Markets and news: May 25, 2022

news

News in brief

  • World stock markets are still volatile.
  • European Central Bank President Christine Lagarde outlined the central bank’s path to monetary policy normalisation on Monday. She is now setting the stage for a July interest rate hike.
  • The USD dropped upon the news from ECB.
  • Gold prices rose nearly 4% after last week’s rebound from support below $1,800 an ounce.

Crypto markets

  • The crypto market has been in a stabilization phase for the past week after the serious collapse of market leader bitcoin, followed by most altcoins.
  • Most coins have now gone into a sideways trend and investors are now rather waiting.
  • The quantitative tightening program begins in June, which will most likely directly influence the liquidity of the crypto market and Bitcoin.

Bitcoin (BTC) is now trading at 29,835 USD up by 1,8% in 24h

Ethereum (ETH) is now for 1,978 USD up by 0,3% in 24h

PlatonCoin (PLTC) is now for 0,823 USD down by 5,3% in 24h

Total marketcap is currently at 1.327 trillion USD up by 0,6% in 24h

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

Crypto news

Bitcoin and red candles: On May 23, Bitcoin (BTC) formed its eighth straight red weekly candle for the first time in the flagship digital assets history. The current situation in the cryptocurrency market remains bearish, and as things stand, Bitcoin looks to be forming its ninth straight red candle as a result, according to data from TradingView.

MasterCard and crypto adoption: MasterCard’s Vice President of new product development and innovation, Harold Bossé, believes that mass adoption of crypto assets and blockchain technology will happen sooner rather than later. In a blockchain webinar on May 24, Bossé noted that there are already millions of people today consuming and sending crypto assets around the world. He did note that there were a number of challenges to overcome before cryptos become mainstream. Lack of senior management understanding, commercial rationale surrounding scalability, cost and speed, and regulatory concerns, are among them he stated.

China and CBDC: The Lu Xun High School in China’s Hainan province has provided students with a new campus smart card device with digital yuan payment functionalities, further expanding use of the e-currency at education institutions. The digital yuan, also known as the e-CNY, is China’s central bank digital currency (CBDC), which is being trialed in 23 regions and cities.

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