# Major Crypto News: Biden, Binance, and South Korea's New President
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Chapter 1: Executive Order Overview
The recent executive order from President Biden has provided crucial clarity on cryptocurrency regulations in the United States. This announcement has positively influenced market sentiment, making investors more optimistic. The six key objectives of this order include:
- Safeguarding consumers, investors, and businesses
- Protecting the financial stability of both the US and global markets
- Tackling illicit financial activities
- Strengthening the US's financial leadership
- Ensuring access to safe and affordable financial services
- Encouraging technological innovation
Jack Niewold has effectively summarized these points in a detailed thread.
Chapter 2: Upcoming Inflation Report
The Consumer Price Index (CPI) report is scheduled for release today at 8:30 AM EST, with predictions estimating a rise to 7.9%, compared to the previous figure of 7.5%. This anticipated increase could further contribute to the ongoing inflationary pressures, which are currently the highest in four decades.
Recent trends in commodity prices show an upward trajectory, fueling concerns about a potential global recession among investors.
On a lighter note, there’s speculation that Elon Musk suggested the name of Bitcoin's anonymous creator, Satoshi Nakamoto, might stem from tech company names. Intriguing, isn't it?
Section 2.1: Market Performance
Bitcoin (BTC) has surged by 8.37%, reaching $41,900, while Bitcoin Dominance (BTC.D) has increased by 1.47%, indicating fresh capital entering the crypto markets. BTC remains the top choice for new investors exploring cryptocurrency.
Terra (LUNA) has experienced a remarkable rise of 86%, setting new records against Bitcoin. The algorithmic stablecoin, Terra USD (UST), now boasts a market capitalization of $14.1 billion.
Notable Gainers:
- THORChain (RUNE) $5.55 (+36%)
- Waves (WAVES) $28.42 (+26%)
- Synthetic Network (SNX) $4.76 (+22%)
- Near (NEAR) $11.53 (+18%)
- Arweave (AR) $38.10 (+17%)
- Terra (LUNA) $99.43 (+16%)
- ICON (ICX) $0.083 (+34%)
- Mirror Protocol (MIR) $2.01 (+33%)
- AIOZ Network (AIOZ) $0.24 (+25%)
The Bitcoin Fear and Greed Index now sits at 28, indicating fear, while Google Trends show interest in "Bitcoin" at 46 (+3) and "Crypto" at 32 (+2).
Chapter 3: Major Developments
In a significant election, Yoon Suk-Yeol, a pro-crypto candidate, has been chosen as South Korea's president. He has committed to deregulating the cryptocurrency sector, a central theme of his campaign.
Additionally, Binance, a leading crypto exchange, has unveiled plans to acquire various traditional businesses and convert them into crypto-focused entities. Earlier this year, Binance invested $200 million in Forbes magazine.
The European Union is set to impose sanctions on over 160 Russian business figures and senators involved with crypto assets.
Lastly, The Verge has reported serious allegations against Tron Founder Justin Sun, accusing him of various illegal activities. Sun has dismissed these claims as "fabricated storytelling."
Section 3.1: Newbie Term of the Day
Algo-trading (bot-trading): This automated trading strategy executes buy and sell orders based on pre-set instructions. Algo-trading has the potential to amplify market movements in either direction, with a large portion of trades in contemporary markets believed to be conducted by these systems.
Banter Wisdom:
The recent US executive order has brought some stability to the markets, but keep an eye on today’s CPI numbers. Insights from Ran will clarify the implications of this inflation data for cryptocurrencies. Additionally, we will explore why CPI may not be the most reliable indicator in the context of the ongoing Russian-Ukrainian crisis. Binance, too, is aiming to expand its influence beyond the crypto sphere.
Thank you for reading!
Gabri
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