Analysts say the Fed has no choice but to continue raising rates

As economic conditions continue to worsen, financial experts worldwide are increasingly placing the blame at the feet of the Federal Reserve after the central bank was slow to respond to rising inflation early on. Financial markets are currently experiencing their worst stretch of losses in recent history and it doesn’t appear that there is any relief in sight as May 24 saw the tech-heavy Nasdaq fall another 2%, while Snap, a popular social media company, shed 43.1% of its market cap in trading on May 23.  This past couple of…

Read More

One in ten households in eurozone population centers now own cryptocurrency

On Tuesday, the European Central Bank, or ECB, published the results of a new survey conducted in six eurozone areas; the Netherlands, Spain, Italy, Belgium, France, and Germany. Together, approximately 10% of respondents from the surveyed countries said they own cryptocurrencies. Out of this group, only 6% of respondents said they own digital assets worth more than 30,000 euros. Meanwhile, 37% of respondents said they owned up to 999 euros in crypto. Across all of the countries surveyed, investors in the fifth income quintile (or the wealthiest 20% of the…

Read More

Weak stocks and declining DeFi use continue to weigh on Ethereum price

Ether’s (ETH) 12-hour closing price has been respecting a tight $1,910 to $2,150 range for twelve days, but oddly enough, these 13% oscillations have been enough to liquidate an aggregate of $495 million in futures contracts since May 13 according to data from Coinglass. Ether/USD 12-hour price at Kraken. Source: TradingView The worsening market conditions were also reflected in digital asset investment products. According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, crypto funds and investment products saw a $141 million outflow during the week ending…

Read More

Web3 no longer just about crypto and DeFi, says Polkadot founder Gavin Wood

Although Web3 has become a sort of buzzword in the cryptocurrency community, its application and utility extend far beyond the world of blockchain, according to Polkadot founder Gavin Wood.  In an exclusive interview with Cointelegraph at the World Economic Forum’s Annual Meeting in Davos, Switzerland, Wood talked about Web3 applications and whether the all-encompassing concept needed to evolve past its current usage. “I don’t think Web3 needs to evolve, really, from its origins too much yet but maybe in the future, it will,” he said before explaining the merits of…

Read More

Mercado Bitcoin partners with Stellar to create MVP for Brazilian CBDC

Brazilian exchange Mercado Bitcoin announced its partnership with the Stellar Development Foundation (SDF) on Tuesday. The company said it intends to develop one of the nine projects selected for the LIFT Challenge Real Digital, promoted by the Central Bank of Brazil. The LIFT Challenge Real Digital are a collaborative environment carried out by the Central Bank of Brazil (Bacen), in partnership with National Federation of Associations of Central Bank Servers (Fenasbac). With the announcement of Stellar’s integration, SDF will join the consortium created by Mercado Bitcoin to develop solutions for Real…

Read More

Trust and clarity are missing in discussions of carbon emissions and crypto

The need for a clear, balanced concept of the issue was a constant theme at the panel discussion of crypto’s carbon footprint at the 2022 World Economic Forum. There was general agreement that there has been a rush to judgment on the consensus mechanisms of crypto mining and education, and careful policymaking can counteract it. “Crypto tribalism” on social media is an impediment to environmentally sound crypto mining, FTX.US president Brett Harrison said, comparing the situation to politics. “A vocal minority obscures the majority,” he said, while there is a…

Read More

Assuming Bitcoin plays nice, higher timeframe analysis points to $90 Solana (SOL) price

Solana price has begun to consolidate in a tightening range and if the wider market remains stable, it’s possible that SOL could break out in the short-term. SOL’s upside potential in the short-term could be significant with the move itself occurring quickly. The 2022 Volume Profile between $53 and $90 is extremely thin, indicating that any daily close above $53 would easily move towards the next high volume node in the $90 value area. In addition, the 50% Fibonacci retracement of the all-time high to the July 26, 2021 weekly…

Read More

Crypto funds under management drop to a low not seen since July 2021

Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move which reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021.  According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600…

Read More

Bitcoin price returns to weekly lows under $29K as Nasdaq leads fresh US stocks dive

Bitcoin (BTC) fell on the May 24 Wall Street open as weakness in stocks saw sell-side pressure return. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Equities give crypto no respite Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it revisited its lowest levels of the past seven days. At the time of writing, BTC/USD traded at around $28,800 amid volatility, having hit $28,614 on Bitstamp — a zone last seen on May 18. The S&P 500 lost 2.4% on the open, while the Nasdaq 100 managed a 3.5% decline.…

Read More

What do UK’s recent regulatory aims for crypto mean?

In April, the United Kingdom’s Economic and Finance Ministry, also known as Her Majesty’s Treasury, announced its intention to put the United Kingdom at the forefront of technology by bringing stablecoins under the country’s payments regulation — a bold move that looks especially intriguing in contrast to the recent shock, caused by TerraUSD’s (UST) depegging. Later, in May, during the annual Queen’s Speech, Prince Charles informed the Parliament about two bills that will support “the safe adoption of cryptocurrencies” and “create powers to more quickly and easily seize and recover…

Read More