It was a terrible week for the stock market, the S&P 500 lowering more than 6% in the last five days. This did not help Bitcoin, but the original cryptocurrency behaved better than the larger market, increasing by more than 1% during the same period.
The Nasdaq experienced one of its biggest falls in 25 years on Thursday, but Bitcoin was relatively stable (James Van Straten of Coindesk) even if it is far from the summits greater than 100,000 that we saw at the start of the year.
The big question for Bitcoin in the middle of the uncertainty of the market is whether it is considered as a risk asset to sell in a storm or a safe refuge in gold (which until the last 24 hours went well compared to the market). The impact of rates on the crypto is very debated by researchers.
Meanwhile, the digital asset industry has prepared for better days to come. CIRCLE – The transmitter of the second largest stablecoin, USDC – officially filed an IPO. An important committee of the American Chamber has advanced its bill on stables, with significant democratic support.
Fidelity Investments, a large brokerage company, announced its intention to offer an IRA allowing investors direct access to crypto in their retirement accounts. Helene Braun had the news. Advisers are increasingly willing to promote cryptographic products to their customers, according to surveys. In other news, corporate bitcoin buyers, such as strategy, Metaplanet, Mara and Tether, continued to store Bitcoin, taking advantage of today’s prices.
Ethereum developers locked on May 7 for their next upgrade (named Pectra), Margaux Nijkerk reported. Ripple reported a major request for his new Rlusd of Stablecoin, Kris Sandor reported.
Then, in regulatory news, Paul Atkins deepened the confirmation of the SEC chair and the CC Crypto Advocate for a long time left the management of the Blockchain Association to work for a new group focused on Solana.
Much of the news has followed a scheme that we have seen in recent weeks: the collapsed markets and the silent growth of the industry helped by a regulatory thaw.
Given the tumultuous macroeconomic environment, it will be fascinating to see how the crypto continues to get away with it.
