Markets and news: May 31, 2022

news, week 25

News in brief

  • There are mixed messages from abroad, while from China better than expected, worse from other countries.
  • US consumer confidence is expected to fall.
  • European stock indices hit their highest level in almost a month on Monday, boosted by the easing of COVID-19 restrictions in China and the creation of new stimulus to support the economy, which brought a wave of optimism to the market.
  • Germany’s inflation rate accelerated to 7.9% for May, again beating expectations, according to preliminary data. According to Bundesbank data, inflation in Germany has only been higher in the post-war period in 1951. Inflationary pressures in Germany continue to accelerate.
  • The domestic banking market is now facing one of the most dramatic base rate hikes in the world ever. In this way, the Czech National Bank is trying to combat the rapid inflation.

Crypto markets

  • The cryptocurrency market continues recovering and added another $30 billion to its capitalization.
  • Bitcoin is trading at a three-week high.
  • A lot of the altcoins are also charting notable gains.

Bitcoin (BTC) is now trading at $31,642, up 3.4% in 24 hours

Ethereum (ETH) is now trading at $1,970, up 4.0% in 24 hours

PlatonCoin (PLTC) is now trading at $1.21, up 0.8% in 24 hours

Total market capitalization is now $1.368 trillion, up 2.7% in 24 hours

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

Crypto news

80 000 BTC bought shortly after release: The Luna Foundation Guard (LFG) sold almost its entire bitcoin reserve in a failed attempt to stop the collapse of its native token LUNA and algorithmic stablecoin UST. Interestingly, all the over 80,000 bitcoins disposed of were swiftly grabbed by entities who previously owned less than 100 BTC, according to a report by on-chain data provider Glassnode.

Michael Saylor and Bitcoin investment: In a market full of chaos and sound and fury, people need a safe place to stand apart from the intervention of a government. Bitcoin represents a fair, open, equitable network with a very simple promise to anyone who wants to join. The MicroStrategy head also highlights the fact that despite Bitcoin’s poor performance over the last few months, BTC is up more than 3x since the start of the pandemic.

Doge creator and new cryptocurrencies: Billy Markus created the original meme cryptocurrency, DOGE, in 2013 as Bitcoin parody, together with Jackson Palmer. Markus tweeted recently that out of 500 new coins minted on a daily basis, nearly 100% “will definitely crash.” That is not the case for the leading cryptocurrencies.

Qatar and FIFA tournament in metaverse: Qatar is hosting the Middle East’s first metaverse FIFA gaming tournament to let fans across the globe see the top FIFA players compete for the EA Sports FIFA 22 Champions Cup.

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