Daily Crypto NewsEDITION #312, 23 September 2021

As long as the money printer lives, so does our comrade

Hey Moni Maker

Today is Gastronomy Day in France. Ah, how nice it is sometimes after a hard day's work to eat your favourite pizza, rolls or burgers, then lie back and watch Netflix... only it's a pity it's not entirely about us :)

Crypto can forgive a lot of mistakes, but crypto will never forgive the inactivity. That's why we try to eat less to make it easier to work.

And to read our Digests. Let's go!

China’s central bank boosted its gross injection of short-term cash into the financial system after concern over a debt crisis at China Evergrande Group roiled global markets.

The People’s Bank of China pumped 120 billion yuan ($18.6 billion) into the banking system through reverse repurchase agreements, resulting in a net injection of 90 billion yuan. That matches the amount seen on Friday, and was just below that of Saturday. Sentiment was also boosted after Evergrande’s onshore property unit said it plans to repay interest due Thursday on its local bonds.

“The PBOC’s net injection is probably aimed at soothing nerves as the market worries about Evergrande,” said Eugene Leow, a senior rates strategist at DBS Bank Ltd. in Singapore. “While the aim may be to instill discipline, there is also a need to prevent contagion into the real economy or to other sectors.”

So what?

The Communists are saving the economy.

Well, the hamsters sold off their assets in fear, but the assets bounced like rubber bullets off a bulletproof vest.

Sources close to the Chinese Government have told Asia Markets a deal that will see China Evergrande restructured into three seperate entities is currently being finalised by the Chinese Communist Party and could be announced within days.

State-owned enterprises will underpin the restructure, effectively transforming the property developer into a state-owned enterprise.

LEL.

So what?

Well, that's old news - the one above is fresh. Just to complete the picture. More precisely, the completeness of the party.

That's what the head of the OCC, Michael Hsu, thinks. Well, not just like that, here's a quote:

“I have seen one fool’s gold rush from up close in the lead up to the 2008 financial crisis,” he said. “It feels like we may be on the cusp of another with cryptocurrencies (crypto) and decentralized finance (DeFi).”

Hsu also took aim at the DeFi sector for promising returns without outlining clear answers about how those returns are generated.

“A wide range of DeFi platforms offer staking, yield farming, or liquidity mining. All of these are marketed as passive investing plays,” he said. “No active buying and selling is necessary. How are the returns generated? It is hard to get straight answers that don’t quickly devolve into crypto speak.”

FOOLS!!!

Degen is the name of a person who understands DeFi very well. Yes, crypto is toxic.

And more you can find in our Glossary!

And you...buy Bitcoin! (it's a good time!)