Markets and news: May 6, 2022

news, week 27, week 33

News in brief

  • US indices had their worst day since the coronavirus outbreak in March 2020. Sentiment was particularly negatively affected by a further rise in bond yields. At the close of trading on the New York Stock Exchange, the Dow Jones fell by 3.12%, the S&P 500 by 3.57% and the NASDAQ Composite by 4.99%.
  • European stock markets are weakening significantly today, following on from yesterday’s extremely disappointing US session, which was triggered by multiple disappointing results from major technology companies.
  • CEOs of some large European companies are warning of the possibility of a deeper recession.
  • Oil tries again to rise towards 114 USD per barrel Brent.
  • Gold waits and stays below USD 1900.

Crypto markets

  • Crypto markets shed $150B as a reaction to the crash on the stock markets
  • Bitcoin started crashing hard and dumped by approximately $4,000. Aside from causing millions of dollars in liquidations, the cryptocurrency plunged to its lowest level since Russia invaded Ukraine, below $36,000.
  • Most altcoins followed the leader of the market.
  • PlatonCoin experienced a brief dip as there were some sales and investors collected their profits.

Bitcoin (BTC) is now trading at 36,254 USD down by 3,0% in 24h

Ethereum (ETH) is now for 2,713 USD down by 2,7% in 24h

PlatonCoin (PLTC) is now for 0,682 USD down by 25.2% in 24h

Total marketcap is currently at 1.753 trillion USD down by 4,8% in 24h

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

Crypto news

Global markets and crypto markets drop: Global financial markets plunged into disarray on May 5 as the Dow Jones saw a 1,063 point drop and Bitcoin (BTC) price plummeted to $35,571 on Binance. The widespread weakness comes as traders have had more time to digest the recent half-point interest rate hike by the Federal Reserve, the largest hike since 2000, which was done in an attempt to corral record high inflation.

Bitcoin and retirement: MicroStrategy founder and CEO Michael Saylor says that people should add crypto to their retirement portfolio following Fidelity Investments’ decision to launch a Bitcoin (BTC) option for its 401(k) plans. During Microstrategy’s Q1 earnings conference call on Tuesday, Saylor says that the leading cryptocurrency is a far better asset than gold.

Institutional investors and sales: According to Coinshares’ latest figures, the total amount of money that has flown out of the market owing to institutional investor withdrawals in a month is over $339 million. The sum was roughly $467 million at the start of the year, according to Coinshares, indicating a $128 million difference. According to the report, Bitcoin funds accounted for the majority of the recorded withdrawals. Since a whopping $133 million was seen in June last year, this figure reflects the greatest outflows from the Bitcoin fund in a week.

Spotify and metaverse: Spotify is making a foray into the metaverse, becoming the first music streaming platform to enter the virtual realm. The metaverse, and the broader realm of web3 in general, are advancing at a breakneck pace.

Leave a Reply

Your email address will not be published.

Are you new to the world of digital currencies?

Schedule a half-hour consultation.

Schedule a consultation