Bitcoin Price $10,000 Prime Day Discount and Elon Musk Dogecoin Drama—CryptoCodex

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Prime Day discount 🏷

It’s Amazon Prime Day on Wednesday and bitcoinsis already on sale, down almost 4% since this time yesterday. The price of bitcoin followed the decline in stock markets this morning, falling along with futures markets in Asia, Europe and the United States.

Ethereum and its biggest rivals BNB

BNB
, gimbal and Solana are all down about 3%. The meme based dogcoin leads the top ten lowest after Tesla
TSLA
Billionaire and dogecoin enthusiast Elon Musk revealed on Friday that he was walking away from his $44 billion deal to buy Twitter, a deal that some say could lead to dogecoin being integrated into the platform.

Now read this: Bitcoin Was Supposed to Hedge Against Inflation – Here’s Why It Didn’t Work That Way

“Robust” rules 👨‍⚖️

Countdown to October: The Financial Stability Board (FSB) said it would propose “robust” global rules for cryptocurrencies in October after the latest crypto crash highlighted the need to regulate the “speculative” market. The FSB has warned that crypto is not a “regulatory free space” and must comply with relevant existing rules. “The FSB will report to G20 finance ministers and central bank governors in October on regulatory and oversight approaches to stablecoins and other crypto-assets,” the FSB said in a statement first reported by Reuters.

Contain the contagion: The move is partly a response to the collapse of the Terra blockchain ecosystem and the shockwaves emanating from it that are still being felt by crypto companies like Celsius and Voyager. “The failure of a market participant, in addition to imposing potentially large losses on investors and threatening market confidence resulting from the crystallization of conduct risks, can also quickly transmit risks to other parts of the market. ‘crypto-asset ecosystem,’ the FSB wrote.

Why is this important: Although the FSB has no legislative powers, its members are committed to applying its regulatory principles in their own jurisdictions.

Zoom out: Earlier this month, the European Union agreed to comprehensive new rules for the crypto market and last week the US Treasury Department announced a new framework for international engagement on digital assets, such as the requires President Joe Biden’s March Executive Order. Politics has a helpful summary.

Now what? G20 finance ministers and central bankers will meet in Bali later this week.

Good to know: Jump Trading is all about crypto despite the winter mix

The poll says… 🗳️

📉 Professional investors expect the crypto crash to get worse before it gets better, according to nearly 1,000 people who responded to the latest MLIV Pulse survey, first reported by Bloomberg.

➗ More than half (60%) believe bitcoin’s price will reach $10,000 before $30,000, a drop of more than 50% from its current price of just over $20,000. Meanwhile, crypto continues to divide opinion, with nearly 30% of professional investors predicting that crypto is the “future” of finance, but nearly 20% calling cryptocurrencies “all garbage.”

🪃 However, a survey last week of around 4,400 American adults conducted by intelligence firm Morning Consult found that crypto owners still feel optimistic despite the recent downturn and expect bitcoin to rebound. to around $38,000 before the end of 2022. Read full article at Forbes.

Now read this: Crypto—confirmed casino

The week ahead 📅

👀 Watch for these cryptocurrency and crypto-adjacent events this week.

🏛️ Bank of England (BoE) Governor and outspoken crypto critic Andrew Bailey speaks today and tomorrow. Earlier today, BoE Deputy Governor for Financial Stability Jon Cunliffe called for similar rules and regulations that apply to the traditional financial system to be extended to crypto markets. Cointelegraph has After.

🎈 US inflation data tops the economic calendar this week, with investors bracing on Wednesday for the June consumer price index (CPI) print, which is expected to show headline inflation , including food and energy, exceeding May’s level of 8.6%. Financial legend Mohamed El-Erian sees the reading becomes “very close to 9%”.

Did US inflation accelerate further in June?

🏙 Towards the end of the week, Wall Street giants including JPMorgan Chase
JPM
morgan standle
MRS
y, Wells Fargo
WFC
and Citigroup
VS
release all of their second quarter results as earnings season begins.

Stock market faces next test as inflation looms in earnings season

Good to know: US Fed Vice Chair Brainard Doesn’t Like What She Sees in Crypto