthly inflation numbers will be released at 8:30 AM Eastern time on July 13th – and signals have been coming out that the figure will be elevated. This is another reason why the Biden administration has been considering removing the US-China trade war tariffs along with Biden’s visit to Saudi Arabia.
Regardless, the economic situation is bleak, especially as the Dollar strengthens against the Euro and Asian currencies. The crypto markets are down 2% over the day and have already priced in a 75 bps rate hike increase. So if that comes there will likely be some downward movement, potentially retesting last month’s lows.
Key Stories: CBDCs & Digital Assets Policy
The US Treasury Office Of Financial Research released a report on Tuesday supporting that a CBDC will decrease financial risk and be positive for commercial bank stability. Secondly, the Treasury also called for public comment on its digital asset policy – as was called for in Biden’s executive order on US digital assets earlier this year.
So with these two announcements, the Treasury has been busy at work outlining its next moves with regard to pushing forward a CBDC in the United States. However, it’s still early in the game and things move slowly in the US. So if an official CBDC were to be released, the earliest it would come out would be 2-3 years later.
Investor Insight: Move To Earn On StepN
StepN, a popular Move To Earn game that reached new heights in 2022 just announced that it has made $122.5 million dollars in profits from platform fees during Q2 2022. This is very important during the bear market as people question where ‘yield’ and ‘interest’ are generated from. So StepN showing its cash flow and money generated is important for prospective users to better understand its finances and know the money is not merely made through inviting new users and then buying NFTs.
The platform’s governance token GMT has traded well over the recent days, but it’s still down from recent highs of over $1. So gaining the $1 mark will be a very bullish sign.
Today’s Top Gainers
The top five performing coins on Phemex are the Voyager token (VGX/USDT), StepWatch (SWP/USDT), Ellipsis Finance (EPX/USDT), VulcanVerse (PYR/USDT), and Gamium (GMM/USDT).