Markets and news: June 2, 2022

news

News in brief

  • A cautiously positive mood prevailed on world markets today. Activity was lower given the closed markets in London for the Royal Jubilee celebrations.
  • Investors will be waiting for important labour and industrial data, and also for the monthly unemployment report.
  • The Czech republic’s state budget has fallen into an almost CZK 200bn deficit.
  • The OPEC+ meeting took place today. Saudi Arabia could increase oil production at a faster pace in response to European sanctions against Russia.
  • The significant movement of the dollar resulting from OPEC meeting, prevented market participants from significantly increasing the price of gold.
Crypto markets
  • Bitcoin’s attempt to reach above $32,000 did not last long as the asset fell by a few thousand dollars and dipped below $30,000 once again. There was a slight recovery above $30,000 after news from OPEC meeting.
  • The altcoins are also mostly covered in red today, with ETH sliding to $1,800.
  • PlatonCoin dropped down as a slight correction of the previous ATH took place.

Bitcoin (BTC) is now trading at $30,278 down by 1.0% in 24 hours

Ethereum (ETH) is now trading at $1,818 down by 2.4% in 24 hours

PlatonCoin (PLTC) is now trading at $1.09 down by 10,6% in 24 hours

Total market capitalization is now $1.303 trillion, down by 2.1% in 24 hours

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

Crypto news

Bitcoin and Ethereum: The CEO of an investment management firm founded by George Soros says cryptos have passed the test when it comes to appealing to traditional investors. In an interview with Bloomberg Wealth, Dawn Fitzpatrick of Soros Fund Management (SFM) tells host David Rubenstein that among the top two crypto assets, she believes Ethereum (ETH) will grab more market share from Bitcoin (BTC) due to environmental concerns.

CEO of JPMorgan and warning: The CEO of JPMorgan & Chase, Jamie Dimon, warned about an incoming economic hurricane Wednesday at a financial conference. “It’s a hurricane,” Dimon exclaimed. While noting that “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it,” the JPMorgan executive stressed: That hurricane is right out there down the road coming our way. We just don’t know if it’s a minor one or Superstorm Sandy … You better brace yourself.

White House and Bitcoin mining: The United States government plans to unveil the first-ever policy targeting Bitcoin mining to address factors like the sector’s energy regulation and climatic impact. The policy proposal is expected to be out by August and will review some of the industry’s criticism, including claims of lacking a societal benefit, Bloomberg Law reported on June 2. Notably, the development comes after President Joe Biden signed an executive order in March calling on federal government agencies to promote the responsible development of digital assets.

 

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