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Ewpple - Crypto Market Insight Aug 2022
- The crypto market plummets as Fed officials take a hawkish stance. In September, a higher than usual interest rate hike could cause a bloodbath, as it did in June.
- The Chicago Mercantile Exchange Group plans to launch options trading for Ether (ETH) futures products. In anticipation of the Merge, ETH futures and micro-sized ETH futures have seen a rise in trading volume and open interest.
- Huobi's HUSD stablecoin de-peg from its dollar peg due to liquidity issues, dropping to $0.84.
- As a result of adverse market conditions, US Stock and Crypto investment platform Robinhood reduced its $170M offer to buy crypto exchange Ziglu by 58%. The offer was accepted on Aug 18 by Ziglu CEO Mark Hipperson.
- Nigeria's central bank digital currency (CBDC) eNaira will enter its second expansion phase to reach 8M active users. Africa's first CBDC, eNaira, was launched in Oct 2021.
- The Reserve Bank of South Africa encourages banks to maintain ties with cryptocurrency to prevent illicit activities. Cryptocurrency adoption is expected to be boosted by this move.
- Financial Intelligence Unit, a Korean financial watchdog, has cracked down on 16 unregistered foreign-based cryptocurrency exchanges, including KuCoin, Poloniex, and Phemex.
- Due to bleak financial conditions, Hodlnaut cuts 80% of its staff and applies for Singapore judicial management. Furthermore, this is the last resort to avoid liquidating Hodlnaut's Bitcoin (BTC) and Ethereum (ETH) holdings.
Ewpple DeFi Crypto Index Fund (EWD) lost -4%.
Benchmark index lost -14% in the same period.
Benchmark index = S&P Cryptocurrency MegaCap Index (SPCMC) + Decentralized Finance Index (DEFX)
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