#CryptoCornerSeason2 | Cryptocurrencies In Focus & Macro Volatility - Crypto logs strong monthly gains despite macro volatility - US Treasury pressure mounts as exchanges freeze accounts - Bitcoin adoption surges in hyper-inflationary regional economies -

CNBC TV 18 presents Crypto Corner powered by Binance. Welcome to Crypto Corner and let me tell you that as has been the case with other asset classes, there is intense volatility that we are looking at in case of cryptocurrencies as well. There are structural macro pressures. the US Iran conflict is driving crude oil prices higher and that is impacting our asset classes across board. While the last 24 hours may not have been good where we have seen many of these crypto currencies decline, but let me bring up that chart for you which shows that we can't week and month on month many of the many of these crypto currencies. Are still trading in the positive. So there you have Bitcoin which has gained up 2 1/2 percent on a weekly basis, but 24% of gains on a month on month. And that's exactly what you are looking at for Etherium for Cardano. But the best of the gains and outperformance clearly comes in from Solana, which has run up quite strongly 4% on weak, but the last one month has shown 38% gains coming in for that one by an answer. In the meanwhile also has gained 10% on week and 26% on a month on month basis. So that's a pretty picture that you're looking at in sense of. Cryptos there, but there is so much happening in sense of news flows as well. You have the US Treasury which is suspended 5 critical office of foreign Assets which is a OFOFAC at the general licenses have been suspended and that means that the international exchanges cannot now deal with Iran linked accounts to retain access to U.S. financial system. Well, that being said, the annual crypto transaction volumes in West Asia and North Africa have surged to a high of three $50 billion therein. Well, the citizens in hyperinflationary zones like Turkey, Egypt, Iran also seem to be turning to Bitcoin and U.S. dollar pegged stable coins to make their dealings therein. A report also suggests that 71% of Bitcoin circulating supply is currently in profit therein that is coming in from Glass node and Bitfinex. Apart from that, the corporate treasury buying also seems to have accelerated in the matter of last one week and month. But what you need to watch out forward is the US Senate procedural. Porcher wrote, Well, that's happening on 15th of September. The bill requires 60 votes to advance to formal floor debate. And that is something that the Street will watch out for. OK, thank you for that. But Manisha, you just saw the flashes at the bottom of your screen as well, $100 per barrel on crude. Ohh, yes. And that is something that the markets were perhaps already anticipating. You know, from Bank of America to Goldman Sachs to Eurasia Group to Barclays, almost everybody's talked about this, that if the conflict just about continues and there are more damages to refineries there, you are perhaps looking at much higher prices going forward. Well, many of these banks and brokerages believe that 100 is just a psychological level. Once that passes, you're looking at 105 ten 12150 also is a level coming in from some banks. So well, yes, it's anybody's guess out there on how much they have damage. How long will this continue? And you perhaps could be looking at those, Manisha, any average that the market is working with the markets base case scenario is still 80s and 90s, which they believe will we'll see by the month of November. That is when the US midterm elections are also there. But if this is just about continues, then that base case is perhaps. Left behind and these are concerning levels clearly for India as well where our crude oil basket is now above $100. 00. So and sustaining there. OK, 9% rise in Brent crude in just the month of September. Absolutely, right. You know, it's just something worrying that we're keeping an out on at least in terms of the exposure that our companies also have. Whether you look at Pains Aviation, all of them do see an impact, but $100 per barrel and higher levels is what Manisha is highlighted as well as what the street is expecting. So let's watch out. Put that on that note. We're gonna step into a very short break. After the break, we'll come back with more on markets. Stay tuned in. CNBC TV 18 presents Crypto Corner powered by Binance.