Last week in the news
Markets continue side trading in expectation of new inflation figures during the following week. At the same time FED officials said that inflation is still not at its peak level, which implies possible further FED's rate hikes. Bitcoin was testing $30K but ended the week below this level. Ether is still below psychological $2K.
Latest labor figures in the US are showing modest improvements in the number of newly employed people, adding 390.000 jobs in May. Unemployment rate remained flat in May at 3,9%. At the same time, Cleveland FED President, Loretta Mester, stated in an interview that as inflation has not peaked, she supports aggressive FED's policy.
News is reporting the current trend among crypto companies to decrease the number of employees within companies and sectors in general. This comes as a result of the downtrend on the crypto market prices and run of investors in fear of inflation. During the previous week Gemini announced layoff of 10% of its staff, Coinbase will extend their halt of new employment, while Elon Musk is planning also 10% of employees to be displaced from Tesla.
Not so nice news for crypto miners is coming from the US state of New York. Namely, lawmakers in this state passed the law by which crypto mining business which is based on carbon-usage sources of power will be banned from operations in this state.
CNBC conducted research among crypto professionals over the future expectations from the crypto industry and coins. Since there are currently 19.000 coins existing on the market, major expectations from few professionals is that they will not all survive, in which sense sort of seizing on the crypto market might be expected in the future period.
Based on statements from SEC officials, there is probably not going to be any sort of penalty for Do Kwon, founder of the Terra stablecoin project, which imploded recently and made a loss of $60 billion, when Luna coin reached $0. As it has been stated, it is hard to prove that in this case there has been clear fraud intention, however, there is high probability of private lawsuits by investors.
Solana suffered another outage on Wednesday due to the bug in the blockchain processes. After four hours Solana Labs announced that the problem was solved, but during these times it was not possible to trade or exchange SOL.
Crypto market cap
Regardless of modest increase in market cap during the previous week, markets still continue to trade sideways. The main reason for this continues to be fear of inflation among market participants which would put pressure on FED to further increase interest rates during the course of this year. There had been some comments in the news from FED officials, stating that inflation has still not reached its peak, in which sense, further moves from FED are necessary in order to bring inflation down to the targeted level of 2%. In the current circumstances of high geopolitical risks, surging oil prices and disruptions in supply chains, targeted levels might be a challenging task. Crypto market capitalization ended the week 1% above last week`s level, which was a minor move from $1.19T up to $1.20 trillion. Daily trading volumes remain relatively lower, moving around $135B on a daily basis. Total outflow from the beginning of this year is near $1B, which is a decrease of 45%.
Modest increase in crypto market capitalization during the previous week was mostly led by BTC. Coin managed to increase its market cap by $14B or 2.5%. Altcoins were traded in a mixed manner but majority ended the week trading sideways. Among higher gainers was Cardano with increase in market cap by $3B or 21%. On the other hand, Solana was on a loser side due to suffered outage, with decrease of $1.5B or 10% in market cap. Tron had a modest decrease in market value of 3%, however, at the same time the coin decreased its circulating supply by 5%.
Crypto futures market
Crypto futures market continues to trade sideways, following developments on the spot market. During the previous week there have been some movements to the upside, however, they could not be treated as significant signals regarding market expectations on the future levels of both BTC and ETH. For both coins expectations for the end of this year remained relatively unchanged compared to the end of the previous week. ETH managed to reach $2K, while BTC is modestly above $30K.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
Markets continue side trading in expectation of new inflation figures during the following week. At the same time FED officials said that inflation is still not at its peak level, which implies possible further FED's rate hikes. Bitcoin was testing $30K but ended the week below this level. Ether is still below psychological $2K.
Latest labor figures in the US are showing modest improvements in the number of newly employed people, adding 390.000 jobs in May. Unemployment rate remained flat in May at 3,9%. At the same time, Cleveland FED President, Loretta Mester, stated in an interview that as inflation has not peaked, she supports aggressive FED's policy.
News is reporting the current trend among crypto companies to decrease the number of employees within companies and sectors in general. This comes as a result of the downtrend on the crypto market prices and run of investors in fear of inflation. During the previous week Gemini announced layoff of 10% of its staff, Coinbase will extend their halt of new employment, while Elon Musk is planning also 10% of employees to be displaced from Tesla.
Not so nice news for crypto miners is coming from the US state of New York. Namely, lawmakers in this state passed the law by which crypto mining business which is based on carbon-usage sources of power will be banned from operations in this state.
CNBC conducted research among crypto professionals over the future expectations from the crypto industry and coins. Since there are currently 19.000 coins existing on the market, major expectations from few professionals is that they will not all survive, in which sense sort of seizing on the crypto market might be expected in the future period.
Based on statements from SEC officials, there is probably not going to be any sort of penalty for Do Kwon, founder of the Terra stablecoin project, which imploded recently and made a loss of $60 billion, when Luna coin reached $0. As it has been stated, it is hard to prove that in this case there has been clear fraud intention, however, there is high probability of private lawsuits by investors.
Solana suffered another outage on Wednesday due to the bug in the blockchain processes. After four hours Solana Labs announced that the problem was solved, but during these times it was not possible to trade or exchange SOL.
Crypto market cap
Regardless of modest increase in market cap during the previous week, markets still continue to trade sideways. The main reason for this continues to be fear of inflation among market participants which would put pressure on FED to further increase interest rates during the course of this year. There had been some comments in the news from FED officials, stating that inflation has still not reached its peak, in which sense, further moves from FED are necessary in order to bring inflation down to the targeted level of 2%. In the current circumstances of high geopolitical risks, surging oil prices and disruptions in supply chains, targeted levels might be a challenging task. Crypto market capitalization ended the week 1% above last week`s level, which was a minor move from $1.19T up to $1.20 trillion. Daily trading volumes remain relatively lower, moving around $135B on a daily basis. Total outflow from the beginning of this year is near $1B, which is a decrease of 45%.
Modest increase in crypto market capitalization during the previous week was mostly led by BTC. Coin managed to increase its market cap by $14B or 2.5%. Altcoins were traded in a mixed manner but majority ended the week trading sideways. Among higher gainers was Cardano with increase in market cap by $3B or 21%. On the other hand, Solana was on a loser side due to suffered outage, with decrease of $1.5B or 10% in market cap. Tron had a modest decrease in market value of 3%, however, at the same time the coin decreased its circulating supply by 5%.
Crypto futures market
Crypto futures market continues to trade sideways, following developments on the spot market. During the previous week there have been some movements to the upside, however, they could not be treated as significant signals regarding market expectations on the future levels of both BTC and ETH. For both coins expectations for the end of this year remained relatively unchanged compared to the end of the previous week. ETH managed to reach $2K, while BTC is modestly above $30K.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
