News in brief
- Precious metals are falling while the US dollar is strengthening. The only exception is palladium, which is up 0.2%.
- The US Treasury Secretary admits she was wrong about inflation.
- The partial embargo on EU oil imports, announced on Monday, will affect about 90% of the existing volume. This will not be a problem for Russia because it will find other customers.
- The inflation rate in the eurozone was 7.4% in April and accelerated to 8.1% in May. This beat expectations of 7.7%. Energy prices went up the most.
- Cryptocurrencies have been declining slightly following the market recovery.
- Bitcoin retreated slightly after touching its intraday high of $32,400 and is trading below $32,000.
- Altcoins have undergone significant growth, but most of them have calmed down on a daily basis.
Bitcoin (BTC) is now trading at $31,555, down 0.1% in 24 hours
Ethereum (ETH) is now trading at $1,936, down 1.6% in 24 hours
PlatonCoin (PLTC) is now trading at $1.21, stays the same in 24 hours
Total market capitalization is now $1.361 trillion, down 0.4% in 24 hours
(all data valid at the time of publishing, from Coingecko.com)
Bank of England on the eventual fall of the stablecoin: Britain’s Treasury said the potential failure of a major stablecoin could pose a serious impact on consumer protection and financial stability. It therefore proposed that the Bank of England should take on a potential rescue role to limit the impact on the real economy and use a special governance regime.
Crypto AUM falls in May: the collapse of the Terra ecosystem has also contributed to falling crypto asset prices and thus to falling AUM. According to CryptoCompare, assets of crypto-investment products with BTC decreased by 26.8% to $24 billion in May. ETH saw a 33.9% decline to $8.52 billion.
Goldman Sachs reportedly eyeing crypto derivatives markets: one of the leading investment banks in the US, Goldman Sachs, is reportedly looking to incorporate some of its derivatives products into its FTX.US crypto offering. At the same time, it is in talks with FTX to help with regulation and public listing and is looking to expand its crypto-derivatives offering.
Soros Fund Management is more interested in ETH than BTC: The reason is the belief that environmental impact will be an important element especially in the future, which could also be a determining force as to which cryptoassets gain momentum. Dawn Fitzpatrick also outlined in the interview that cryptocurrencies became mainstream when Fidelity allowed investors to add BTC to their retirement plans.