Markets and news: May 3, 2022

week 21

News in brief

  • The Czech state budget, according to the treasury’s performance, ended up with a deficit of CZK 100 billion at the end of April (-192 billion in April 2021).
  • Firms reported that the war in Ukraine has made a wide range of inputs (energy, metals, packaging materials) significantly more expensive and exacerbated shortages in supply chains.
  • The S&P 500 index showed a low for the year on the very first day of May, but still managed to bounce back ending the trading day 0.6% in the black. Other indices also showed a turnaround during yesterday’s trading, namely the Dow Jones added 0.3% and the Nasdaq even 1.6%.
  • Most Western European markets reported losses of just over 1.5%. The negative sentiment was boosted by an unexpected 0.1% drop in retail sales in Germany.
  • China, the world’s second-largest economy, released data over the weekend showing that factory activity fell to February 2020 levels due to anti-pandemic measures.
  • Oil followed the equity markets but eventually ended in the green.

Crypto markets

  • After the recent ups and downs, Bitcoin has remained relatively calm and now is resting just below $39,000.
  • Most altcoins are also in a similar position, with exception of Algorand, which soared upon the news of its partnership.
  • The similar pattern applies for total market cap, which is now just below 1,9 trillion USD.

Bitcoin (BTC) is now trading at 38,543 USD down by 1,2% in 24h

Ethereum (ETH) is now for 2,844 USD no change in 24h

PlatonCoin (PLTC) is now for 0,909 USD down by 1,1% in 24h

Total marketcap is currently at 1.835 trillion USD no change in 24h

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

Crypto news

Coinbase CEO and crypto users: Coinbase CEO Brian Armstrong is predicting that one billion people will have used crypto in the next decade. Speaking on the first day of the Milken Institute Global Conference in Los Angeles, Armstrong said: “My guess is that in 10-20 years, we’ll see a substantial portion of GDP happening in the crypto economy.” Armstrong was joined by star investor Cathie Wood, who said: “In the case of DeFi and next-generation internet, we are seeing a lot of financial companies losing talent to crypto.”

Crypto.com and staking: Crypto.com announced yesterday that it plans to phase out the staking rewards and slash the cashback rates on its Visa cards on June 1. The move has sent the community into dismay, with many now questioning the whole viability of the card product itself and the company’s health.

Algorand and FIFA: Blockchain project Algorand has signed a partnership with FIFA, becoming the official blockchain sponsor of the 2022 FIFA World Cup that is scheduled to kick off on Nov. 21. The financial terms of the high-profile deal haven’t been disclosed. FIFA will also create its own cryptocurrency strategy with the help of Algorand. The price of the ALGO token has surged more than 20% over the past 24 hours, according to CoinMarketCap data.

Argentina and crypto services: Argentina’s largest private bank, Buenos Aires-based Banco Galicia, is making available to customers four different cryptocurrencies—Bitcoin, Ethereum, USD Coin, and XRP.

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