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ETFS 21Shares Crypto Monitor - 13th July 2022

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This Week in Crypto

The Federal Reserve is rolling up its sleeves as another big US inflation number looms. Other countries expecting large inflation rates as well include Canada, New Zealand, and South Korea. US inflation has had a ripple effect on equity markets in Europe as well with Stoxx 600 index plunging for two consecutive days over the past week. The ripple effect didn’t shy away from the crypto market, however, the market cap continues to move sideways, up 0.5% week over week as contagion uncertainty has not yet settled.

Figure 1. US Inflation Climbing to a Four-Decade High

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Source: Bloomberg

Key Takeaways:
  • Binance in Spain

  • Bitcoin showing signs of accumulation

  • Celsius starts paying its debts

  • Lamborghini uses NFTs to authenticate car parts

  • Three Arrows Capital contagion leaves Voyager bankrupt

Macro, Regulations; Spot, and Derivatives Markets

On Thursday, Russia’s President Vladimir Putin said they’re just getting started in Ukraine while saying that they’re still open for peace talks, which are getting more difficult with the size of damage caused in the aftermath. So far, allegedly more than 14,000 have been killed, and at least four cities have been completely destroyed. US President Joe Biden is set to meet with the Israeli prime minister and the Saudi Crown Prince on his first trip to the Middle East, to solidify allies in the region to help fill in the gap that the war has opened in terms of energy resources.

Unlike its inflation rate, the US job market is showing stronger job growth tha