Crypto Friday Roundup

The Merge is Here

The biggest story of the week, and probably one of the biggest stories in this space so far is the Ethereum Merge.

Ethereum successfully migrated from Proof of Work to Proof of stake as well as reducing consumption by 90% and highly reducing issuance. The last few weeks have seen massive hype on the merge on social media and crypto circles. The market still ETH/USD price drop yesterday by over 8% against Bitcoin drop of just below 2%.

CPI Fear

Talking about price drops:

The US Consumer price Index data was published earlier this week on Tuesday with CPI overall not meeting expected predictions. The overall CPI lowered from 8.5% to 8.3% vs the expected 8.1%.

The overall CPI is lower, but Tuesday saw some crazy volatility in the market with Bitcoin dropping from 22,500 to below 20,000 this week.

The core CPI however was higher than expected rising from 5.9% last month to 6.3 against the forecast of 6.1%

Do Kwon on the run?

Now on to South Korea and the project that will continue to hit the headlines.

As reported in crypto breofing.com on Wednesday, a court issued an arrest warrant for Terraform Labs CEO Do Kwon.

Terra reinvented token Luna has had a bit of a Dr Jekyll and mr Hyde week, with the token pumping from around $2.22 to $6.60 back down again to $2.6o odd… and then plummeting back to just about $2 after the news of Do Kwon arrest warrant.

Cryptobreifing.com reported yesterday, arrest warrants had been issued against five other terraform team members.

FTX Partnership Announced

Our last story…

The financial times reported

The investment arm of FTX exchange , FTX ventures has agreed to buy 30% of skybridge capital

Skybridge is alt asset firm founded by Anthony Scaramucci who was the white house communications director under the Trump administration for some time before become a critic.

Sam Bankman-Fried of FTX bailed out BlockFi and also attempted to bailout voyager capital before it went bankrupt.

It has been reported that that after the deal, Skybridge will use some of the funds to buy crypto assets.

The financial times article on this story quoted Scaramucci from an earlier interview on Bloomberg, where he compared Sam Bankman-Fried’s intentions to bailout struggling crypto firms with John Pierpont

“Sam Bankman-Fried is the new John Pierpont Morgan — he is bailing out cryptocurrency markets the way the original J P Morgan did after the crisis of 1907,”

Have a great Friday and a lovely weekend and see you guys’ next time!

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