The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
Crypto assets slump amid market selloff
On Tuesday, key crypto assets declined in Asia due to the fact that digital token companies are reducing their staff in the face of a huge market selloff.
As a matter of fact, the number one digital coin, Bitcoin went down by 3.1% coming up with a reading of $3,462.7. As for Ethereum, this crypto asset lost 2.3% trading at $90.6.
Besides this, XRP rallied by 0.3% trading at $0.30909. Litecoin slipped by 2.7% showing $24.230.
Cryptocurrency companies are currently laying off more staff for the purpose of surviving a devastating market selloff, as the Wall Street Journal informed. Blockchain venture company ConsenSys is on the verge of reducing nearly 13% of its employees, while blockchain-based social network company Steemit fired up to 70% of its staff.
Bitcoin has sunk almost 80% to its lowest value in 2018 from $17,172.3 at its maximum in January. Besides this, Ethereum has also declined about 90% from January in 2018. The overall cryptocurrency market capitalization dived up to 7 times from the beginning of 2018, as CoinMarketCap ascertains.
Global organizations are willing to try their hands in the ledger technology with the aim of resolving global challenges. For example, the United Nations’ arm for children, UNICEF announced an ambitious $100,000 investment in up to six blockchain startups to come up with open-source prototypes of blockchain applications for a year.
Chris Fabian, UNICEF Innovation Principal Adviser told that blockchain technology is still raw, so a great deal of learning and experimentation is required, and failures are inevitable in this case. Nevertheless, Chris Fabian is assured that blockchain can make the world better.
Furthermore, in Alberta, Canada the first city digital coin in the country, Calgary Digital Dollars showed up. The aim of the project is to stimulate small businesses as well as non-profit organizations in the city.
Here you'll find what awaits the market this week, from the CPI release to a possible gold plunge.
The first week of November promises to be eventful, as we have the Fed meeting, the BOE update, and the NFP release. Read more details here.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!