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October 13th news, Recently, a number of large domestic steel companies such as Baosteel, Ansteel, and Benxi Steel announced the adjustment information of product price policies in November 2024, all of which have significantly increased the ex-factory price on the basis of October, with a maximum increase of 600 yuan per ton. For this increase, industry insiders believe that it is mainly due to the significant improvement in orders compared with last month, which has also indirectly promoted the price rebound. Mysteel analysis believes that under the stimulus of market policies, consumption expectations have changed significantly, while the inventory at the downstream end is low, and a round of replenishment is concentrated, which has led to a surge in steel mill orders. Due to the emergence of a tight economic structure in the early stage, it is more common to sell orders first and then buy raw materials. This round of sharp price recovery has also forced this part of demand to show a consumption explosion, which is also the main reason why steel mills received good orders from October to November.Iraq said it produced less than its OPEC+ quota in September. Iraq’s state oil marketing organization SOMO said it cut output by 260,000 bpd to 3.94 million bpd last month.Russias Ministry of Emergency Situations announced that four people, including two children, died in a fire at a gas station in Grozny, the capital of the Chechen Republic of Russia. The Russian Ministry of Emergency Situations pointed out that the fire has now been extinguished.Ukraines state-run gas transport company TransGas said the volume of Russian natural gas flowing through the Sudzha border crossing was 41.9 million cubic meters on October 13 and 42.3 million cubic meters on October 12.According to Irans Press TV: UN forces reported that the fifth peacekeeper was injured in the Israeli attack on Lebanon.

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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