Crypto Friday Roundup

Crypto Friday Roundup
Photo by Kanchanara / Unsplash

Friday 30th September

Is inflation getting worse?

Let’s have a quick look at the macro picture as we’ve just received data of the PCE figures An indicator that the Federal Reserve pays particular attention to shows that core inflation increased in August by 4.9% from a year earlier and by 0.6% on a monthly basis.

US PCE Price Index Rises Above Expectations as spending increases. The federal reserve system (Fed) favoured gauge increased 0.3% in August and 6.2% from the previous year.

Core inflation measure also exceeded economists’ expectations. Similar to July, personal income increased by 0.3%, which was in line with expectations. Spending increased 0.4% after falling by 0.2% the previous month.

Despite a significant decline in fuel costs, overall inflation, which includes food and energy, nevertheless increased.

The end for Celsius CEO Alex Mashinsky  

Bitcoin, crypto, analysis, markets, Celsius

On to other news, according to a press announcement, Alex Mashinsky, the CEO of the bankrupt cryptocurrency lender Celsius Network, has resigned.

Mashinsky said: "I elected to resign my post as CEO of Celsius Network today," "Nevertheless, I will continue to maintain my focus on working to help the community unite behind a plan that will provide the best outcome for all creditors which is what I have been doing since the company filed for bankruptcy,"

Chris Ferraro, the chief financial officer, has been appointed interim CEO and chief restructuring officer with immediate effect.

One of the first in a long list of cryptocurrency businesses to give in to the bear market's challenges this year was Celsius. Following the collapse of the Terra ecosystem, which saw $60 billion in worth vanish in May, the lender started to feel the pressure. In June, Celsius took action by stopping withdrawals, and a month later, he declared bankruptcy.

The announcement has caused the native CEL token of Celsius to trade 8% lower than Mashinsky's resignation.

The Official Committee of Unsecured Creditors, a collection of former Celsius clients serving as intermediaries in the firm's bankruptcy case, claimed to have requested Mashinsky's dismissal from the organisation.

The day Alex Mashinsky announced his resignation, Sam Bankman-Fried, the founder and CEO of cryptocurrency exchange FTX, was said to be considering rescuing Celsius Network by placing a bid on its assets.

SBF has rescued bankrupt crypto firms in the past, what do you think?Will SBF come in to buy Celsius?

We’ll be bringing you updates on that story soon…

Blunder by Truss?

Next, let’s look at what’s been happening in the UK.

Following the announcement of tax cuts and additional debt rises to lessen the impact of a potential economic recession, the British pound touched a record low versus the US dollar on September 26, around 1.068 pound to a us dollar. Before bouncing up slightly to 1.1 today.

Do you think the general public will switch to cryptocurrencies if they notice that their savings and assets are being aggressively devalued?

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

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