Financial Markets Latest News That You Should Know Before The End Of The Month

8 min readMay 30, 2020

The situation between the United States and the China continues in the boiler and every day it is heated to a bigger thermostat. The last news we received was that Donalp Trump closed relations with the World Health Organization, a fact that many media outlets are commenting on.

The Dollar Begins To Unbalance

With this news, some stock markets are already beginning to speculate and many major newspapers in the world report on the devaluation of the dollar against other currencies.

There were quite a few months in which the dollar stood strong and now simply the Russian dancer that everyone was loving is now creating her first corrective moves after the last bomb.

World Is More Digital Every Day

However, we believe that the above events will not halt the project of digitization of the dollar by centralized entities.

Inside the boiler there is already the news that central banks would be in favor of stopping issuing paper money and taking blockchain technology to its roots.

The Digital Dollar project, co-founded by the former chairman of the United States Commodity Futures Trading Commission (CFTC) Christopher Giancarlo, has published its white paper, as it was announced.

We wanted to share a complete article within these lines of text but we will leave it for another better occasion.

Wall Street Fashion Trends

Despite being a rapidly maturing market, Bitcoin is still very prone to immense volatility. The turbulence seen over the past year has highlighted this, and its recent price action could be enough to thwart some investors’ entry into the market, as explained in criptonoticias.

Despite this, the data suggests that Wall Street has never been as interested in Bitcoin as it currently is, two key metrics show that the proportion of institutional involvement in the cryptocurrency market has increased considerably in recent months.

Great Purchase Interest

CME has proven to be great access for institutions to expose themselves to Bitcoin through futures and options, without having to deal with maintaining custody of real BTC. Also, the platform has been widely used in recent times, as just a few weeks ago, traders have led to see record open interest in both their futures and options products.

When reviewing the data related to the use of CME futures, it is evident that traders have been using it extensively to gain long-term exposure to BTC.

As seen in the chart offered by the blockchain analytics platform Skew, there is a divergence between open interest and the trading volume of CME futures, despite the fact that this has declined in the past two weeks.

In mid-May, open interest was $ 532 million. The trade volume, however, was around USD 300 million. So this divergence suggests that traders have been more likely to use futures to take long-term positions, rather than actively trading.

Grayscale Buys More Than It Miners

In order to keep up with demand, Grayscale has been accumulating massive amounts of Bitcoin for the past few weeks. Also, an investor recently highlighted in a tweet that the company Bitcoin Trust has bought 18,910 BTC since the halving happened until a couple of weeks ago.

It also notes that, in the same time period, only 12,337 BTC have been mined.

He added that this shows, regardless of what banks like Goldman Sachs say, Bitcoin is being massively accumulated by Wall Street institutions.

Wall Street wants Bitcoins, and doesn’t care what Goldman Sachs has to say.

The Contradictory Of The Case

However, we believe that in life, one of the most important things to live in harmony is to stop being bipolar and unilateral. It was very contradictory that Multinational banking companies like JPMorgan or Goldman Sachs don’t want you to invest in Bitcoin and crypto-assets and it was reported by 7bitcoins.

Apparently, JPMorgan even charged their bank customers illegally high fees for buying cryptocurrencies. They just agreed to pay $ 2.5 million in compensation to avoid maybe higher fines.

The news also concludes that JPMorgan is one of the few banks that have significantly softened their behavior towards cryptocurrencies. It has its own crypto — the JPM Coin — and has recently included the crypto exchanges Coinbase and Gemini among its clients.

The majority of other banks still pose various obstacles to investors or professionals in the crypto sector. A fact that is really confusing many. It is much worse than the case of Trump and the World Health Organization.

Millennials Prefer Cryptocurrencies

The Tokenist team conducted a survey that sought to find out what the trust is towards Bitcoin today, and it was related by criptonoticias.

Among the questions asked stand out: Comparing Bitcoin with other forms of financial assets, would you prefer $ 1,000 of Bitcoin or $ 1,000 of government bonds, stocks, real estate or gold? How much do you agree or disagree with the following statement ?: “Bitcoin is a bubble”; How much do you agree or disagree with this statement ?: “Bitcoin is a positive innovation in financial technology.”

The survey results showed that there is a significant increase in confidence towards Bitcoin. More than 45% of people surveyed prefer Bitcoin over traditional assets like stocks or gold. 68% of respondents are familiar with Bitcoin; 78% of millennials surveyed have knowledge about cryptocurrency, and 14% have had bitcoin.

Increased Confidence

60% of respondents feel that Bitcoin is a positive financial technology innovation. People’s sentiment about Bitcoin as a financial technological innovation had a 27% increase in the last 3 years.

On the other hand, 47% of respondents prefer Bitcoin over big banks, representing an increase of 29% from 2017. 43% of, and 59% of millennials, which in the next decade most of the people will use, Bitcoin. Additionally, 44% of millennials said they are likely to buy BTC in the coming years.

More than 1 in 3 millennials would hold onto bitcoin if someone gave it to them, while 27% would sell the asset immediately. 39% of male millennials have no issues with BTC intangibility, while 25% of millennials overall show the same attitude. Only 24% of millennial respondents think Bitcoin is a bubble, while 50% of people over 65% think the same.

Bitcoin Is Increasingly Attractive

The team also compiled several surveys conducted in 2017 to serve as a basis for evaluation of how attitudes towards the mother cryptocurrency have changed in the past 3 years.

The methodology used by the team was to survey 4,852 people in 17 countries. The questions used were drawn from the 3 most cited surveys on BTC confidence: the eToro survey in April 2019, BlockChain Capital in October 2017, and BankRate in July 2018.

The survey was conducted through Google Surveys, and the sample consisted of 4,111 participants in total. The age understood by the respondents was between 18 and 65 years. More than 45% of the answers fell in the range of 25 and 35 years, and only 17% were rated as millennial women.

A survey by Bitflyer Europe also revealed that users in Europe increasingly trust Bitcoin. Through the confidence index in cryptocurrencies, a survey that has been carried out since 2019, the Bitflyer team was able to demonstrate the increase in interest in Bitcoin in most of several European countries.

On the other hand, Edelman, a US public relations and marketing consulting firm, published a survey on user confidence in cryptocurrencies. The results of this survey showed among the 34,000 respondents, around 76% said they knew very little about Bitcoin and blockchain. This led the Edelman team to say that it is necessary to inform the population more about Bitcoin to create more confidence.

The Week Ends Like This

Between May 23 and 29, the cryptocurrency market remains mostly green. With few exceptions, almost all cryptocurrencies increased slightly in price. Some altcoins recorded increases of up to almost 16%.

The main cryptocurrency in the market, BTC, shows recovery after staying down the previous weeks; its average growth was 1.95%. Its value ranged between USD 9,306 on May 23, and USD 9,423 at the time of writing this compilation.

The price of other major cryptocurrencies registers highs and lows. Ether (ETH) gains on average 5.63%, while Ethereum Classic (ETC) rises by 11.22%. Both are located in the top of the most appreciated. Meanwhile, litecoin (LTC) is up 1.03%, and Ripple’s XRP is down 1.89% less.

Among the week’s featured cryptocurrencies are Cardano (ADA), Ethereum Classic (ETC) and Siacoin (SC). Ether (ETH) and monero (XMR) complete the group of the most appreciated crypto assets in these seven days, and as it was reported by criptonoticias.

See you in the next story! With love 💛 Rubika Ventures® Team!

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