Main Takeaway: Crypto Markets Up 2%
The traditional markets were paused in the US because of the Labor Day holiday, and the UK finally has a new Prime Minister. In addition, the UK and Eurozone are experiencing an energy crisis that’s requiring the government to cap oil prices and subsidize energy costs which will put downward pressure on other parts of the economy. Emerging markets are also struggling with high inflation and energy costs, and combatting the effects of an aggressive Fed. These are the reasons why in recent days the Euro keeps dropping against the dollar and the dollar is hitting new heights.
The main takeaway is that global central banks are the new queen on the chessboard, the most important player in deciding how the world economy will play out in 2022 and beyond. As said before, central bank tightening will lead to crypto tightening, and on the other hand, policy easing will relieve the downward pressure on crypto.
The ECB, Reserve Bank of Australia, and the Bank of Canada will be raising rates.
Key Stories: Netflix Bank Crypto Ads On New Subscription Model
Because of its struggling business model in the midst of stiff competition from YouTube, Amazon, and Disney+, Netflix is opening a new subscription model that will begin in November. However, as part of that, all advertising related to politics, gambling, and cryptocurrencies will be prohibited.
The takeaway is this will not have that big (if any) of an impact on cryptocurrencies. Many companies including Facebook and Alphabet have reversed previous bans on crypto advertising, and if you remember crypto ads even made it to the Super Bowl, which is the most viewed game on TV worldwide every year. Companies will continue supporting crypto advertising as long as it can benefit the companies on their end.
Today’s Top Gainers
The top five performing cryptos on Phemex d-o-d are Voyager (VGX/USDT), Terra Luna Classic (LUNC/USDT), Ethereum Classic (ETC/USDT), Curve Finance (CRV/USDT), and Hifi (MFT/USDT).