In a turn of events for the crypto market, Bitcoin experienced a decline on Wednesday, marking its first down month of the year. The optimism that had fueled a rally surrounding the debt ceiling began to fizzle, causing the leading cryptocurrency to lose 2.77% and trade at $27,057.81, according to Coin Metrics. Ether, the second-largest cryptocurrency by market capitalization, also slipped 2.2% to $1,865.82.
May 2023 saw both Bitcoin and Ether posting their first losing months of the year. Bitcoin ended the month down 7.9%, making it the worst month for the digital currency since November . Ether, on the other hand, experienced a loss of about 2.05% in May, marking its worst month since December .
The crypto market reacted in line with the major stock averages, which were all lower as investors eagerly awaited the House vote on Wednesday regarding the tentative deal to raise the nation’s debt ceiling and prevent a default. The anticipation of the outcome of this crucial vote influenced the sentiment in both traditional markets and the crypto space.
While avoiding a default on the nation’s debt was considered a relief by many, concerns were raised about the impact on liquidity and interest rates. Noelle Acheson, an economist and author of the Crypto is Macro Now newsletter, pointed out that the incoming wave of debt issuance would withdraw liquidity from the market, potentially leading to higher yields. She also noted that the CME swaps market was pricing in another rate hike in June, in addition to the liquidity impact, with expectations of a rate cut pushed out to November at the earliest.
Initially, crypto prices had climbed over the weekend following the news of a tentative deal between House Republicans and the White House regarding the debt ceiling. Bitcoin and Ether reached highs of $28,461.45 and $1,928.16, respectively, on Monday. However, the prices began to pull back on Tuesday, reflecting the market’s uncertainty and cautiousness.
Despite the recent downturn, it’s worth noting that Bitcoin and Ether have still delivered impressive gains for the year. Bitcoin is up 63%, while Ether has gained 55% in value. These figures highlight the overall positive performance of cryptocurrencies so far in 2023, even in the face of occasional setbacks and market fluctuations.
In a recent report released by the World Bank, East Asia and Pacific (EAP) economies are showcased as beacons of growth, surpassing global averages. However, the region faces impending headwinds, notably from China, casting a shadow over its growth trajectory for 2024.
The European Union (EU) is launching investigations into tech giants Apple, Google, and Meta (Facebook’s parent company) over concerns they might not be following a new law designed to promote fair competition in the digital market.
Google Chrome is on the brink of initiating a seismic shift that threatens to reshape the very foundation of the modern internet. The imminent demise…
In a highly anticipated market debut, Reddit stock took off, closing its first day of trading with a staggering 48% surge from its initial public offering (IPO) price of $34 per share. The social media giant’s stock concluded the day at $50.44, propelling its market capitalization to over $8 billion.
In a significant move in Vietnam’s corporate landscape, Vingroup, the country’s largest conglomerate, has completed the sale of a 41.5% stake and other assets in its retail arm, Vincom Retail, for a staggering $1.6 billion. This transaction ranks among the largest mergers and acquisitions (M&A) deals in Vietnam in recent years, underscoring the dynamism of the country’s economy and corporate sector.
The integration of artificial intelligence (AI) into various facets of healthcare has revolutionized patient care, and its impact on surgery is poised to be profound. Leveraging AI’s capabilities to connect, analyze, and predict based on operating room data holds the promise of enhancing surgical efficiency and clinical decision-making. Recognizing this potential, NVIDIA has partnered with Johnson & Johnson MedTech to explore new AI capabilities within the realm of surgery, with the goal of advancing the company’s connected digital ecosystem for surgical procedures.
Apple is reportedly in discussions with Alphabet, Google’s parent company, regarding the licensing of Google’s “Gemini” artificial intelligence (AI) training model for integration into iPhones.
An Illinois jury has delivered a significant verdict in a case involving Mead Johnson’s Enfamil baby formula, ordering the company to pay $60 million to the mother of a premature baby who died from an intestinal disease after consuming the formula.
In the fast-paced world of software development, innovation is the name of the game. Cognition, a leading tech company, has introduced a groundbreaking solution that promises to transform the industry as we know it: Devin AI, the world’s first AI software engineer. Devin AI is not just another tool in the developer’s toolbox; it’s a game-changer that leverages the power of artificial intelligence and machine learning to automate coding tasks and streamline the development process.
When it comes to acing a job interview, there are certain tactics that can help you stand out and impress prospective employers. From showcasing your passion for the role to demonstrating problem-solving skills, there are plenty of strategies to employ. However, it’s equally important to be mindful of phrases that could raise red flags during the interview process.
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Cultural differences between the East and the West
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Vietnam received recognition in the 29th World Travel Awards in numerous categories
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Vietnamese dishes that fascinate foreigners
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First NFT vending machine in the world is now operational in New York
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The LEGO Group today began construction on a new $1 billion factory in Binh Duong, Vietnam
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