Markets and news: June 3, 2022

news

News in brief

  • The U.S. economy as a whole created a total of 390,000 new jobs in May, according to government statistics, beating market estimates set at about 328,000.
  • Key stock market indices of Western European countries are now showing weaker growth after a two-day decline.
  • According to a flash estimate by Eurostat, the European statistics office, the annual inflation rate in the euro area reached 8.1% in May this year. This is another significant increase from April’s 7.4%, compared to the previous month.
  • As for the Czech Republic, consumer price growth accelerated further in May to an annualised 15.5%. In our view, the declining purchasing power of households has already started to have a negative impact on retail sales volumes.
  • The deterioration in supply chains due to the war in Ukraine and the covid related lockdowns was not as pronounced as expected in April.
Crypto markets
  • Although the Bitcoin bulls did their best to hold the important psychological level of $30 000, they did not manage and BTC dropped below again.
  • That is due to a broader consolidation across the entire crypto market as most of the altcoins are trading flat or in red over the past 24 hours.
  • PlatonCoin is reporting green numbers and going against the market trend again.

Bitcoin (BTC) is now trading at $29,752 down by 1.6% in 24 hours

Ethereum (ETH) is now trading at $1,767 down by 3.6% in 24 hours

PlatonCoin (PLTC) is now trading at $1.16 up by 7,6% in 24 hours

Total market capitalization is now $1.277 trillion, down by 1.7% in 24 hours

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

Crypto news

New York state and ban on PoW: A bill that targets proof-of-work mining (PoW) was approved by the New York State Senate on Friday, June 3 in order to address some of the environmental concerns that have been raised about cryptocurrencies. Bitcoin (BTC) and a few other cryptocurrency projects employ the PoW technique of consensus to validate transaction requests.

El Salvador and Bitcoin bonds: The Government of El Salvador keeps delaying the issuance of the much-expected bitcoin bonds due to the falling prices, as indicated by the Minister of Finance during an interview.

Japan and stablecoins: Japan’s parliament has passed legislation clarifying the legal status of stablecoins. The new bill also mandates that any entity providing stable crypto assets must guarantee holders the right to redeem their tokens at face value.

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