Markets and news: April 20th, 2022

news, week 22

News in brief

Neftlix shares lost more than 25% of their value in 24h after announcment that the number of subscribers dropped for the first time in 10 years. Dun & Bradstreet lowered rating of Czech republic due to continuing war in Ukraine, it is expecting an increased number of bankruptcies in the 2022. Italy is ready to completely cut off Russian gas supplies. Inflation pushed gold prices back towards 2000 USD per ounce.

Crypto markets

Following yesterday’s swings and growth, Bitcoin kept growing in the next 24 hours and touched a 9-day high at over $41,500. Most altcoins have calmed today, with exceptions such as Solana, Terra, and Polkadot, which marked also some substantial gains. PlatonCoin on the other hand did not follow suit and sligthly dropped down as holders were collecting some of their previous profits. As a result the total market capitalization is again over 2 trillion USD.

Bitcoin (BTC) is now trading at 41,535 USD up by 2,2% in 24h

Ethereum (ETH) is now for 3,105 USD up by 2,1% in 24h

PlatonCoin (PLTC) is now for 0,633 USD down by 2,6% in 24h

Total marketcap is currently at 2.02 trillion USD up by 2.2% in 24h

(all data valid at the time of publishing, from Coingecko.com)

Crypto news

Cryptocurrencies and dead coins: In the market that currently counts nearly 19,000 cryptocurrencies, some of them were bound to have failed or turned out to be scams; as per available data, this has occurred to more than 1,700 digital assets so far. Dead coins are digital tokens that have turned out to be scams, abandoned by their teams, lacked funding, or failed for any other reason and therefore are no longer viable or active.

EU and digital euro:  The European Central Bank (ECB) has been researching and discussing a CBDC project called the Digital Euro for a while. They launched a public consultation to understand common needs & expectations for a Digital Euro. The feedback has been extremely negative. So far, over 11,000 European citizens have participated, and the general feeling is that a digital euro would be a tool for totalitarian measures and “a further restriction on citizens’ rights” because “it will be possible to disconnect anyone from the source of the money, as they have recently shown us in Canada,” in words of a user.

Australia and Bitcoin ETF: Financial regulators have greenlit Australia’s first Bitcoin ETF to begin trading on April 27 and the Australian Financial Review reports it could see up to $1 billion in inflows. An ETF is a regulated exchange traded fund that allows investors to benefit from the price of Bitcoin (BTC) without needing to own any coins themselves directly.

IMF and DeFi: The International Monetary Fund (IMF) has published a new report on global financial stability, which covers the DeFi market, among other things. While admitting that fintech can increase efficiency, foster competition, and broaden access to financial services, the IMF states that inadequate regulation and “interconnectedness with the traditional financial system” can have financial stability implications. Specifically, with respect to the crypto space, it refers to digital banks and DeFi. The organization calls for regulations for DeFi, with the focus being on stablecoin issuers and centralized exchanges.

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