Main Takeaway: Markets Pull Back 3% On Fresh Economic Concerns
Crypto markets are down 3% d-o-d as fresh concerns arise over US quantitative tightening and the newly signed Inflation Reduction Act. Moreover, the US stock markets are getting tested again with particular volatility arising from a new meme stock (Bed Bath & Beyond). Bed Bath & Beyond is on the verge of financial collapse, but the stock has gone ballistic in August amidst a short squeeze that sent the stock skyrocketing. This event is giving investors deja vu from what happened last year when GameStop ripped through all the institutional shorts.
Regarding crypto, Ethereum is front-and-center on everyone’s minds as anticipation for The Merge heats up.
Key Stories: Bankruptcy Process Heating Up For Celsius
Celsius Network has returned to the headlines, mainly in a recent story that stated the company has received approval to sell its mined Bitcoin to cover operations and other costs (to fund its restructuring process). Secondly, a report from the Financial Times came out stating that Celsius CEO, Alex Mashinsky took control of the company’s trading strategy and subsequently made trades causing them millions in losses. However, right now the company is working on a customer recovery process.