On Tuesday, US markets returned from the holiday with buyers. S&P 500 increased 2.45%, Nasdaq 2.51% and Dow Jones index 2.15%. Purchases were concentrated in the energy sector and companies with a trillion dollar market value. The dollar index is still holding above the 104 level. While US second-hand home sales in May were realized as 5.41 million, above the expectations, it was observed that there was a contraction compared to the previous months. st. Louis Fed Governor Bullard announced that inflation could get out of control if the Fed does not take firm steps.
Brent oil is slightly bullish to test the $115 level. High oil prices continue to attract the attention of investors due to its impact on the economy. An ounce of gold is traded in the 1834 band.
European markets, on the other hand, were less affected by the positive atmosphere seen yesterday. While the DAX index increased slightly by 0.20%, the Euro Stoxx 50 index, which tracks the 50 largest companies in the Eurozone region, increased by 0.70%.
On the Asian side, Japan continues to differentiate from other countries with its monetary expansion. Dollar/Yen still hasn’t moved away from its historical high of 24 years, 135.58.
Today, eyes will be turned to the presentation that Fed Chairman Powell will make before the congress. Investors will try to catch signals about how fast the FED will realize the monetary contraction in the speech. In the data calendar, the May inflation in the UK and Canada is among the important data.
Domestic consumer confidence index for June will be announced today. In the morning hours, USD/TL is traded at 17.35 and EUR/TL at 18.20 on the exchange side. Gram gold, on the other hand, is above the 1018 TL level.
Bitcoin is falling below its production cost and is experiencing losses for the first time. In fact, in this crisis process, which includes the crypto ecosystem, investors are focusing on how to take a position.
The inventor of Ethereum Vitalik Buterin targeted the controversial Bitcoin price model Stock to Flow (S2F). Buterin believes the model “doesn’t look good” and openly criticizes it for giving crypto investors a “false sense of certainty”.
Of course, it is necessary not to look for the scapegoat in one place. Let’s not forget that investment movements can be more irrational at the point where there are more than one factor. This week, due to the low price of Bitcoin and Ethereum, its physical counterpart, gold, has outperformed. Bitcoin is up 1.93% with a market cap of $405.8 billion in the last 24 hours and its dominance is 44.10%.
Invitation from the European Central Bank on Crypto Regulation!
The bill, dubbed Markets Regulation in Crypto Assets (MiCA), is expected to become law in 2024 and provide regulatory clarity to users, companies, and other actors in this industry. Lagarde requested the introduction of “MiCA 2”.
This iteration of the bill proposes expanding regulations and has been observed to impact critical sectors of the industry, including DeFi protocols.
New Offer for Whales on Solend Side
Solana-based DeFi protocol Solend has announced that it has launched a new proposal to limit borrowing on the platform to $50 million per account for whales. This is his third offer in the last few days as it is grappling with liquidity issues.
The protocol reportedly seeks to prevent these issues from recurring in the future, with a new proposal that introduces an ‘Account Lending Limit’.
UK Takes a Step Back in Regulation
The UK has taken drastic regulatory steps against cryptocurrency advertisements in the crypto bill. Crypto assets, on the other hand, were intended to overlap with financial services, but a critical regulation regarding personal cryptocurrency wallets has been pushed back. With the change made in the UK on Monday, June 20, instead of receiving the recipient and sender information for all personal wallet transfers; It will be paved the way for companies providing crypto asset services to collect this information only for transactions deemed “high risk” in terms of illegal financing, as crypto exchanges do.
Ripple and Lotus Cars Collaboration
British automotive company Lotus Cars has announced its plans to enter the world of NFT. Lotus has announced that it will collaborate with Ripple on its first NFT collection.
Deloitte and NYDIG to Expand Blockchain and Digital Asset Spaces
Professional services giant Deloitte is getting increasingly serious about Bitcoin (BTC) amid the ongoing market downturn and has announced that it will form a major initiative to promote BTC adoption.
Deloitte has announced that it has partnered with Bitcoin-focused financial services firm New York Digital Investment Group (NYDIG) to help companies of all sizes implement digital assets.