Inflation Figures and Potential Market Shocks
The cryptocurrency market is on high alert for potential shocks as crucial inflation data is due to be unveiled this week, coinciding with the U.S. Federal Reserve’s policy meeting on September 20. The Fed might forgo a rate hike if inflation proves to be under control. Despite Bitcoin’s current sluggish performance, it remains resilient, hovering above $25,700 and drawing positivity from its 200-week exponential moving average.
Vitalik Buterin’s Unfortunate Encounter
Ethereum experienced a 2% dip following the security breach of co-founder Vitalik Buterin’s X account. The hackers managed to post deceptive links to a counterfeit NFT project on Buterin’s Twitter page, tricking some followers into linking their crypto wallets to a fraudulent address. This enabled the culprits to make off with approximately $690,000 in victims’ funds. The event sparked discussions about security issues online.
India Steps Up to Set Crypto Standards
India seized the spotlight this past weekend as leaders of the “Group of 20” gathered in New Delhi for a summit. Throughout this year, India might spearhead the development of a globally-minded crypto legislative framework, potentially formalizing it by early next year. The government is devising a five-pronged strategy that could culminate in legal legislation within the next six months.
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