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September 10th - The European Central Bank (ECB) is expected to raise interest rates for the second time since the energy price surge caused by the Iran war, as inflation continues to exceed its target while the regions economy remains surprisingly strong. In a survey, all but one analyst expected the deposit rate to rise 25 basis points to 2.5% on Thursday. New quarterly forecasts will reinforce the case for a rate hike, pointing to rising inflationary pressures and faster economic growth in the eurozone. Policymakers are dealing with consumer price increases that surpassed 3% last month, a level near a three-year high, and unlikely to fall significantly in the coming months. Unlike the Federal Reserve and the Bank of England, the ECB raised rates in June and there is little disagreement about taking action again this week.Market news: The U.S. Department of Justice is investigating whether the $20 billion licensing deal between Nvidia (NVDA.O) and AI chip startup Groq was deliberately designed to circumvent antitrust scrutiny.September 10th - According to reports, TSMCs (TSM.N) Phase II expansion of its 1.4nm fab in the Central Taiwan Science Park is accelerating, with the first (P1) fab expected to begin trial operations in April next year. Mass production is anticipated to begin in the second half of 2027, earlier than the originally planned 2028. The report, citing unnamed sources, states that TSMC is building two temporary offices at the site, expected to be completed simultaneously in April next year. Initially, over 5,400 operations and outsourced personnel will be stationed there.On September 10th, the Copernicus Climate Change Service, the EUs climate monitoring agency, released a statement saying that August 2026 will be the hottest month since records began in 1940. Data shows that the global average surface temperature in August this year was approximately 16.96 degrees Celsius, slightly higher than the record of approximately 16.95 degrees Celsius set in July 2023, making it the hottest month globally. The global average surface temperature in August was 0.85 degrees Celsius higher than the average for the same period from 1991 to 2020, and 1.65 degrees Celsius higher than the pre-industrial average (1850 to 1900). This marks the first time since November 2025 that the global monthly average temperature has exceeded pre-industrial levels by more than 1.5 degrees Celsius.Fitch sovereign analyst: Fitch will review Japan’s budget for the next fiscal year to determine whether it strikes a balance between growth spending and fiscal constraints.

Crypto Market Daily Highlights – SOL Tumbles Out of Top Ten

Cory Russell

Nov 10, 2022 16:34

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For the top 10 cryptos on Wednesday, it was a bearish session. BNB and XRP led the crypto top ten losses, while SOL fell by 38.6% to drop out of the top ten. For the fourth session in a row, BTC saw losses. BTC dropped below $16,000 for the first time since November 2020, which is noteworthy.


On Wednesday, the midterm elections and the US economic calendar took a backseat. Following news that Binance had signed a Letter of Intent (LOI) on Tuesday, the market's attention was still on the FTX and Binance transaction.


However, Binance indicated it would not move forward with the acquisition after doing thorough due diligence.


"As a result of corporate due diligence, as well as the latest news reports regarding the handling of customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com," Binance said in a statement announcing its decision to pull out of the deal.


According to Bloomberg, Sam Bankman-Fried, the CEO of FTX, informed investors that there is a gap of up to $8 billion and that the business will have to declare bankruptcy absent a capital infusion.


Changpeng Zhao (CZ), CEO of Binance, summed up the situation by stating that "FTX going down is not helpful for anyone in the business. DON'T consider it a "victory for us." There is a serious loss of user confidence. Exchanges will be more closely inspected by regulators. Globally, obtaining a license will be more difficult. Because they believe we are the biggest, they will attack us more. Our level of openness, proof of reserves, insurance funds, etc., must be greatly increased. There will be a lot more in this area. We still have a lot of challenging work to do. not to mention the dramatic fluctuations in pricing.


Contagion risk and greater regulatory scrutiny will be a focus in the near future with FTX potentially declaring bankruptcy.


When speaking on the past 48 hours, SEC Chairman Gary Gensler said, "Investors suffer damaged when we don't rely upon the time-tested public policy guardrails."


The recent 48 hours' worth of cryptocurrency market developments caused a greater decoupling from the NASDAQ Composite Index. On Wednesday, the cryptocurrency market declined by 14% while the NASDAQ plummeted by 2.48%.


For the upcoming day, the news wires will continue to control the cryptocurrency market. The cryptocurrency market will likely experience a domino effect for a third day in a row. Investors can nonetheless cling to the dream of a last-minute agreement saving FTX from failure.

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