Markets and news: May 4, 2022

news

News in brief

  • The EC is proposing to gradually cut EU countries completely off from Russian oil supplies by the end of the year. The EC has also proposed shutting off Russia’s largest bank, Sberbank, and two other institutions from the SWIFT international payment system.
  • The Fed is expected to raise the key dollar rate by 50 basis points today. Investors will be watching the accompanying comments especially closely.
  • Bonds fell around the world as investors braced for the biggest US rate hike since 2000 and a wave of policy tightening by other central banks. The fall in prices caused stocks and US index futures to rise.
  • European stock markets are slightly weaker today. In addition to the new EC sanctions, the decline in March retail sales in the Eurozone is also a negative factor.

Crypto markets

  • It seems that the bears had almost complete control over the market during the last 24 hours as Bitcoin declined to a daily low of $37,500. Nevertheless, BTC reacted well to this price decline and started regaining value somewhat rapidly. In a matter of hours, it jumped by over $1,000 and now is slightly above $39,000.
  • Ethereum went from a local peak of $3,000 to a multi-week low of around $2,700 but reclaimed some ground and now stands at $2,850.
  • After the recent price fluctuations, most of the altcoins have been calm in the past two days.

Bitcoin (BTC) is now trading at 39,001 USD up by 1,5% in 24h

Ethereum (ETH) is now for 2,864 USD up by 1,1% in 24h

PlatonCoin (PLTC) is now for 0,909 USD no change in 24h

Total marketcap is currently at 1.853 trillion USD up by 1,3% in 24h

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

Crypto news

Phishing scams and NFTs: Cybersecurity experts identified and disclosed the rising popularity of airdrop phishing among crypto and nonfungible token (NFT) scammers. Airdrops serve as an essential marketing tool for crypto projects, which involves sending free cryptocurrency tokens or NFTs to promote awareness among investors. However, a new report released by Malwarebytes Labs highlighted an alarming rise in airdrop phishing attempts as scammers try to cash in on the hype around Yuga Labs’ BAYC Ape-related NFT collection.

Lichtenstein bank and crypto services: Liechtenstein’s LGT Bank, which is part of LGT Group, “the largest family-owned private banking and asset management group in the world”, announced that it “now offering direct investments in cryptocurrencies.” LGT, which was formerly known as The Liechtenstein Global Trust, is owned by the princely House of Liechtenstein through the Prince of Liechtenstein Foundation.

Joe Rogan and Bitcoin: Joe Rogan, the host of the Joe Rogan Experience and the Ultimate Fighter Championship (UFC) commentator, expressed his views that Bitcoin was “a viable form of currency,” on his podcast show with mixed martial artist Khalil Rountree on May 3. He explained that: “I think of Bitcoin in the same way I think about the early internet. I think they didn’t see it coming and now it’s a viable form of currency and you can actually buy things with it and I think the government is freaking out.”

Ukraine and cryptocurrencies: People in Ukraine are turning to crypto as an alternative to Ukrainian financial institutions, which are limiting people’s access to bank accounts and foreign currency. In a recent interview, Alex Gladstein, chief strategy officer at the Human Rights Foundation said that “the fact that it can’t be frozen, the fact that it can’t be censored, and the fact that it can be used without ID is very, very important.”

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