Markets and news: April 28th, 2022

News in brief

The European financial markets will have to process the information about gas supplies, regarding the termination of Russian gas supplies to Poland and Bulgaria due to non-acceptance of payments in roubles. On the contrary, there was speculation at Bloomberg that 4 traders have already paid in rubles for gas. Another “cut-off” awaits some supplying companies in mid-May, when April invoices are due. Uncertainty is spilling over into the currency market, with the euro at its weakest levels against the dollar in 5 years. The price of black gold has been stuck in place due to the strengthening dollar, which makes barrels of this commodity more expensive. Oil is also underperforming due to the worsening economic outlook in China.

Crypto markets

After dropping to a new six-week low beneath $38,000, Bitcoin bounced back well and added almost $2,000 in 24 hours. Some altcoins have also recovered after the latest correction. According to analysts, the cause of the latest volatility was the rumour that Amazon is preparing to accept Bitcoin, which was later negated. The crypto market cap is up by around $70 billion since yesterday’s low and is back slightly above $1.9 trillion.

Bitcoin (BTC) is now trading at 39,8024 USD up by 2,0% in 24h

Ethereum (ETH) is now for 2,939 USD up by 1,5% in 24h

PlatonCoin (PLTC) is now for 0,882 USD up by 10,3% in 24h

Total marketcap is currently at 1.926 trillion USD up by 1,8% in 24h

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

Crypto news

Crypto and exploits: According to a research report, $1.3 billion in digital currencies have been stolen during the first quarter of 2022. The study, published by cryptomonday.de researchers, further highlights that 97% of the stolen funds derived from decentralized finance (defi) protocol exploits. 2022 is already breaking records in terms of stolen cryptocurrencies from hacks and exploits. Last year, $3.2 billion in digital currencies were stolen and so far, 2022 has recorded over 40% of 2021’s aggregate during the first quarter alone.

Meta and metaverse loss: Meta Platforms Inc., formerly known as Facebook Inc., posted its Q1 2022 earnings on Wednesday, with its Metaverse-focused Reality Labs division posting increased losses. The Reality Labs division — formerly known as Facebook’s Oculus division — has been spending increasing sums of capital on developing virtual reality and metaverse-related products, posting a $2.9 billion loss for Q1 2022. That’s 61% more than its $1.8 billion loss in Q1 2021.

Nepal and crypto ban: Nepal’s regulator of the technology sector, the Nepal Telecommunications Authority (NTA), issued a notice Monday warning the public about engaging in illegal activities, specifically naming cryptocurrency, bitcoin, and online gambling. Noting that transactions using digital technologies, such as cryptocurrency, have been on the rise in Nepal, the NTA stressed that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. The regulator proceeded to warn the public that activities involving cryptocurrencies, including bitcoin, are illegal and criminal.

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