This episode of Markets Daily is sponsored by Cracken.

It's Monday, September 11th, 20203, and this is Markets Daily from Coin Desk.

I'm Noelle Atchison, and I'll be hosting the Coin Desk Markets Daily podcast going forward, delivering a daily dose of market news and insight. On today's show,

we're talking about the G20, India, a new type of stable coin, and more. Some of you may know me from

the Crypto's Macro Now newsletter I write on Substack. Before focusing on the growing overlap

between the crypto and macro landscapes, I was head of research at Genesis Trading, and before that,

I was head of research at Coindesk. Yes, I'm a former coin desker, and I'm excited to be back in

the fold to bring you the latest in trends and signals. I tend to focus on big picture narratives and

sentiment shifts as well as news items that signpost the direction of crypto market development

around the world. I'm looking forward to being on this journey with you. To make sure you don't

miss an episode, be sure to follow the podcast on your platform of choice. Now, a markets roundup.

Today is a red day for crypto assets, with some tokens such as Arbitrum down over 10%,

and others such as Ripple's XRP and Cosmos' atom, down around 5% over the past 24 hours, according to CoinDesk indices.

Bitcoin is faring better than virtually all of its peers,

although at 10.30 a.m. Eastern time, it was still trading down 1.6% over the past 24 hours at $25,369.

At the same time, Ether was down 2.8%, trading at $1,578 and $82.

In the absence of any clear catalyst, it seems that traders are wary of the potential hit

to macro sentiment should this week's inflation data come in stronger than expected.

The consensus forecast, according to Investing.com, is for the headline month-on-month CPI to come in at 0.6% for August versus a 0.2% increase in July.

The Federal Reserve Bank of Cleveland's inflation nowcast, which predicts the short-term inflation reading according to a model of economic data, has the August headline CPI increasing

by almost 0.8% month on month. The sharp jump in oil prices earlier today, more on this in a minute,

didn't help sentiment. In contrast to the crypto markets, US stocks appear to be opening strong

...