US treasury bans use of Tornado Cash raising doubts on the crypto market
|The news that the US Treasury Department has banned all Americans from using decentralized crypto-mixing service Tornado Cash or any of the Ethereum wallet addresses tied to the protocol after North Korean hackers allegedly used it to launder stolen crypto funds has once again raised doubts on the stability of the whole sector. This news highlights the fragility of the cryptocurrency market and the ability of regulators to crack down on service providers based on a variety of reasons, particularly national security. While general market conditions appear to be slightly improving, despite contrasting economic data, this news casts a shadow over the cryptocurrency market and may discourage further investments from people fearing their coin may be the next one to be targeted.
Sales figures show signs of improvement boosted by summer heatwave
Sales improved in July as the heatwave boosted sales of hot weather essentials such as summer clothing, picnic treats, and electric fans. While consumer confidence remains weak, and despite the cost of living crisis and on-going reports of low consumer confidence actual sales still managed to hold up. However, things could change drastically after the summer with the economic situation expected to get even tougher as consumers return from summer breaks to holiday credit card bills, another energy price hike and rising interest rates. This in turn could lead to a noticeable drop in demand which could have cascading effects on the economy and further add to ongoing recession fears.
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