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Weekly Market Highlights (Aug 12, 2022)

Binance Research
2022-08-12 04:31
Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / Tradfi
  • This week the world’s two largest economies provided some relieving data around surging inflation. In the US, the consumer price index (CPI) for July was up 8.5 percent (a smaller than expected rise and down from 9.1 percent in June) Lower petrol prices contributed to this drop. The annual rate of growth is unchanged at 5.9 percent. It is questionable whether the move will represent a large enough cool-down for the Federal Reserve (FED) to stop further tightening of monetary policy. As such, a third consecutive 0.75 percentage point rate rise at the central bank’s next policy meeting in September is possible. China also reported a lower than expected rise in its CPI for July. The country reported a CPI of 2.7 percent, driven by increased pork and vegetable prices. While lower than the US this was still the highest month-to-month increase recorded and the nation’s highest level in two years.
🔎 Crypto
  • Ethereum’s third and final Testnet merge went live on Goerli. The testnet merge takes the project one step closer to Ethereum's mainnet upgrade later this year. In addition, the two previous testnet merges, Ropsten and Sepolia, were also largely successful. To top this off, Ethereum core developers suggest tentative dates for The Merge. The developers debated which dates would be most suitable to target. They decided on the 144896 epoch for the Bellatrix upgrade and a TTD of 58750000000000000000000 for Paris. This would translate to September 6 for Bellatrix and September 15 for Paris. The final merge is then expected to take place after the Bellatrix mainnet upgrade but before the end of September.
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Binance Research
About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
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