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Main Takeaway: Markets Recover 3% On Post-Fed Rate Hike
Crypto markets are up 3% following rate hikes from the US Fed and the Bank of England. Cryptos and stocks remain correlated and affected by global inflation numbers. September so far has been a down month, which is consistent with historical numbers. The main takeaway is cryptos should be less volatile than in prior weeks in the lead-up to October.
Key Stories: JP Morgan’s Jamie Dimon Again Calls Cryptos Ponzi Schemes
JP Morgan CEO in an oversight hearing at the US Congress said that cryptos are decentralized Ponzi schemes. However, this is contradictory to JP Morgan’s Bitcoin and crypto funds that they sell to their clients, as well as their crypto team.
In other news, the CFTC, a regulatory body in the US, has charged a DAO for failing to comply with the Bank Secrecy Act. Investors and traders should keep an eye on US regulators including the SEC and CFTC and follow along with their proposals with regard to regulating cryptocurrencies.
Today’s Top Gainers
The top five performing coins on Phemex are Ripple (XRP/USDT), Reserve Rights (RSR/USDT), TokenBot (TKB/USDT), Compound (COMP/USDT), and Stellar Lumens (XLM/USDT).
