Search results for macro
Powell Sees No ‘Macroeconomic Implications’ From Bitcoin Price Swings, But ‘Better Regulatory Framework’ Still Needed
Both crypto markets and traditional equity markets have taken a beating in 2022.
Celsius turmoil is part of a broader macro picture, traders say
Some of the institutional crypto world's power brokers say that crypto markets would be trading lower even if Celsius hadn't paused withdrawals. The post Celsius turmoil is part of a broader macro picture, traders say appeared first on The Block.
BlockFi Lays Off 20% Of Workforce: 'Macroeconomic Environment Has Shifted Dramatically'
Zac Prince, CEO of cryptocurrency exchange and lender BlockFi, took to Twitter Inc (NYSE: TWTR) on Monday to announce the company intends to lay off 20% of its staff. Today is a painful day for BlockFi but more so for employees who we have to part ways with. We are doing everything in our power to treat all of our impacted colleagues with the empathy and compassion that they deserve. — Zac Prince (@BlockFiZac) June 13, 2022 “This morning we announced that after taking significant time to plan and consider, we are reducing our headcount by roughly 20%. This is not a decision we take lightly and is one that brings us great sadness,” Prince said on the micro-blogging platform. Other Web3 clients, including Gemini, Coinbase Global Inc (NASDAQ: COIN) and Crypto.com, have recently announced layoffs due to the mass market selloff that has seen the global cryptocurrency market valuation plummet from about $3 trillion to under $1 trillion in less than a year. “Since Q1 of 2022, the macroeconomic environment has shifted dramatically, sparking a dramatic pullback in equity and crypto markets. As a result, our number one goal has been to achieve profitability so that we can own our destiny as we navigate what many expect to be an extended global recession,” Prince said. Related: Cryptos' Market Cap Tanks Below $1 Trillion, Crypto.com CEO Lays Off 5% Staff During the historic crypto boom in the fall of 2021, BlockFi grew from 150 to 850 employees, according to the company's press announcement. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
Bitcoin Faces Uncertain Macro Environment But Impact From Terra Blowup Contained: What Ark Invest Said In Inaugural The Bitcoin Monthly Report
Ark Invest launched a new product over the weekend called The Bitcoin Monthly. Here’s what was covered in the first-ever issue of the online publication. What Happened: Ark Invest launched The Bitcoin Monthly, a monthly “earnings report” that details on-chain activity and blockchain data. “While the analysis of these reports will be focused on Bitcoin initially, we expect to expand our commentary to the broader crypto markets in the near future,” an email announcement read. The report is authored by Ark Invest CEO Cathie Wood, Ark analyst Yassine Elmandjra and Ark Research Associate David Puell. Here are the key areas covered in the inaugural issue. Bitcoin Market Summary: The issue pointed to the overall outlook on Bitcoin (CRYPTO: BTC), which faces macro uncertainty. Ark said the macro outlook on Bitcoin in bearish, the on-chain outlook is neutral and market sentiment is bullish. “Bitcoin still faces an uncertain macro environment, as the global economy shows signs of a recession,” the report said. For the first time ever, Bitcoin ended the month of May with nine negative weekly closes in a row going from $46,824 in March to $31,835 in May. Bitcoin is down 57% from its all-time high in November 2021 and closed the month of May down 17.2%. The report highlighted the correlation between Bitcoin and the S&P 500 hit an all-time high of 80% in May, suggesting Bitcoin is viewed as a risk-on asset. Related Link: Here's How Much $100 In Bitcoin Could Be Worth In 2030 If Cathie Wood's Price Prediction Comes True Terra Blowup: The sharp decline in the price of Terra (CRYPTO: LUNA) and its stablecoin TerraUSD (CRYPTO: UST) “The largest algorithmic stablecoin, UST, broke its peg to the dollar, triggering a death spiral that led to its collapse,” the report said. The monthly report labels Terra as the largest layer-1 blockchain failure in cryptocurrency history with an estimated $60 billion of market capitalization wiped out. Terra’s collapse represented around 2.7% of the total market capitalization of the cryptocurrency market. The Mt. Gox hack stole around 5.7% of the total cryptocurrency market capitalization in 2014. “As a result of Terra’s collapse, exchanges recorded net inflows of 52,000 bitcoin, the largest daily inflow in BTC terms since November 2017 and the largest inflow ever in USD terms.” Large inflows were helped by the sale of 80,000 Bitcoin reserves held by The Luna Foundation Guard. “While the systematic impacts of Terra’s collapse should not be underestimated, its impact on Bitcoin appears to have been contained.” Ark sees more crypto regulation being prompted by the Terra blowup, which could help Bitcoin gain market share. Why It’s Important: Ark Invest remains bullish on the long-term outlook of Bitcoin and has invested in several companies related to the crypto market including Coinbase Global Inc (NASDAQ: COIN). Wood gave a target price of $500,000 for Bitcoin over the next five years. The crypto could hit $1 million by 2030 if it gains share versus gold, the firm also said. The Bitcoin Monthly Report showed that fundamentals for Bitcoin remain strong with holders more long-term focused than short-term. A total of 66% of the Bitcoin supply hasn’t moved in a year or more, hitting an all-time high in the month of May. BTC Price Action: Bitcoin traded up 4.67% at $31,405.89 at publication Monday afternoon. Photo: Sittipong Phokawattana via Shutterstock © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Benzinga•
Fundamental, Macro Factors Align For A Huge Move In Bitcoin Price
Bitcoin flips bullish above $30,000 ahead of a 75% falling wedge pattern breakout. BTC is still dealing with oversold conditions but recovery may be underway due to positive technical and fundamental factors. Resistance is anticipated at $32,500, $38,500 and $46,000 as bulls change the course of the trend. The time of reckoning may be approaching […] The post Fundamental, Macro Factors Align For A Huge Move In Bitcoin Price appeared first on Vauld Insights.
FTX markets guru explains why macro uncertainty strengthens crypto’s ‘supercycle thesis’
In this episode of The Scoop, FTX Access global head Jonathan Cheesman explains why recent geopolitical uncertainties strengthen the narrative surrounding some of crypto's structural tailwinds. The post FTX markets guru explains why macro uncertainty strengthens crypto’s ‘supercycle thesis’ appeared first on The Block.
France's President Macron Dubs NFT, Web3, And Metaverse 'Opportunity Not To Be Missed' For Europe
The re-election of French President Emmanuel Macron may come as a key milestone for the adoption of cryptocurrencies in Europe as the leader painted a rosy picture for the asset class in an interview. President Macron, in an interview with French cryptocurrency news platform The Big Whale, said Web3 “represents a requirement, as well as an opportunity not to be missed.” He further added that Web3 boasts an opportunity for France and Europe to lead the future generations of the web. “France has the assets and talents for this.” See Also: Bitcoin, Ethereum, Dogecoin Stuck Below Key Levels: Analyst Says 'Crucial' For Apex Crypto In Week Ahead To Hold This Range Meanwhile, Macron also expressed his desire for Europe to lead in the development of web3 and the metaverse. “Both the Web3 and the metaverse may represent a new step for the web we know. My desire is for Europe to be a central player in contrast to what has happened so far. I want to specifically ensure that European players master the technological building blocks associated with web3 and the metaverse so as not to depend on American or Chinese giants,” he said. Macron told The Big Whale that he believes that metaverse has a “huge potential” and added that European cultural institutions should develop an NFT policy. “We cannot consider our cultural policy without this revolution. I want our main cultural institutions to develop an NFT policy by promoting, disseminating, and protecting the digital twins or variations of their physical collections, for example.” This came weeks after Binance chief Changpeng Zhao praised France for its "pro-crypto" regulations, as the world's biggest cryptocurrency exchange for Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE) pursues its plans to make Paris its European base. Photo: Courtesy of Remi Jouan via Wikimedia © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Macron discusses EU regulation, web3, French start-ups and innovation: report
"What is happening should also lead us to move much faster on the subject of the digital euro," Macron said. The post Macron discusses EU regulation, web3, French start-ups and innovation: report appeared first on The Block.
Technicals And Macro Picture Suggest Bitcoin Is setting Up For A Bounce
Bitcoin (CRYPTO: BTC) climbed back above $40,000 last night, as it formed a bullish divergence on the 4-hour time frame, whilst exiting the oversold region. This is a bullish set up and has a high percentage outcome of leading to a significant bounce. In addition, Bitcoin closed the day yesterday inside the channel that has lasted around 100 days, after trading below for some time. This is another bullish indicator as the wick formed shows buyers stepping in, causing a ‘fake-out’ of the pivotal channel. In terms of bullish technical analysis, the macro landscape is looking positive in my opinion, which is a different outlook to the majority. As core PPI released last week was almost double the expected rate, many have become more fearful of a 50-basis point rate hike, and therefore increasing the chance of a slowing economy. However, I am not concerned whether there is a 50-basis point rate hike or not. What matters is how strong the consumer is. The University of Michigan consumer sentiment index is flat, showing that we do not have unanchored inflation expectations, meaning that people do not think inflation is going to run away. This was not the case in the 1970s, which led to a recession. Furthermore, core CPI is decelerating as used cars are falling in price - we are seeing a rotation away from goods to services. This is additionally proven by retail travel increasing and Delta Airline guiding higher. Despite many funds and economists predicting a recession, the facts suggest we may have a soft landing. Therefore, I think the short term is bullish for Bitcoin and equities, even if there is a 50-basis point rate hike or not. © 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Lyn Alden Believes Bitcoin Price Is Difficult to Predict Due to the Current Macro Situation
Bitcoin (BTC) price might be difficult to predict due to the current macroeconomic situation. This is according to Lyn Alden, one of the most respected macro analysts in […]
Bitcoin’s Macro Priorities Have Changed, Are We Seeing A Narrative Shift?
Bitcoin fails to rally after reports of the US inflation hitting a 40-year high. Bitcoin’s correlation to the NDC signals a shift away from crypto as a macroeconomic hedge. To some, Bitcoin is a tool to fight the greed of governments and banks. To others, it’s a macroeconomic tool. And to a third group, it’s […] The post Bitcoin’s Macro Priorities Have Changed, Are We Seeing A Narrative Shift? appeared first on Vauld Insights.