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Hey Tea Sippers đ,
I hope most of you had a great 4-day week! Say hello to Friday, yay. Letâs recap what major events happened this week.
TikTok announced that they will be initiating the process of creating fulfillment centers with plans to compete with Amazon, uh oh.
In other news, Elon Musk is under federal investigation over his Twitter deal, which still has yet to be completeâŚbut also recently announced and sold 10,000 units of his new perfume âburnt hairâ, interesting.
Anyways, I will send you off now. I hope that you enjoy the stories I have for you today. Grab your tea and start sipping!
Cheers! âď¸
The September inflation report is in, what are the results?
Recapping on what inflation is, it is when the price of consumer goods and services rises drastically, typically leading to consumer funds having less value/ the ability to buy fewer goods. Now, what is the consumer price index? The consumer price index dictates the change over time in prices paid by consumers for the purchase of goods and services. The consumer price index was reported at 8.2% for September. Letâs dive in.
What are the stats?
The gas prices dropped, but it looks like the price of food and rent has risen drastically.
Renting costs increased by 7.2% throughout the year.
The cost of dental care, pet care, and services have increased in price.
Wages have also increased throughout the year, driving the price of consumer goods up as well.
Used cars have dropped in price, but new cars continue to rise in price.
Letâs not forget about gasâŚ
Gas, fortunately, did decrease in price, but even so, the inflation rate remains pretty high, and with news of the Opec decreasing their supply we may see prices jump back up again.
Many investors are expecting the Fed to raise rates again, because of inflation rates still lingering within the financial system. Investors expect rates to be raised by .75% in November and DecemberâŚ
The Big Gulp âď¸:Â
The bond and stock prices have fallen drastically over the past couple of months. To compensate for the high levels of inflation the Fed has been raising interest rates, but it seems as if it is creating a big mess. As of now, everything remains uncertain as investors try to determine where the economy will end up, but one thing is for certain get ready for a roller coaster ride.
BNY Mellon will offer crypto custodial solutions to institutional investors.
BNY Mellon is labeled as America's oldest bank and the worldâs larger custodian with over $1.9 trillion in assets under management and $43 trillion in assets under custody. They created a digital asset team in 2021, and now they are putting their research and work to use.
They will be teaming up with Fireblocks and Chainalysis to help complete this new infrastructure implementation.
BNY CEO Robin Vince writes,
âTouching more than 20% of the worldâs investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets. We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.âÂ
In addition, they ran a survey indicating that:
41% of institutional investors hold crypto in their portfolio.
15% plan to hold digital assets in the next 2-5 years.
91% also said they are interested in investing in tokenized assets.
Other big players are getting in too, from the likes of Franklin Templeton, Ark Invest, Valkyrie Investments, Hamilton Lane, WisdomTree, and State Street just to name a few.
The Big Gulp âď¸:Â
The big player is in, and itâs time for that famous quote to be brought up again. Crypto has become too big to ignore for these institutions and this time itâs real. The digital adoption of the financial sector is near and phase 1 is the implementation of a custodial infrastructure. Once institutions can properly hold and secure digital assets the game will be changed entirely, especially when they want to extend it to retail consumers, but like I always say, only time will tell so stay tuned! :)
Tea Pods âď¸
Interested in hearing more about the institutional adoption of digital assets? Take a listen to this episode of the Scoop with Peter Johnson and Colleen Sullivan of Brevan Howard Digital as they provide their perspective on the future of the space and how they see big brands such as Gucci, Nike, Balenciaga, etc. working in tandem with crypto.
Listen, here.
Extra Tea âď¸
Partners: Google and Coinbase have partnered in a deal for Google to accept crypto for cloud payment.
Hacked: Mango markets got hacked for $112 million, but the hacker wants to strike a deal.
Valuation: Uniswap labs raises a $165M series B round valuing them at $1.6 Billion.
Google: You can now search for your Eth address on Google.
Sencha Tea Fact of the Week âď¸
âHackers grossed $718 Million in Defi hacks in October alone.â
Since you made it this far!
If you or a friend know anyone interested in the space, feel free to recommend them.
Cheers!âď¸