Get 40% Off
🚀 Our AI Picked 6 Stocks that Jumped +25% in Q1. Which Picks Will Soar in Q2?Unlock full list

Crypto Markets Not Out of the Woods Yet

Published 06/02/2023, 03:12 AM
Updated 07/09/2023, 06:31 AM

Global markets continue to face headwinds as developed economies grapple with persistent inflation, remaining above the desired 2% level.

Notably, Germany, the economic powerhouse of Europe, has entered into a recession. The country's economy contracted by 0.3% between January and March, following a 0.5% decline in the previous three months of last year.

This downturn has raised concerns about the overall economic outlook in Europe.

Ethereum Stakers on the Rise

It has been almost two months since the implementation of Ethereum's Shanghai upgrade, which allowed users who had staked ETH on the beacon chain to withdraw their funds.

Following the upgrade, there was a noticeable increase in demand for unstacking, with over 20,000 validators requesting full withdrawals within the first two weeks.

However, there has been a significant shift in the trend since early May, with a new wave of deposits and validators waiting to be activated.

The entry queue has now reached its highest level since the genesis of the Beacon Chain in December 2020, with a total of 64,000 validators eagerly waiting to participate.

Industry Shakers

  • Nvidia's Valuation Briefly Crosses $1 Trillion

Nvidia (NASDAQ:NVDA) briefly reached a market capitalization of $1 trillion but later pulled back below. The chipmaker's shares experienced a significant boost last week following better-than-expected quarterly earnings results fueled by the artificial intelligence frenzy. Nvidia's graphics processing units (GPUs) play a critical role in powering generative AI platforms like OpenAI's ChatGPT and Google's (NASDAQ:GOOGL) Bard.

  • Hong Kong to Open Crypto Exchange Access for Retail Users

The Hong Kong Securities and Futures Commission (SFC) has made an announcement stating that licensed platforms will soon be permitted to cater to retail investors. According to the SFC's May 23 announcement, virtual asset trading platform operators who are willing to adhere to the SFC's proposed guidelines can apply for a license.

  • F1 Ticket Provider Platinium Group Introduces NFT Tickets

Leading Formula 1 ticket issuer, Platinium Group, has introduced non-fungible token (NFT) race tickets, beginning with the Monaco Grand Prix held last weekend. The tickets will be minted on the Polygon blockchain, granting access to the race and additional benefits to holders after the event, including hospitality perks and discounts on future races.

  • U.S. Treasury Sanctions North Korean-Owned Binance Wallets

U.S. officials sanctioned crypto-holding wallets allegedly tied to the North Korean government. The blacklisted wallets, belonging to North Korean citizen Sang Man Kim, contained bitcoin, ether, USDT, and USDC. These wallets were hosted by Binance, but the exchange does not control them as they appear to be automatically-generated addresses available to any user.

Latest comments

Crypto markets succeeded to make more profit than any other market with years..
great
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.