Russian Market

2022-05-21 12:25:03 Market Overview

BTC price trades below $30K

The Top-10 are traded in green zone:
XRP -3.6%
SOL -2.4%
ETH -2.1%

Market cap: $1.33T (-1.61%)
BTC dominance: 42.26% (-0.83%)
Fear & Greed Index: 13 (Extreme Fear) Open / Comment

2022-05-20 22:00:53 Binance CEO says Terra crash could have been avoided

Binance CEO Changpeng Zhao called the Terra ecosystem a shallow concept with hollow growth, which eventually caused the Terra bubble to burst. However, the collapse could have been avoided with a quicker response from the Terra team.

"The entire incident may have been avoided if the Terra team had used their reserves when the de-peg was at 5%," Zhao wrote. The team was trying to use the $3 billion bailout after the coins’ value had already dropped by 99%, which wouldn't have helped anything.

Binance CEO also added that printing money does not create value, but only dilutes existing holders. "Exponentially minting LUNA made the problem a lot worse."

"While Terra did have an ecosystem with some use cases, the speed of growth of the ecosystem did not match the speed of the incentives used to attract new users," he writes.

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t.me/therussianmarket Open / Comment

2022-05-20 17:38:17 S&P500 records 7th week of losses

Investors have continued to wrestle with worries about an economic downturn this year, as the Federal Reserve raises interest rates to combat inflation. Global equities are on track for their seventh consecutive week of falls, in part because of these concerns.

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2022-05-20 16:20:08 Richemont signals caution for luxury sector

Richemont shares are trading 12% lower, to a 1-year low as it reported after it warns on Chinese demand, a market that has boosted demand for luxury goods. About 40% of Richemont's stores in China are currently closed, as Covid infections have led to lockdown measures.

The Cartier-owner also said the suspension of its business in Russia knocked €168 million off of profit. Nonetheless, the company ended the quarter with €5.3 billion in cash and announced a special dividend.

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t.me/therussianmarket Open / Comment

2022-05-20 15:32:38 Ruble strengthens amid tough G7 talks

The Russian ruble is strengthening against the dollar and the euro amid the news that G7 officials have not been able to work out all the issues regarding the refusal or reduction of Russian oil imports.

The ruble jumped as much as 9% against the euro, hitting its strongest level since June 2015. The ruble hit a high of 59.02 per euro in early trading on the Moscow Exchange. Now the euro has rebounded to 60.37 rubles.

The Russian currency was also up 6.7% against the dollar at 57.07 today in Moscow. Currently, the ruble is trading at 58.68 per dollar, which is 3.23 rubles lower than the previous close.

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t.me/therussianmarket Open / Comment

2022-05-20 14:24:04 Vitalik Buterin says Ethereum could switch to Proof-of-Stake in August

During the ETH Shanghai Web 3.0 Developer Summit, Vitalik Buterin said he expects Ethereum to transition to a Proof-of-Stake (PoS) consensus algorithm in August. However, if the developers encounter some difficulties, the launch may be pushed back to October. The official timeline have not yet been announced.

Before the full-fledged PoS transition, a public Ethereum testnet merge is also planned on June 8th. With this, developers will be able to determine if the existing mainnet chain is ready to merge with the Beacon Chain, which was launched separately in December 2020.

In April, Ethereum developer Tim Beiko confirmed that the merge was no longer expected in June. However, he confirmed that Ethereum is "in the final chapter" of the transition.

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2022-05-20 13:42:48 S&P500 futures break above 2-day resistance level

Stocks in Europe and US equity futures are advancing after China’s latest measure to bolster its economy. US futures broke above a major resistance level, signaling improving sentiment.

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2022-05-20 11:59:33 Market Overview

BTC price trades above $30K

The Top-10 are traded in green zone:
XRP +6.6%
ADA +4.7%
ETH +3.6%

Market cap: $1.35T (+3.30%)
BTC dominance: 42.39% (+0.04%)
Fear & Greed Index: 13 (Extreme Fear) Open / Comment

2022-05-19 18:38:58 FTX US launching zero-commission stock trading

FTX CEO Sam Bankman-Fried announced on Twitter today that select FTX US customers can now trade stocks and ETFs. The move makes FTX US the first native crypto exchange to offer equities within its platform.

According to a press release, FTX Stocks will be offered through the FTX US mobile application. It plans to offer trading in hundreds of US-listed companies and exchange-traded funds.

The functionality could be rolled out to all of FTX US' users over the course of the next several months. FTX US will not charge commission fees to make a trade and it will allow clients to fund their accounts with the popular stablecoin USDC.

"With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface," commented FTX US president Brett Harrison.

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2022-05-19 16:07:43 CHF rises on rate-hike bets

The Swiss franc is on course for its biggest two-day rally against the euro since 2015, fueled by speculation Switzerland’s central bank could raise rates to cool inflation.

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t.me/therussianmarket Open / Comment