Chile revises 2023 GDP projection to 0% amid recession concerns, with public debt on the rise, as high interest rates and economic challenges persist, while policymakers cut rates in response to inflation.
The Treasury Department takes decisive action against fentanyl production and distribution in the US, designating 28 individuals and entities from China and Canada. This move includes freezing assets and banning transactions, with Deputy Secretary Adeyemo emphasizing a commitment to target all beneficiaries of illicit drug trade, signaling a strong stance on the fentanyl crisis and its devastating impact on the country.
Osmosis, the leading decentralized exchange (DEX) on Cosmos, joins forces with Nomic and Kujira to bring Bitcoin (BTC) into the inter-blockchain communications (IBC) protocol, offering users the ability to transfer BTC to Cosmos through the Nomic bridge at a 1.5% transaction cost. This collaboration introduces Nomic Bitcoin (nBTC), an IBC-compatible token, which can be traded, used for liquidity, and applied across 50+ Cosmos-connected app chains, with the nBTC Interchain Upgrade scheduled for October 27, offering self-custody and collateralization options.
The cryptocurrency market contends with FTX’s impact and Bitcoin’s resurgence, as prices and trading volumes remain below 2021 highs. Sam Bankman-Fried, the former FTX CEO, faces seven fraud and conspiracy charges in New York. Bitcoin, after plummeting in 2022 due to FTX’s troubles and other factors, has rebounded by around 37%. The crypto market’s total value peaked at $3 trillion in November 2021 but dropped to $796 billion in 2022. While Bitcoin has regained some stability, VC investments have declined, and trading volumes have decreased significantly.
Finance Watch, a consumer advocacy group, emphasizes the necessity of enhanced privacy safeguards for the digital euro amidst growing surveillance concerns. As central banks, including the European Central Bank, explore digital currencies, Finance Watch’s call for robust privacy measures aims to reduce dependence on major payment companies and address potential market concentration. EU financial services chief Mairead McGuinness urges careful law approval, echoing the Bank of England’s concerns about digital pound surveillance.
The Yen Gains Strength as Dollar Breaks 150-Yen Threshold Amid Speculation of Japanese Intervention in Currency Market; Finance Minister Cautious on Volatility
Elon Musk faces a lawsuit for allegedly promoting a false conspiracy theory involving Ben Brody, a California man. Brody’s legal action is based on Musk’s endorsement of social media posts comparing Brody to a White supremacist involved in a protest clash. The suit claims Musk falsely portrayed Brody as a federal agent in a neo-Nazi “false flag” operation. Brody seeks a minimum of $1 million in damages, represented by Mark Bankston, known for a defamation verdict against Alex Jones. This marks one of the first legal actions against Musk since his involvement with Twitter and right-wing conspiracy theories, sparking concern about his influence on public perception.
US Supreme Court Signals Support for Consumer Financial Protection Bureau’s Operations and Funding System
President Biden Reassures Allies on Ukraine Support Amid Funding Bill Concerns
Ray Dalio Voices Concerns Over China-US Relations and Predicts 10-Year Bond Yields Amidst Economic Challenges