Markets and news: April 27th, 2022

news

News in brief

The euro weakened today against the dollar to its lowest level in 5 years. According to some commentaries, EUR is quite clearly heading towards parity against the USD. The weakening of the euro has been supported by the halt of Russian gas supplies to Poland and Bulgaria and the related fears of a possible recession of the European economy in the event of a halt in supplies. The EU as a whole is about 40% dependent on Russian gas supplies. Analysts estimate that higher energy prices and a weaker currency will increase overall prices and inflation respectively.

Crypto markets

High volatility is back on the crypto markets. Only one day after Bitcoin took over $40,000, it reversed its trajectory and dumped to a six-week low beneath $38,000. Vast majority of altcoins are also deep in the red numbers, when Dogecoin lost all recent gains that came out of the takeover of Twitter by Elon Musk.

Bitcoin (BTC) is now trading at 38,834 USD down by 3,5% in 24h

Ethereum (ETH) is now for 2,862 USD down by 3,9% in 24h

PlatonCoin (PLTC) is now for 0,880 USD up by 10,0% in 24h

Total marketcap is currently at 1.883 trillion USD down by 3.6% in 24h

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

Crypto news

Grayscale and Europe: The world’s largest digital asset manager, Grayscale, is gearing up for expansion into the crowded European market. According to the CEO, Michael Sonnenshein, the company is negotiating with several potential European partners to launch a series of pilot projects in different countries. “Although the EU is unified, we don’t view the entire European market as, in fact, one market,” said Sonnenshein.

Cuba and crypto licences: Banco Central de Cuba (BCC), the nation’s central bank, announced on April 26 that it would issue licenses for virtual asset service providers (VASPs). As per the Gaceta Oficial, No. 43, published on Tuesday, April 26, which contains the Central Bank of Cuba resolution, anybody wishing to offer virtual-asset-related services must first get a license from the BCC.

Brazil and cryptoregulation: Brazilian lawmakers voted in favor of a bill designed to regulate and legalize cryptocurrencies in the country. The Senate passed the proposal on Wednesday, per reports. Details from the suggested crypto-focused policies highlight Brazil’s approach to regulating the digital asset industry. Lawmakers propose that virtual assets should fall under the purview of the executive government.

Crypto and regulations: Despite cryptocurrencies like Bitcoin (BTC) becoming increasingly more popular and accepted as a valid alternative to more conventional assets, the market has remained largely unregulated for more than a decade. The longer this situation draws out, the worse could the regulatory crackdown on crypto be due to heightened risks to investors and the economy, stated Bill Dudley, an American economist who served as the president of the New York Federal Reserve Bank between 2009 and 2019, in his Bloomberg opinion piece published on April 26.

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