Main Takeaway: Markets Neutral To The Downside
US equities and global crypto markets experienced a sell-off on Wednesday amidst strong US job numbers. This caused a downturn because a strong job market can be a reason to give the Fed confidence to raise interest rates without fearing too much economic damage as a result.
Moreover, inflation in Italy hits another peak at over 9%, thus scaring the markets with a reminder that inflation is most certainly not over. As reported yesterday, fall and winter will be difficult months for the EU and the world writ large. Crypto winter could be with us through actual winter.
Cryptos are also experiencing another wave of FUD as Michael Saylor is being accused of tax evasion by the DC Office of Attorney General. The main takeaway is, as reported before, governments are cracking down on anything crypto-related, and they’re definitely beefing up tax authorities to be able to more efficiently tax the populace.
Key Stories: Bitcoin Beaches FTW
A beach area in El Salvador named El Zonte has been renamed “Bitcoin Beach” as a result of it accepting cryptocurrencies. It was just announced that the surrounding area will get infrastructure upgrades as planned by the government. Bitcoin Beaches and other cryptocurrency towns have been a constant theme, and subsequently, have the potential to attract foreign tourism and investment.