Markets and news: May 26, 2022

news

News in brief

  • Russia seems to be definitely going bankrupt, also due to the fact, the US Treasury banned US banks and individuals from accepting repayments from the Russian government yesterday.
  • Several positive macroeconomic reports and comments from the WEF in Davos, as well as comments by European central bankers towards the monetary policy settings, also contributed to the positive mood on the markets.
  • The gold market reached another significant psychological level – prices returned to USD 1,850 per ounce. According to analysts, the precious metal is gaining new bullish momentum as the US dollar is under further selling pressure.
  • Last year, according to Eurostat data, property prices in the Czech Republic rose by more than a quarter, which was the highest among all EU countries.

Crypto markets

  • The collapse of one of the largest stablecoins (UST) is still influencing the markets. The organized attack on this stablecoin lost investors tens of billions of dollars, causing a huge panic that subsequently spread to most cryptocurrency assets.
  • The efforts to restore the stablecoin flooded the market with large amounts of BTC (up to 80,000), causing the price of the largest cryptocurrency to plummet.
  • Traders are now looking for a local bottom in the slump.
  • PlatonCoin is proving again that it is not correlated to the crypto market and its leader.

Bitcoin (BTC) is now trading at 29,254 USD down by 1,7% in 24h

Ethereum (ETH) is now for 1,844 USD down by 6,5% in 24h

PlatonCoin (PLTC) is now for 0,846 USD up by 23,1% in 24h

Total marketcap is currently at 1.293 trillion USD down by 1,7% in 24h

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

Crypto news

Elon Musk and deepfake video scam: Tesla CEO Elon Musk has reacted to a deepfake video of him allegedly promoting a fraudulent crypto project. In a recently posted tweet, the centibillionaire stated that it was “definitely” not him. The deepfake video, which went viral on Twitter earlier this week, aims to lure investors into investing in a trading platform that offers 30% returns on crypto deposits.

JPMorgan and crypto assets: After a steep decline in cryptocurrency prices, JPMorgan has said that the fair price of Bitcoin is 28% higher than its present level, implying that there is a “considerable upside from here” for the flagship digital asset. In a note published on Wednesday, May 25, the bank said that cryptocurrencies had surpassed real estate as one of its favored “alternative assets”.

China and blockchain adoption: The Supreme People’s Court of China urged the local judicial system to adopt blockchain technology to build up connections between courts across the country by 2025. The Supreme Court said in a document published on Wednesday that blockchain can utilize the verification and sharing of judicial data, legal documents and reports.

World Bank and Bitcoin as legal tender: The World Bank has signalled its concerns over the Central African Republic (CAR) adopting Bitcoin (BTC) as a legal currency and says it won’t support the newly announced “Sango” crypto hub. At the end of April CAR president Faustin-Archange Touadéra established a regulatory framework for cryptocurrency in the country and adopted Bitcoin as a legal tender. On May 24 he announced a plan to launch the country’s first crypto hub called “Sango”.

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