Market Update - October 13

13 Okt 2023

1. US consumer price index (CPI) remains sticky: CPI data released on Thursday did not show a further cooling in inflation in the US economy, further muddying the Fed’s decision making on the future interest rate path.
   
   
2. Federal Reserve unable to reach a firm decision on interest rate hikes: Minutes from the Fed’s last meeting show wavering opinions on interest rate hikes against the backdrop of uncertainty in the US economy.
   
   
3. Ongoing conflict between Israel and Hamas dampens investor confidence: The price of both bitcoin and ether has been in decline since attacks erupted between Hamas and Israel on Saturday. Bitcoin has dropped below 27K USD and ether has lagged, falling to 0.057 on the ETHBTC pair.
   
   
4. Sam Bankman-Fried’s trial continues as Caroline Ellison takes the stand: The former CEO of Alameda Research pleaded guilty to fraud and testified that SBF directed her to create false balance sheets to hide the company’s debt to FTX.
   
   
5. India is paving the way for crypto adoption, despite 30% capital gains tax: The Central Board of Direct Taxes collected over 12m in taxes, and a newly released report ranks India as number one for grassroots crypto adoption.
   

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