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Weekly Market Highlights - Aug 19, 2022

Binance Research
2022-08-19 10:04
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
  • In the US, we saw the release of the Federal Open Market Committee (“FOMC”) minutes from their July meeting. The minutes suggested that the Fed will continue to tighten, although some officials do worry that they might be going too fast. The rate of increases is expected to slow, with either a 50bp or 75bp hike expected in September, and a growing chance of cuts in 2023.
  • In Europe, both UK and EU inflation came in hot and continued to break records. The UK saw July CPI at 10.1%, the highest in 40 years, while the EU saw a record high 9.8%. The price increases have largely been driven due to a combination of rising energy and consumer goods prices.
  • In China, the People’s Bank of China (“PBOC”) reduced its medium-term lending rate, for one-year loans to the financial sector, by 10bps to 2.75%. The news came on the back of worse-than-expected consumer and factory activity, as well as a rise in youth unemployment to a record 19.9%.
🔎 Crypto
  • Capital raising in crypto continues at pace, with two notable funds being raised by Shima Capital (US$200m early-stage VC fund) and CoinFund (US$300m Web3 fund) respectively.
  • We also saw continued adoption of crypto by traditional companies, with PayPal announcing crypto implementation into its mobile app and allowing users to buy, sell and transfer Bitcoin, Ethereum, Litecoin and Bitcoin Cash. We also saw digital bank, Revolut, receive authorization to offer crypto services across the European Economic Area (“EEA”) following approval from the Cyprus Securities and Exchange Commission (CySEC). Adoption within crypto also accelerated, with the notable news of over 2 million Ethereum Name Service (“ENS”) domain names having been registered.
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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.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
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