Daily Digest 9/28
Insight on the biggest news and charts that provide context for whats going on in the market today.
The consumer confidence index is a survey that reflects the current conditions for businesses that comprises consumer buying attitude, inflation expectations as well as other consumer sentiment metrics.
In this month's report it shows that confidence is down again for the third straight month. The Index now stands at 109.3 which is down from 115.2 in August.
The report also shows that people are less confident in the short term of being able to find jobs. Conversely, it also causes them to be less confident in the short term financial outlook.
Crypto tax ‘a top enforcement priority,’ reminds IRS Commissioner
Nothing is really known about crypto taxes except for the fact that the IRS is trying to regulate crypto investments in some way, shape, or form.
The newest reform the IRS is trying to put in place is to ensure businesses that grow, distribute, and sell weed will be compliant with their crypto taxes.
Another attempt at separating you from your money was an amendment added to the infrastructure bill that would have raised $28 million of taxing crypto investments.
Interestingly though this bill also introduces a wash trading rule. This will prevent people from claiming capital gains deductions or losses to avoid paying more taxes.
Chinese Crypto Investors Blocked From CoinGecko, TradingView
China is pulling out all the stops now to make sure all of the citizens of the CCP have as hard a time as possible to get any information on digital assets that is not the digital Yuan.
The Great internet Firewall has now blocked major market data websites CoinGeko, Coinmarketcap, and others and can be checked on Greatfire.org that they are still fully blocked by the country.
Chinas ban last week may have been mulled over because it was the 100th time they had banned crypto in recent memory. This time they seem to be more serious as one of the largest ETH miners, SparkPool, in the world also just had to close up shop.
China has also forced Alibabab to stop selling any crypto mining equipment as of yesterday.
The S&P CoreLogic Case-Shiller report shows that year-over-year home prices are showing a staggering 19% increase across the 9 census jurisdictions.
Many factors are going to cause the price of homes and property to rise in the near future with fears of inflation and costs of goods and labor increasing rapidly. Lumber is up from $334 on March 12th 2020 to $660 as of today.
Phoenix has seen the largest year-over-year change with an increase of 34%. The three cities with the largest increases were Phoenix, San Diego, and Seattle.