Charles Schwab, Citadel & Fidelity Launch Digital Asset Exchange – September 13

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $20,736

Bitcoin price has experienced a rapid drop to begin Tuesday, as it hits diagonal resistance and CPI numbers disappoint.

Top-20 altcoins have also taken losses across the board, as Ethereum drops 6%, BNB falls 4% and Litecoin is the sole gainer with a 3% rise.

Top Stories for September 13, 2022 πŸ”₯

πŸ‘‰ Charles Schwab, Citadel & Fidelity Launch Digital Asset Exchange

Charles Schwab, Citadel Securities and Fidelity Digital Assets have officially launched a digital asset exchange, called EDX Markets.

EDX Markets is designed to enable “safe and compliant trading” via “trusted intermediaries”. The exchange will aggregate liquidity from multiple market makers for low spreads and high liquidity – which they say will be more efficient than trading on existing crypto exchanges.

According to the exchange board, the crypto market has over 300 million participants and “pent-up demand from millions more” requiring a platform that caters to retail and institutional investors.

πŸ‘‰ CPI Numbers Come In Higher Than Expected

Consumer Price Index (CPI) numbers have come in higher than expected for August, resulting in 8.3% year-over-year inflation and a 0.1% increase month-on-month – despite the Federal Reserve’s efforts.

The Fed’s next rate decision comes September 21, with most expecting another 75bps hike. Both the stock market and crypto have taken a hit since the news.

πŸ‘‰ Maker Protocol Looks To Increase stETH Collateral Vs. USDC

DeFi protocol Maker, responsible for the decentralized Dai stablecoin, has doubled its allowance for staked Ether (stETH) in an effort to reduce reliance on USDC to collateralize Dai.

USDC accounts for more than a third of all collateral on the platform, perceived as risky due to the recent blacklisting of USDC addresses by issuer Circle.