"Hard work beats talent when talent doesn't work hard." Tim Notke
Ahlan wa sahlan, and welcome to the 44th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, Google to accept cryptocurrency payments, Ethereum supply turns deflationary, and zero trading fees for life from CoinMENA. All that and more, so let's dive into this week's letter, and talk crypto:
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Lightning Round ⚡️
Google to accept crypto payments: Google announced a deal with Coinbase enabling select users to pay for cloud services using cryptocurrencies. Initially, crypto payments will be available only to web3 companies.
Ethereum supply turns deflationary: For the first time since the Merge, ETH weekly supply turned deflationary. More ETH was burned than minted this week, reducing the overall supply available.
BNY Melon offers crypto custody solutions: America’s oldest bank, BNY Melon, will now custody digital assets alongside traditional investments on the same platform. Read more about the importance of institutional custody solutions from our Co-Founder and Managing Director Dina Sam’an’s blog.
Global News 🌍
Macro Update: The United State’s Consumer Price Index (CPI) print came in at 8.2% this week, higher than the expected 8.1%. Elevated CPI means that US Federal Reserve will likely continue increasing interest rates in an attempt to cool down inflation, which historically has not boded well for financial asset prices. Since the US Fed started tightening earlier this year, the Nasdaq Composite index is down 35% year to date, the worst start to a year in history. The classic 60/40 stocks/bonds portfolio, a traditional safe haven, is facing its worst returns since the great depression in 1929. During these bear market cycles, it's important to keep things in perspective. While this year has been difficult, at CoinMENA we have a low time preference, and our long-term view of crypto as the future of finance remains bullish.
Did you know 🤔
Less than 5% of the world has invested in cryptocurrencies.
CoinMENA News 🗞
ZERO Trading Fees for LIFE! An offer of a lifetime that you would not want to miss. Three users can win Zero Trading Fees FOREVER! And all it takes to qualify is two steps: Deposit $25 or more and trade (buy/sell) before October 31, 2022, 11 PM Bahrain/KSA time!
Tweet of the week 🐥
Quiz Corner ✅
Last week’s question: Which of the following is true about blockchain?
Answer: It is a decentralized database to store information
This week’s question: All the coins other than Bitcoin are grouped together under this category:
See the answer in next week’s newsletter.