Crypto Espresso: Your quick shot of the latest crypto moves and news
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Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.
Hope you like rollercoasters, coz it’s been a tumultuous ride for the major players. First they were up, and just as they were looking out across the horizon, it felt like the floor fell out from under them following announcements that US inflation is at a 40-year high.
The US Commodity Futures Trading Commission continues to push for more regulation. El Salvador’s default rating is demoted to a CCC rating, BlackRock considers a cryptotrading offering, and Coinbase’s share price falls by more than 37% since its IPO.
Hold onto your hats, we’re going in.
Prominent cryptocurrencies were green early on Thursday but fell hard in afternoon trading, with Bitcoin down 1.32%, Ethereum down 4.47%, and Litecoin down 2.76%. In other digital assets, Bitcoin Cash was off 0.91% and Dogecoin was 4.16% in the red.
As the global crypto industry expands rapidly, investors and developers are anxious to see how regulatory processes and new rules will unfold in 2022 and beyond. Cryptocurrencies already fall under some existing rules, but agencies that police markets for the trading of securities and commodities are considering extending their reach.
Fitch Ratings downgraded the long-term foreign currency Issuer Default Rating (IDR) of El Salvador to ‘CCC’ from ‘B-’ overnight, citing a funding gap for debt maturities coming due in the second half of 2022.
BTC/USD touched an intraday low of US$43,200 following US inflation announcements. Fears of a more aggressive Fed monetary policy could negatively impact assets that are more sensitive to market risk sentiment, such as cryptocurrencies, as it would reduce market liquidity.
BlackRock (BLK) – the world’s biggest asset manager, with assets under management of up to US$10trn and clients in 100 countries – is reportedly considering offering cryptocurrency trading to its clients.
The price for the US-based cryptocurrency exchange platform Coinbase has fallen by more than 37% since its initial public offering. Is Coinbase worth investing in? Can the stock rebound to the level of the IPO price?
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