Buy Crypto
Markets
Contract
Spot
Earn
Web3 new
Learn
Blogs > Crypto in a Minute > Markets Halt On US CPI Numbers >

Markets Halt On US CPI Numbers

Author: Jeffrey Craig Date: 2022-08-10 03:20:11

  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Discord
  • Youtube
Subscribe Phemex

Get The Latest News And Updates From Phemex!

giftRegister to get $180 Welcome Bonus!
Email
Password
Invitation code (Optional)

august-10-daily-update

Main Takeaway: Markets Reverse In Anticipation Of US Inflation Data

It’s been a positive four to five days since last Thursday for the crypto and stock markets, however, there’s been a multiple percentage point reversal (4% for crypto) on the heels of poor company earnings in the US, and with today’s US inflation print.

The US will be reporting its July inflation at 8:30 AM ET. If inflation drops, then the appetite for risk-on assets (cryptos) and stocks will increase and we may see continued upward movement. But on the other hand, if inflation is still high, the Fed will be more aggressive in September and the markets will begin pricing that in.

US Inflation Numbers 2022

The main takeaway is June’s inflation in the US hit its highest in years, so if today we get a reading back to May levels, this may be a positive sign for the markets. But 9% is truly high, so it’s unimaginable to think the US will be able to get back to the Fed’s goal of 2% or 3% without damaging the economy and employment situation. Expect the markets to be jittery to the downside throughout the day and in pre-trading hours.

Key Stories: Circle Supports Ethereum PoS, Curve Gets Hacked

Yesterday we reported on the situation regarding Chainlink’s support for Ethereum PoS (and not supporting PoW). Today, in follow-up, USDC’s Circle announced it will only support the Ethereum PoS chain post-Merge. If this continues, developers and projects looking to migrate to an Ethereum hard fork will be a dying trend. This is bullish for Ethereum PoS.

Another hack occurred, but this time with Curve Finance, an Ethereum-based exchange liquidity pool for stablecoin trading. The DNS hack stole around $570,000, but the problem was quickly resolved by the Curve team.

Today’s Top Gainers

Despite overall the markets being down 4%, many cryptos on Phemex are performing well d-o-d, here are the top five coins on Phemex: StepWatch (SWP/USDT), Spell Token (SPELL/USDT), DAO Maker (DAO/USDT), RankerDAO (RANKER/USDT), and Bounce (AUCTION/USDT).


For any inquiries contact us at support@phemex.zendesk.com
Follow our official Twitter | Join our community on Telegram
Trade crypto on the go: Download for iOS | Download for Android
Phemex | Break Through, Break Free
  • Facebook
  • Twitter
  • LinkedIn
  • Telegram
  • Discord
  • Youtube
Subscribe Phemex

Get The Latest News And Updates From Phemex!

giftRegister to get $180 Welcome Bonus!
Email
Password
Invitation code (Optional)
start trading start trading start trading

Register On Phemex Now To Begin Trading

Register On Phemex

More Articles

Subscribe Phemex

Get The Latest News And Updates From Phemex!

Get The Latest News & Updates!

Bonus

Become the First PT Holders with ZERO Risk

Celebrate the Launching of the Phemex Token on November 30th