Main Takeaway: The Markets Are Up 2%
The crypto markets are up 2% again, shedding off the previous two days of FUD. US equities have also made a slight recovery. However, the markets are steadily anticipating the Kansas City Fed’s conference at Jackson Hole where the Fed and Jay Powell on Friday may give signs about future economic policy in the US.
In particular, there will be a focus on supply chain constraints, inflation, future rate hikes, and a debate on how to get a “soft landing” in the US. The main takeaway is an aggressive Fed could bring the hammer down on the crypto markets. So the worst may still not be over. Inflation will be the top story heading into the US election season, not even mentioning inflation in the European Union with their trade and energy issues. Winter on that side of the planet is looking bleak.
Key Stories: Tether Won’t Freeze Tornado Cash Addresses
Tether has just announced that it will not be freezing addresses labeled by Tornado Cash or associated with the cryptocurrency mixer. It mentioned that they have not received any instructions from US law enforcement agencies on what to do. Therefore, unlike USDC, Tether has said it will wait and see and for now not make moves to disrupt business, cause liquidations, or step on the toes of other law enforcement agencies from other countries around the world.
Other key stories include 3AC liquidators having been granted access to probe the company’s assets, the Co-CEO of Alameda Research has stepped down, and BitBoy Crypto drops his defamation lawsuit against Atozy.
Today’s Top Gainers
The top five coins on Phemex d-o-d are Tornado Cash (TORN/USDT), Ankr (ANKR/USDT), Cosmos (ATOM/USDT), Ethereum Classic (ETC/USDT), and Bounce (AUCTION/USDT).
