Markets and news: June 7, 2022

news

News in brief

  • European stock markets rose significantly today. All major sectors were in the black.
  • US markets start the new week on an optimistic note, correcting the declines of last week.
  • The DJIA weakened last week and it was the 9th decline in the last 10 weeks.
  • The broader S&P 500 wrote off another 1.2% and the Nasdaq around 1%. It was the 8th straight week in the red for both indices.
  • Further easing of covid restrictions in China could have a positive effect of the restoration of normalcy in the world’s second largest economy on global economic developments.
  • This week will bring key US inflation data that will indicate what the Fed’s next reaction will be regarding rate setting and the overall tone of monetary policy.
Crypto markets
  • At the end of last month, bitcoin soared to a multi-week high above $32,000 after breaking above $30,000. It failed at that point and quickly dumped to $29,000 a day later.
  • Bitcoin is now trading sideways around and beneath the $30,000 mark.
  • Altcoins are following the leader again.
  • PlatonCoin is going against the market trend.

Bitcoin (BTC) is now trading at $31,396 no change in 24 hours

Ethereum (ETH) is now trading at $1,848 down by 0.6% in 24 hours

PlatonCoin (PLTC) is now trading at $1.36 up by 3,1% in 24 hours

Total market capitalization is now $1.331 trillion, down by 0.3% in 24 hours

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

Crypto news

PayPal and crypto payments: PayPal has announced the launch of new features, including crypto transfers with other wallets. Initially, PayPal users could only buy, sell and hold digital assets on the platform without the ability to send or receive crypto to other wallets. PayPal has also been granted a full BitLicense by the New York Department of Financial Services (NYDFS), paving the way for other crypto financial services, including a possible stablecoin

Bitcoin bank and FED: Bitcoin bank Custodia today sued the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City charging they have “unlawfully” delayed for 19 months acting on its application for a master account with the Federal Reserve.

U.S. Senate and crypto bill:Senators Cynthia Lummis and Kirsten Gillibrand have unveiled their bipartisan crypto bill. Dubbed the Responsible Financial Innovation Act, the bill aims to settle the most consequential issues currently hanging over the industry. It gives the CFTC primary authority over crypto spot markets, sets tax exemptions for small-scale purchases of goods and services with crypto, clear standards for stablecoins, and much more.

Would you like to gain a better understanding of the world of cryptocurrencies? Try our series of educational articles for newbies. Did you find a term in the text that you don’t understand? You can find all the most commonly used terms in our glossary. Would you like to know more about how to invest safely in cryptocurrencies? Contact us

Are you new to the world of digital currencies?

Schedule a half-hour consultation.

Schedule a consultation