Markets and news: June 8, 2022

Markets

News in brief

  • European markets lost significantly today.
  • Investors paid attention to the OECD’s downgrade of its outlook for this year and are also looking with considerable anticipation to tomorrow’s ECB rate decision and the overall tone of monetary policy, and then to Friday’s US inflation.
  • The ECB is expected to start actually tightening the screws on its monetary policy settings tomorrow.
  • Crude oil continued to rise slightly today and moved further above the level of USD 122 per barrel of Brent.
Crypto markets
  • Bitcoin is still trading in a narrow range of $29,000-$31,500.
  • Investors are worried about the pace of monetary tightening by Fed, which could lead to a significant slowdown in economic growth of the U.S.
  • As a result, we have seen a preemptive reduction of liquidity by market players in order to preserve it and then redistribute it profitably.

Bitcoin (BTC) is now trading at $30,272 down by 3,6% in 24 hours

Ethereum (ETH) is now trading at $1,802 down by 2.4% in 24 hours

PlatonCoin (PLTC) is now trading at $1.31 down by 3,7% in 24 hours

Total market capitalization is now $1.297 trillion, down by 1.8% in 24 hours

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

Crypto news

Bitcoin whales and BTC price: According to on-chain analytics resource Whalemap, Bitcoin whales have all but dictated market performance in recent weeks. In a fresh analysis published on June 7, Whalemap researchers showed that BTC/USD local tops and bottoms have coincided with areas of heightened whale activity. When Bitcoin’s largest wallet entities choose to buy or sell, price reacts accordingly. For those looking to reduce risk trading short timeframes, it may thus suffice to act according to where popular whale levels lie.

Ethereum and PoS: In preparation for the Ethereum merge happening later this year, developers have activated the merge on the Ropsten test network. The merge took place on Wednesday afternoon after the move was first announced on June 3. Ropsten’s proof-of-work chain was merged with its proof-of-stake beacon chain by combining their codes into one. Today’s merge is critical to check if client software using Ethereum nodes performs without any glitches.

Uganda and Bitcoin: The Bank of Uganda has advised members of the Blockchain Association of Uganda to understand more about cryptocurrency sector. The bank has stated that it will be glad to work with crypto platforms in its forthcoming Regulatory Sandbox. It referenced a meeting between both parties early last month in a letter addressed to Kwame Rugunga, the Blockchain Association of Uganda (BAU) chairman, dated June 1. According to the central bank, the group should improve the regulations before another discussion on technical issues.

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

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