Unveil the top stories from the crypto world including the Fed meeting on US inflation, Sushi's strategic move to Aptos, and the notable funding of Mocaverse.
September Selloff Continues Ahead of US Inflation Data

September Selloff Continues Ahead of US Inflation Data

Sep 12, 2023
| Issue

Hi folks! Welcome to another week of Datawallet newsletters, your go-to place to get all the crypto news you need in a day. Today’s drop covers the following topics:

September selloff continues ahead of US inflation data

As September unfolds, the crypto market is navigating a significant downturn, with altcoins facing steep declines over the recent weekend. Investors are keenly awaiting this week's US inflation data, a key indicator before the impending Federal Reserve meeting on September 20th, where potential shifts in interest rates will be discussed.

Investment giant Nomura predicts a minor uptick in August's core inflation by approximately 0.24% MoM, excluding fluctuating sectors such as food and energy. Meanwhile, a 0.6% increase is expected in headline inflation, driven mainly by a surge in gasoline prices. Despite this, the US Federal Reserve is likely to retain the current interest rates, a stance supported by a 93% probability prediction from the CME's FedWatch tool.

The digital sector has witnessed notable declines, with Bitcoin and Ethereum dropping by 2.0% and 4.0%, respectively, in the past 24 hours. Furthermore, altcoins like ARB, XRP, and SOL have experienced sharper falls, a trend speculated to be related to ongoing debates about FTX liquidations, according to insights from the crypto derivatives platform, Paradigm.

Sushi expands to Aptos blockchain

Sushi, a decentralized exchange (DEX) with a long-standing history, has expanded its services to the layer-1 blockchain known as Aptos. This marks the first time that Sushi is accessible on a blockchain that is not compatible with the Ethereum Virtual Machine (EVM). In the past, Sushi was only available on platforms such as Ethereum, Arbitrum, Base, Polygon, Fantom, and BNB Chain. 

According to DefiLlama's data, Sushi currently has $350 million in total value locked (TVL), with $267 million of that amount being on Ethereum. At present, Aptos only has $45 million in locked value. With its move to Aptos blockchain network now complete,Sushi aims to attract fresh capital inflows and gain a competitive edge against other non-EVM chains like Solana, Mixin, and Osmosis. This strategic decision could contribute towards expanding Sushi's market influence and paving new paths for growth beyond traditional EVM-compatible blockchains.

Metaverse project Mocaverse, by Animoca, raises $20 million

Animoca Brands, a company focused on the metaverse and gaming industry, has secured $20 million in funding to further develop its Mocaverse project. This investment comes from a group of well-known Web3 investors, led by CMCC Global. Other contributors include Kingsway Capital, Liberty City Ventures, and GameFi Ventures. Notably, Animoca co-founder Yat Siu also made a personal investment in the project.

Vitalik Buterin has been hacked on Twitter

Vitalik Buterin, the founder of Ethereum, seems to have been targeted by a Twitter hacker who managed to steal $691,000 from unsuspecting users. The hacker achieved this by sharing a corrupted link on Buterin's feed. 

The incident was first noticed when a post appeared on Buterin's account regarding the launch of commemorative non-fungible tokens (NFTs) by Consensys, a software provider. This deceitful link, potentially exposed to millions of his followers, tricked victims into connecting their wallets for NFT minting purposes. However, unbeknownst to them, it created an opportunity for the hacker to siphon off their funds instead.

Mastercard to support banks in their CBDC journey 

Mastercard is seeking to assist central banks through its program for central bank digital currency (CBDC). The company believes that the ideal time to launch this program is during the summer due to the ongoing global interest in CBDCs.

Raj Dhamodharan, head of digital assets and blockchain at Mastercard, stated that their objective is to drive and support interoperability across various payment methods, as it plays a crucial role in fostering a thriving economy. The program was initially introduced in August.

Other breaking news

Wrapping up

As we wrap up today's newsletter, the landscape of the crypto market continues to evolve at a brisk pace. From Sushi's expansion to the Aptos blockchain aiming to carve a new growth trajectory, to the worrisome Twitter hack targeting Vitalik Buterin, we stand at the cusp of significant shifts in the digital space. Keep a close eye on the unfolding economic narratives, especially the US inflation data, which could be a harbinger for market trends in the coming weeks.