The latest news from the world of crypto!
✅ Twitter's valuation decreased by 60% under Elon Musk
According to Fidelity Investments, the market value of media holding company Twitter is currently only 33% of the price at which Musk acquired the company. The actual value of Twitter is estimated to be around $14 billion (acquired for $44 billion). The primary reason for this decline is attributed to weak management. The plans implemented by Elon Musk on the social media platform have caused disagreements. The company has suffered a loss of over 50% in the advertising sector, and the number of visitors has decreased. However, Musk himself consistently demonstrates his disagreement with any compromises.
✅ US Dollar loses reserve currency status - BlackRock CEO
Issues with the US national debt are impacting the status of the dollar as the primary reserve currency, according to BlackRock CEO Larry Fink. During the Deutsche Bank conference held on May 31st, Fink expressed his viewpoint on this situation. Despite the apparent avoidance of a default crisis, Fink considers the situation to be very serious. The mere possibility of the federal government's bankruptcy undermines the status of the dollar.
The decrease in demand for USD and capital outflows may have a positive impact on the BTC exchange rate. Bitcoin is often compared to a "digital dollar," so some investors view it as a hedge asset.
✅ NFT's popularity worldwide declined by 84% in a year
Despite the overall growth of cryptocurrency markets since the beginning of the year, the NFT market is experiencing a decline. Demand for NFTs continues to decrease, and since April of last year, the total sales volume in this sector has decreased by 84%. The threshold value of tokens from some popular collections has dropped by more than 90%.
✅ EU to start testing CBDC this summer
Last week, on May 24th, the European Central Bank (ECB) celebrated its 25th anniversary in Frankfurt. As part of this event, Fabio Panetta, a member of the ECB's Executive Board, announced approximate timelines for the launch of the digital euro. It is expected that the digital euro will be introduced to the market within the next 3-4 years. In June of this year, the ECB plans to present a draft law that defines the regulatory framework for CBDC. Afterward, the regulator will begin a phase of pilot testing. Panetta expressed the belief that CBDC is a key element in ensuring the stability of the financial system in the digital economy. According to this official, the currency issued by the ECB should serve as the "digital foundation."
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