Markets and news: May 20, 2022

news

News in brief

  • Stocks have continued their decline, but it is not nearly as dramatic as it has been in recent days.
  • The current account of the balance of payments ended with a surplus of EUR 8.66 billion in March. A “relative” calm can probably be expected until the European Central Bank (ECB) meeting in June.
  • New weekly jobless claims in the US accelerated to 218k. The US stock benchmark S&P500 is 19% below its peak.
  • Czech households’ deposits with banks fell in March for the first time in almost five years. The last time this happened was in May 2017. Compared to February, they fell by CZK 26 billion to CZK 3.04 trillion. In one month, they fell by almost one per cent, which is the fastest month-on-month decline since May 2013. During March, the amount of savings also fell among self-employed people, who had CZK 166 billion in savings at the end of the month, a billion less than at the end of February. Their savings thus fell for the sixth time in the last 7 months.

Crypto markets

  • After a few more days spent underneath the 30,000 USD line, Bitcoin finally jumped above it and even challenged 31,000 USD earlier. Most altcoins are also slightly in the green today.
  • Bitcoin’s dominance over the altcoins has increased to roughly 45%.

Bitcoin (BTC) is now trading at 29,431 USD down by 0,4% in 24h

Ethereum (ETH) is now for 1,950 USD down by 2,0% in 24h

PlatonCoin (PLTC) is now for 0,591 USD up by 0,4% in 24h

Total marketcap is currently at 1.310 trillion USD down by 1,4% in 24h

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

Crypto news

Swiss bank and crypto: Julius Baer Group – the Swiss private bank with over $110 billion in AUM as of 2021 – revealed that it will offer digital asset services to high-ended clients. A pilot program has been currently installed to test token booking, trading, and compliance. The group will integrate cryptocurrencies into its wealth management services by first offering relevant advice and research to its targeted clients.

Excercise and metaverse: A new survey has found that over 80% of people would be motivated to take up more physical exercise if they were paid in cryptocurrency for their efforts. The survey, which was conducted by fitness website FitRated, asked 1,001 Americans for their thoughts on blockchain-related fitness technology. The survey found that a staggering 40% of people would be willing to cancel their current physical gym membership for one in the Metaverse and that 81% of respondents would be more motivated to stay fit if they were incentivized by cryptocurrency payments.

El Salvador and Bitcoin: A central American country, El Salvador, has been buying Bitcoin since September. However, the country’s big bet on crypto has collapsed in recent weeks because the cryptocurrency washed out roughly a third of the value of the government’s assets. El Salvador is the first country to adopt Bitcoin as a legal tender. They also plan to create a crypto mining hub using power from volcanoes and issue the first sovereign bond linked to Bitcoin. Since last September, when El Salvador officially adopted Bitcoin as legal tender, the coin price has dropped 45%.

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