Macroeconomics and financial markets
In the US NY stock market on the 24th, the Dow closed at $132 (0.4%) higher than the previous day and the Nasdaq at $36 (0.31%) higher.
In the European and American stock markets, Deutsche Bank fell 15% from the previous day, the largest drop since the corona shock in March 2020. 5-year credit default swaps (CDS) to protect against default have surged.
German Chancellor Olaf Scholz said on Monday that there was “nothing to worry about and very high profitability.” He tried to dispel his anxiety.
While the market turmoil against financial institutions has not subsided, it has been pointed out that Deutsche Bank’s announcement of the early redemption of “subordinated bonds” backfired due to the bad timing, and that it was targeted for short selling by hedge funds taking advantage of the turmoil. There is also a point. One of the reasons for this is that the “AT1 bonds” issued by Credit Suisse have become worthless.
connection:Deutsche Bank stock plunge US stock market rises, Bitcoin falls due to Binance system failure | 25th Financial Tankan
connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”
Virtual currency market
In the crypto asset (virtual currency) market, Bitcoin rose 1.07% from the previous day to $27,886.
The alt market of PoS stocks that can be staked after Coinbase, the largest crypto asset (virtual currency) exchange in the United States, received a wells notice from the U.S. SEC (Securities and Exchange Commission) of a lawsuit plan. Although it is negative for , technically, there are voices pointing out that there is room for improvement, such as the improvement of the three roles of the Ichimoku Kinko Hyo and the rising band walk of the Bollinger Bands.
connection:Is there room for bitcoin to rise in the manifestation of “three-role turnaround” | bitbank analyst contribution
In the past few weeks, fears of a financial crisis reignited since the Lehman Brothers collapse following the failure of Silicon Valley Bank (SVB) and signature banks one after another, as well as concerns over the management of Credit Suisse. Many investors were forced to reorganize their asset portfolios.
As a result, the outflow of deposits from small and medium-sized banks, including regional banks in the United States, accelerated, and billions of dollars flowed into money market funds (MMF). According to a report by the Investment Company Institute, MMF’s total assets reached a record high of $5.13 trillion.
Retail investors sitting on more Cash than the Pandemic High, & now 5.1 trillion in MM assets- Let that sink in for a minute pic.twitter.com/XRxmKyTV5V
— Mark Newton CMT (@MarkNewtonCMT) March 24, 2023
MMFs are investment trusts that operate with high security, such as government bonds and unsecured promissory notes (commercial paper) of blue-chip companies.
hash rate increase
Along with the surge in Bitcoin (BTC), the BTC hash rate (mining speed) has reached a record high, reaching about 350 EH/s as of the 26th. The average hashrate at the beginning of the year was 243.66 EH/s, but it has increased by about 1.4 times.
Difficulty, which indicates the difficulty of mining, increased by 7.56% from the previous time on the 24th.
Bitcoin is designed to maintain a confirmation speed of “about 10 minutes” per block generation, and the difficulty adjustment once every two weeks also works as a deterrent to inflation due to oversupply.
Difficulty has continued to rise since 2023, rising by about 30% by the 24th.
Click here for a list of market reports published in the past
[Recruitment]Recruitment of new personnel due to Web3 business expansion
Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.
1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)
Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023