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On September 19th, Zhang Bin, a researcher and deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, stated at the Tsinghua PBC School of Finance Chief Economist Forum that the main imbalance in my countrys current economy is strong supply and weak demand, a kind of aggregate imbalance. "There are many reasons for insufficient demand, but the most crucial one lies in the weak expectations of business entities; enterprises and residents are hesitant to invest and spend money. Individual behaviors are rational and reasonable, but the cumulative effect of micro-level behaviors creates a negative self-amplifying mechanism, forming a negative cycle," Zhang Bin said. Zhang Bin believes that the key to breaking the demand shortage is first to break the negative cycle. A negative cycle itself is a market failure, requiring strong external forces to break it; the most effective tool is to increase counter-cyclical adjustments.Market news: Bolivia will set a unified diesel price, which will be linked to international oil prices.According to AFP: Police officials say the death toll in the attack on Pakistans police headquarters has risen to 31.On September 19th, the Beijing Municipal Administration for Market Regulation announced that, based on the work deployment of the State Administration for Market Regulation and preliminary investigations, it has initiated investigations into four online hotel and travel booking platform companies for suspected illegal activities. Fliggy issued a statement saying that it attaches great importance to this matter and will actively cooperate with the Beijing Municipal Administration for Market Regulations investigations to fully implement regulatory requirements. Fliggy has always respected and maintained a fair, open, and orderly market environment and will continue to work with all parties in the industry to promote high-quality development of the industry.September 19th - A mudslide occurred near the Shijiagou Tunnel in Zhiliuhe Village, Gesala Township, Yanbian County, Panzhihua City, Sichuan Province in the early hours of the 19th. According to relevant departments, preliminary statistics indicate that five people are currently missing.

Crypto Market Daily Highlights – SOL Tumbles Out of Top Ten

Cory Russell

Nov 10, 2022 16:34

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For the top 10 cryptos on Wednesday, it was a bearish session. BNB and XRP led the crypto top ten losses, while SOL fell by 38.6% to drop out of the top ten. For the fourth session in a row, BTC saw losses. BTC dropped below $16,000 for the first time since November 2020, which is noteworthy.


On Wednesday, the midterm elections and the US economic calendar took a backseat. Following news that Binance had signed a Letter of Intent (LOI) on Tuesday, the market's attention was still on the FTX and Binance transaction.


However, Binance indicated it would not move forward with the acquisition after doing thorough due diligence.


"As a result of corporate due diligence, as well as the latest news reports regarding the handling of customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com," Binance said in a statement announcing its decision to pull out of the deal.


According to Bloomberg, Sam Bankman-Fried, the CEO of FTX, informed investors that there is a gap of up to $8 billion and that the business will have to declare bankruptcy absent a capital infusion.


Changpeng Zhao (CZ), CEO of Binance, summed up the situation by stating that "FTX going down is not helpful for anyone in the business. DON'T consider it a "victory for us." There is a serious loss of user confidence. Exchanges will be more closely inspected by regulators. Globally, obtaining a license will be more difficult. Because they believe we are the biggest, they will attack us more. Our level of openness, proof of reserves, insurance funds, etc., must be greatly increased. There will be a lot more in this area. We still have a lot of challenging work to do. not to mention the dramatic fluctuations in pricing.


Contagion risk and greater regulatory scrutiny will be a focus in the near future with FTX potentially declaring bankruptcy.


When speaking on the past 48 hours, SEC Chairman Gary Gensler said, "Investors suffer damaged when we don't rely upon the time-tested public policy guardrails."


The recent 48 hours' worth of cryptocurrency market developments caused a greater decoupling from the NASDAQ Composite Index. On Wednesday, the cryptocurrency market declined by 14% while the NASDAQ plummeted by 2.48%.


For the upcoming day, the news wires will continue to control the cryptocurrency market. The cryptocurrency market will likely experience a domino effect for a third day in a row. Investors can nonetheless cling to the dream of a last-minute agreement saving FTX from failure.

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