Markets and news: May 24, 2022

news

News in brief

  • The World Economic Forum continues with main topics being inflation and stagflation, rising food prices and increased tensions in the geopolitical field.
  • According to report, the total debt of the Czech population recorded in the Banking and Non-Banking Customer Information Register reached CZK 3.07 trillion at the end of the first quarter and increased by a record CZK 407 billion year-on-year. Czech consumers’ confidence in the economy fell to its lowest level since May 2012.

Crypto markets

  • Bitcoin failed again at breaking through the level of 30 000 USD.
  • There is an outflow of institutional investors from the cryptomarkets.
  • The crypto markets dropped down with most altcoins in red numbers.
  • PlatonCoin on the other hand is profiting from its successful summit and reporting a gain of more than 6%.

Bitcoin (BTC) is now trading at 29,357 USD down by 3,9% in 24h

Ethereum (ETH) is now for 1,975 USD down by 4,9% in 24h

PlatonCoin (PLTC) is now for 0,871 USD up by 6,1% in 24h

Total marketcap is currently at 1.321 trillion USD down by 3,5% in 24h

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

Crypto news

WEF and crypto: The third day of WEF 2022 will see the OECD secretary-general share his thoughts on a reimagined global tax system and industry experts discussing DeFi as the future of decentralized governance.

Coinbase and Fortune 500: Exchange operator Coinbase has become the first crypto company to make the Fortune 500 cut — an annual list of America’s largest corporations by revenue — ranking at 437. The move comes despite Coinbase’s current struggles induced by bearish market conditions. This is because Fortune has ranked companies for its 2022 list based on their 2021 revenues.

Grayscale and cryptoinvestments: Despite the recent cryptocurrency market sell-off, optimism is still very high among some of the crypto’s top figures, including Mike Sonnenshein, the CEO of the crypto asset management company Grayscale. In an interview with Yahoo! Finance published on May 24, Sonnenshein said that crypto had to be examined “in the context of what has been happening in the broader markets.” He explained that the rising rates in the United States have caused a lot of volatility among different asset classes – crypto along with it.

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