Time: September 5, 2022 to September 12, 2022
•Taking bad news as good news? Stocks rebounded from a three-week losing streak and rose sharply following the release of the Fed's Beige Book on Wednesday. Although the cryptocurrency market did not catch up in time, it caught up hard with a big white candle that rose by more than 10% two days later.
• "y00ts mint t00b" launched by the original team of DeGods, this NFT collection based on the Solana public chain successfully occupied the top spot in OpenSea's trading volume.
According to the latest Beige Book released by the Federal Reserve, the economic situation in the United States remained unchanged, with five regions showing slight or moderate growth, while the other five regions experienced slight or moderate slowdown. Overall, the outlook for future economic growth remains challenging, with weak demand and inflationary pressures continuing to surround the next 6 to 12 months.
The Beige Book is a survey report on the current economic conditions of the twelve Federal Reserve Districts in the United States, and is usually released before the Federal Open Market Committee (FOMC) meeting. The FOMC typically uses the survey as part of its policy decisions. The next meeting will be held on September 20-21.
The contents of the Beige Book are not very optimistic for the Biden administration, but the market regards it as good news. Things couldn't have been worse in an economy that's been recognized as stagnant, and it seems like the "worst-case scenario" has already arrived. Wall Street nervousness eased, leading to a wave of rebound in the stock market, the S & P 500 index rose 4% in just three trading days. The optimism in the stock market spread to the cryptocurrency market, with Bitcoin surging 10.6% in a single day, setting one of the few double-digit single-day gains recorded this year.
The notorious Terra Classic (LUNC), formerly known as Luna or Luna Classic, had jumped ahead of Bitcoin's rally. Ultimately, the Terra family stole the show, with Terra (LUNA) in particular surging an incredible 210% in just 4 days. Investors are suddenly very optimistic about these Terra tokens because of a proposal from LUNC. The 1.2% tax proposal of the Terra Classic network proposed by the old Terra community was approved and is scheduled to go live on September 20. For LUNC and TerraClassicUSD (USTC) on-chain transactions on the Terra Classic chain, the tax parameter will be increased from 0 to 0.012 (1.2%). Many cryptocurrency exchanges have supported Terra's tax plan, yet Binance, the world's largest exchange by trading volume, has said it will not follow.
Terra Family Name and Token History
Although the NFT market is still dominated by NFTs of the Ethereum chain, NFTs based on the Solana public chain are gradually eroding the overall market share. According to data from The Block Research, the number of NFTs minted on the Solana chain has soared to an all-time high of 312,000 on September 7. As for the NFT secondary market, Magic Eden’s market share increased from 12% at the beginning of the month to 36.6% in just one week.
Dust Labs owns the NFT series "DeGods" with the largest market value in Solana. The team's newly launched y00ts mint t00b has successfully topped the trading volume list in multiple secondary markets. With a total supply of 15,000, the project has been oversubscribed with enthusiasm from NFT enthusiasts. The innovation of y00ts lies in the new NFT copyright concept it advocates, called ⓨ. The concept of ⓨ is derived from the copyright symbol "ⓒ". The y00ts team explained in its white paper: "Each collection has its own ⓨ registry, and everyone can easily track the IPs that are approved for use. This allows projects to approve and deny usage requests at the high speed of Web3." In addition, the y00ts team A new concept called "y00ts st0re" is also introduced for artists to submit custom versions of NFT traits (traits), which can be sold or exchanged individually. With $7 million in financing and $10.2 million in sales, the Solana NFT project undoubtedly brought a glimmer of light to the NFT market.
The floor price of y00ts floats around 140 SOL (~5K USD). Source: https://www.hellomoon.io/
After the Federal Reserve cut interest rates by 50 basis points, gold and Bitcoin soared, but both underperformed the more than 10% weekly increase in the SOL token under the US blue-chip public chain Solana. The reason is that the bigwigs from China and the United States gathered at TOKEN 2049 and good news came frequently.
WeiliangThe Korea National Police Agency has conducted 515 undercover investigations into illegal deepfake pornography since September 2021, leading to the arrest of 1,415 individuals, including teenagers involved in distributing such content. In response to rising digital sex crimes, authorities have established a task force to address deepfake pornography and are evaluating Telegram's role in facilitating these offenses.
WeatherlyBybit has launched the world’s first Shariah-compliant Islamic Crypto Account for ethical trading, following Bybit Türkiye’s recognition by Turkey’s Capital Markets Board as a crypto asset service provider.
CatherineCaroline Ellison, former Alameda Research CEO, was sentenced to two years in a minimum-security prison for her role in the FTX collapse and must forfeit $11 billion. She is set to surrender on or after 7 November 2024, likely serving near Boston.
KikyoSweden's authorities are cracking down on unlicensed cryptocurrency exchanges involved in organised crime and money laundering. They are also targeting Bitcoin mining operations, uncovering 90 million SEK in unpaid taxes from 18 firms.
WeatherlyDiddy, awaiting trial on federal sex trafficking and racketeering charges, is reportedly sharing a jail space with disgraced crypto figure Sam Bankman-Fried. The hip-hop mogul has repeatedly denied any wrongdoing and pleaded not guilty in court.
CatherineOpenAI has launched the Advanced Voice Mode for ChatGPT Plus and Teams users, allowing for more natural and dynamic conversations. The feature supports over 50 languages, includes multiple voice options, and is available for a monthly subscription fee, but it's currently not accessible in the EU and the UK.
JoySouth Korean police have arrested seven individuals in a raid on a “crypto-powered drug dealing” operation suspected of smuggling methamphetamine into the country from abroad. Authorities are expanding their investigation to uncover the drug distribution network's true nature.
KikyoChina's OTC cryptocurrency market has surged, with inflows exceeding $20 billion in each quarter of 2024, totaling $75.4 billion in nine months. Despite a strict ban on crypto trading, demand remains high, leading investors to use OTC services and peer-to-peer trading to access digital assets.
AnaisThe US DOJ has filed an antitrust lawsuit against Visa, accusing it of maintaining a debit payments monopoly. The DOJ claims Visa uses exclusivity agreements and penalties to stifle competition, forcing businesses to use its network while blocking new competitors from entering the market.
Catherine