- Crypto had a rough start this morning, with BTC and ETH falling 0.28% and 1.88%, respectively. The ETH/BTC ratio has continued to unwind after the Merge as traders "sell the news" of the event. The ratio is down 2.79% today, and 13.85% from its peak just before the Merge happened. While most of the market is red, there are a couple of standouts. Cosmos (ATOM) is up 8.59%. Atom has its Cosmosverse conference later this month, which is set to announce the launch of Atom 2.0. Atom 2.0 will include several upgrades, including a potential tokenomics revamp, which will help accrue value to the token. Another standout today is Chiliz (CHZ). Chiliz is the native token of Socios, a platform that allows sports fans to purchase fan tokens for their favorite teams. Crypto as a whole remains largely correlated with traditional markets - SPX and NDQ are down 1.26% and 1.49%.
- An interagency working group for the U.S. government will begin meeting regularly to support the Federal Reserve's ongoing research into the possibility of a Central Bank Digital Currency (CBDC). Treasury Secretary Janet Yellen and National Economic Council Director Brian Deese told reporters today that the White House, Treasury, and other executive branches each want to do their part to support the Fed's research on a digital dollar. A CBDC acts as a national stablecoin with instant payment rails but under central bank control. While a CBDC would greatly improve payment speed and efficiency, critics are concerned about privacy and the amount of control governments could have with the technology.
- Square Enix, one of Japan's most prominent AAA gaming companies, has partnered with Oasys, a high-speed blockchain specialized in gaming. As part of the partnership, Square Enix will be one of the first 21 validators of the Oasys network and will explore new possibilities regarding blockchain integration with gaming. Other traditional and blockchain gaming companies among the 21 validators are Sega, Ubisoft, and Yield Guild Games. Square Enix is not new to blockchain. Last year, Square Enix included blockchain as part of its business model, stating it would "focus on blockchain games premised on token economies as a form of decentralized content."
Crypto Daily Report – September 16
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