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Bitfinex Alpha | Mixed Macroeconomic Data and Calm Crypto Markets
This week, we took a deep dive into the market. We observed a mixed picture in US economic data as the cryptocurrency market began to enter its summer lull. As Germany slips into recession, we are starting to see economic pressure in Europe as well.
The U.S. Bureau of Labor Statistics released upbeat data showing that 339,000 jobs were added in May, with employment showing resilience in the face of rising borrowing costs. A recession in the U.S. may be far away, according to widespread forecasts. Challenges remain, however: Unemployment continues to rise and wage growth has slowed.
The latest Beige Book report analyzes more domestic economic activity in the United States. The analysis showed that while spending on leisure, hospitality, health care and education continued, economic activity in the transport and agricultural sectors was weakening. There are concerns about increased liquidity in the financial sector and credit risk in the commercial real estate sector.
Consumer confidence also fell to its lowest level in six months, the Conference Board reported, but data from the U.S. Bureau of Labor Statistics for April showed job openings continued to rise and layoffs were declining.
Markets also breathed a sigh of relief over the weekend after news that President Joe Biden signed legislation to raise the national debt ceiling, avoiding an unprecedented default on federal government debt.
However, Germany, considered the economic powerhouse of Europe, has entered a recession. Ongoing conflict between Russia and Ukraine, the lingering fallout from the pandemic, rising interest rates and a lack of significant investment in Germany's innovation sector have led to two consecutive quarters of negative growth in Germany -- and this is expected to be the third. It is worth noting that Germany is usually the economic bellwether for the rest of Europe.
In the crypto market, bitcoin mining is expanding dramatically as more bitcoin miners race to keep the network safe. As of May 30, the difficulty of BTC mining has risen to 51.23 trillion. For individual miners, the difficulty of mining Bitcoin blocks has increased by at least 2.7%.
The BTC market is lagging behind the U.S. stock market. The Nasdaq gained 7.3% in May, while BTC lost 6.94%. Additionally, options markets suggest that the current low-volatility environment is likely to persist. Traders are hedging their bets and waiting for macro news feeds to determine direction.
But industry growth and expansion also continues: Tether announced that it is using renewable energy to join a bitcoin mining operation in Uruguay; Hong Kong allows retail investors to trade crypto assets and is reviewing license applications for trading platforms and exchanges. Make yourself an encryption center. The economic landscape is changing and all industries are growing. Some industries face challenges, and others are undergoing major changes. As the crypto industry evolves, we look forward to seeing how these trends evolve and what impact they will have on more economic activity.
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Bitfinex: Welcoming Hong Kong's Progressive Crypto Legislation
The exchange welcomes favorable regulations that allow for innovation and business growth while protecting the environment for all participants. When asked whether it plans to apply for a virtual asset license in Hong Kong, a Bitfinex spokesperson said: "Allowing retail participation further democratizes access to the crypto market. Accessibility to all is one of the first reasons why the crypto industry was born." , we welcome the progressive approach to regulation in Hong Kong."
https://cointelegraph.com/news/hong-kong-s-regulatory-lead-sets-it-up-to-be-major-crypto-hub
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Bitfinex Lists GoCrypto (GOC)
GOC trading will start at approximately 10:00 (UTC time) on June 7, supporting GOC/USD and GOC/USDT trading pairs. Withdrawals are expected to open around 10AM UTC on June 8th.
https://www.bitfinex.com/posts/932
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Bitfinex and Tether CTO Paolo Ardoino advocates that cryptocurrencies should focus on emerging economies, not Europe and the United States
Amid the U.S. regulatory crackdown on crypto firms, Bitfinex and Tether CTO Paolo Ardoino believes entities in the industry should focus on emerging markets rather than the U.S. and Europe.
Additionally, Ardoino emphasized his and his company’s loyalty to Bitcoin: “Bitcoin and Tether were both founded by Bitcoiners. We are Bitcoiners at heart. Bitfinex, for example, is considered the OG exchange where all the big whales are. This is the general view in the industry."
Ardoino elaborated on the role of Tether, explaining how stablecoins can make it easier for individuals to enter the digital age. "By utilizing the U.S. dollar, we provide an easier gateway into the digital age," Ardoino added. "Bitcoin is the only truly decentralized cryptocurrency. In fact, Bitcoin is the only one that hasn't been attacked by any regulators." Cryptocurrencies."
Because of his strong belief in Bitcoin's potential, he emphasized the importance of supporting Bitcoin: "It is very important for us to support Bitcoin. We are in this industry and have built companies since the early 2000s. Investing in Bitcoin Cryptocurrency infrastructure and mining are part of the reason our company exists."
Additionally, he expressed concern about the upward trend of meme coins in the cryptocurrency market, arguing that these coins are often fueled by hype and speculation, which could damage the reputation of the industry. He observed that the price of many meme coins fluctuated wildly, skyrocketing in value without any real support, and then plummeting. According to Ardoino, this unfounded speculative trend undermines the core idea of Bitcoin as a cryptocurrency.
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Bitfinex Securities Signs Memorandum of Understanding with Astana International Exchange (AIX)
Bitfinex Securities announced the signing of a Memorandum of Understanding (MOU) with Astana International Exchange (AIX) to establish a partnership in various areas of mutual benefit. Under this MoU, AIX and Bitfinex Securities have identified several collaboration programs and common goals. These include exploring fully fungible dual listing opportunities for traditional and tokenized securities, creating post-trade links between respective securities settlement systems, and jointly facilitating an effective bridge between traditional and tokenized trading venues.
Jesse Knutson, Head of Operations at Bitfinex Securities, shared his thoughts on the partnership, saying: “We see our partnership with AIX as an important milestone in the technological upgrade of capital markets. By providing a cost-effective alternative to products such as depositary receipts, we It can provide global liquidity for listed companies.
