Week Financial News

This week huge wildfires ravaged swathes of Spain, Cyprus and Turkey amid searing heat across Europe.

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New applications for unemployment benefits ticked down last week and hovered near historic lows, a sign the U.S. labor market remains tight despite indications of an economic slowdown.

An Indian ministerial panel will meet next week to discuss a goods and services tax on cryptocurrency transactions, people with knowledge on the matter said.

India panel to consider sales tax on cryptocurrency next week

The price of CEL, the native token of Celsius Network, has almost quadrupled since June 19 in what appears to be a frenzy stirred up by day traders.

Stock futures rose in overnight trading Monday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.

Here is our weekly collection of digital asset listing and delisting, trading pair-related announcements by crypto exchanges that we found last week and today.

Tron [TRX] has made its way into the market’s top-15 cryptos, with TRX ranked 13th on the charts. The altcoin managed to ward off market bears on 18 and 19 June, rallying by as much as 32% since its recent low on 15 June. In fact, this was despite the extended sell-off that took place on 18 and 19 June.

Bitcoin (BTC) starts a new week still battling for $20,000 support as the market takes in a week of severe losses.

Ukrainian President Volodymyr Zelenskyy on Sunday called the coming week "historic", with the European Commission's recommendation that Ukraine become a candidate for membership to be discussed by leaders of the 27-nation bloc.

Bitcoin (BTC) has dropped over 33 per cent this week and has failed to hold support at the 2017 cycle high. It is now trading below $18,000, with the total crypto market cap hovering near $800 billion. The volatility has been aided by the US Fed’s interest rate hikes as well as liquidation issues faced by centralized DeFi platforms such as Celsius and the possible collapse of 3AC venture capital. Bitcoin’s demand from big investors has been decreasing, as per data. With the portfolio of most investors in deep red, the pain is likely to extend further. Micheal Saylor’s Microstrategy, Bitcoin’s biggest institutional investor, is down more than $400 million on its BTC investment. US-based exchanges have indicated a freeze in hiring for the rest of the year.

In between, a nascent technocratic industry with grand ambitions to reinvent the financial system was rocked repeatedly by echoes of past crises in the old system. It was a week of margin calls, forced selling and important collateral being exposed as way too illiquid in a time of crisis. There were rumblings of hedge-fund blowups, tales of opportunistic predatory trading, job cuts and loud denials of problems from key players proven wrong almost immediately. Amid it all, the myth was shattered once and for all that this new crypto financial system was somehow immune to — or even able to benefit from — the economic fundamentals currently punishing the old system.

Bitcoin (BTC) plummeted to $17,622 on June 18. This marked the first time in Bitcoin’s history that it has fallen below its previous cycle high. The United States Federal Reserve’s aggressive monetary tightening, a crisis at crypto lending platform Celsius and liquidity issues at investment fund Three Arrows Capital are creating a sense of panic among traders.

A measure of home sales is the highlight of this week’s economic news.

New applications for unemployment benefits held nearly steady last week just above historic lows as employers continued to avoid layoffs in a still-tight labor market.

The global crypto market cap has dropped by $369 billion in the past week. Ethereum [ETH], as it stands, took the biggest hit during the past week among the top 10 cryptocurrencies. But the question is- What conspired against ETH as it plunged to new lows on 15 June?

The market for non-fungible tokens (NFTs) is seeing a very mixed picture amid the broader crypto market downturn - a small relief rally in the floor prices was recorded in the past day by a couple of major collections with others continue to decline, and the overall trading volume for the majority of these has risen over the past week.

Prices of Bitcoin, the world’s largest cryptocurrency by market capitalisation, briefly slipped below $21,000, its 52-week low.

Just a week can completely change the entire outcome in the cryptocurrency market. A report posted on 7 June, revealed that digital assets witnessed inflows last week despite the bearish run. This inflow amounted to $100 million bringing the total assets under management (AuM) to $39.8 billion.

A string of troubling inflation reports in recent days is likely to lead Federal Reserve officials to consider surprising markets with a larger-than-expected 0.75-percentage-point interest rate increase at their meeting this week.