Markets and news: May 12, 2022

news, week 35

News in brief

  • US stocks have had another negative session. The S&P500 has written off 1.65% and is down 7.32% in the last five days. The Nasdaq then fell 3.18% yesterday and is down as much as 12.35% in the last five sessions. The market continues to be very nervous.
  • Fuel prices on the Rotterdam exchange mirror traders’ fears about the impact of the upcoming EU embargo on Russian oil. The EU is also considering making it impossible to insure tankers carrying Russian oil. Europe is thus threatened not only by oil shortages but also by fuel shortages.
  • The Czech National Bank began to intervene extraordinarily in support of a stronger koruna.

Crypto markets

  • There were more massive price drops and the total market capitalization is down by more than 9% in 24 hours.
  • Bitcoin dumped to lows not seen in roughly a year and a half.
  • Altcoins are in even worse shape, with countless double-digit declines across almost all charts.
  • PlatonCoin is among the very few coins that are in the green numbers now, which lead to PLTC placing among the top 300 coins at the moment, both on Coingecko (more than 13 000 coins) and on Coinmarketcap (more than 19 000 coins).

Bitcoin (BTC) is now trading at 28,381 USD down by 4,3% in 24h

Ethereum (ETH) is now for 1,942 USD down by 12,8% in 24h

PlatonCoin (PLTC) is now for 0,554 USD up by 12,8% in 24h

Total marketcap is currently at 1.270 trillion USD down by 9,6% in 24h

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

Crypto news

Crypto and market fall: Bitcoin and cryptocurrencies have crashed further overnight, dropping to levels not seen since the crypto market began surging in late 2020 and wiping away almost $1 trillion worth of value in a month.

Financial markets and fall: The S&P 500, Dow Jones Industrial Average, and the Nasdaq are now far below where they started the year, declining 17.96%, 12.99%, and 29.26%, respectively before the market opened on May 12. Numerous stocks, both big and small, are struggling to hold their prices, in particular, the tech sector has been decimated. Final proof that ‘nowhere to hide’ applies: the U.S. bond market has also been struck hard this week, with losses.

Metaverse and Russian companies: Five state securities regulators issued emergency orders to the Flamingo Casino Club, a virtual casino, to immediately stop selling non-fungible tokens. The simultaneous filings by agencies in Texas, Wisconsin, Kentucky, Alabama, and New Jersey accuse the Flamingo Casino of launching operations in Russia this March and “fraudulently soliciting” NFTs.

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