US Inflation Drops
Inflation in the US fell to 2.5% in August, down from 2.9% in July. This is a positive sign, indicating that the Federal Reserve has another reason to lower interest rates in the US. This could signal a bullish trend for risk assets, including cryptocurrencies.
It's possible that Bitcoin might start to increase significantly after September 18th, as the Federal Reserve's meeting will be held on that day.
Source: tradingeconomics.com
Trump-Harris Debate Behind Us
The presidential debate between Donald Trump and Kamala Harris has taken place. The result?
According to experts, the debate didn’t change much. Trump stuck to his narrative, while Harris performed reasonably well, though not spectacularly.
Polls show both candidates with similar chances of winning. Notably, the topic of cryptocurrencies did not come up during the debate.
Source: YouTube
Grayscale's Ripple Trust
Grayscale is working on an XRP trust, based on Ripple’s token. It’s important to emphasize this is not an ETF, but rather a trust. This will allow investors to gain exposure to XRP.
Could this be a hint at future XRP ETFs? The reasoning comes from the fact that prior to the launch of BTC and ETH funds, trusts (also by Grayscale) were the first to give institutional investors indirect access to these cryptocurrencies.
"Each product goes through a four-stage life cycle, with the ultimate goal of launching the product as an ETF on the exchange. As the product progresses through this intended life cycle, there is a correlated increase in access for investors and transparency," stated Grayscale.
Source: Bloomberg
The UK Regulates Cryptocurrencies
The UK's Law Commission has prepared a draft bill titled the Property (Digital Assets, etc.) Bill. The goal is to regulate cryptocurrencies and NFTs, with these assets being classified as "personal property."
What does this mean? Personal property in the English legal system refers to assets that are "tangible" but not connected to land. In practice, recognizing cryptocurrencies as "property" will assist courts in making rulings regarding these assets. It will also strengthen the rights of their owners and attract blockchain companies to the UK.
Source: gov.uk