BofA fears recession, while approves of crypto

Bank of America stated that it foresees a huge recession ahead. Michael Hartnett, Chief Investment Strategist of BofA, believes that US economy could shrink amid inflation and rates shocks. He also believes that commodities and cryptocurrencies have potential to outperform other financial classes in times of uncertainty and fear.

More market movers from category

MakerDAO’s big transaction

The so-called decentralized autonomous organization MakerDAO is transferring $500 million worth of the token to fixed-income obligations. These consist of corporate bonds and short-term US Treasuries.

Former Terra employee arrested

After months of investigation, South Korean police have reportedly caught Yoo Mo. He is the first captured person involved in the Terra blockchain ecosystem collapse. Yoo Mo was the head of business and has done market making in his time.

NEAR Protocol x Google Cloud

NEAR Foundation just announced a brand new partnership between Google Cloud and NEAR Protocol. Google Cloud will provide technical support for NEAR grant recipients and developers as they build and scale their Web3 projects and decentralized applications (dApps).

Warner Music Group & OpenSea

The American record company, Warner Music Group, has partnered with the NFT marketplace OpenSea. In an effort to increase fan participation and foster community, artists signed to Warner Music Group will have their own drop sites on OpenSea. This could increase the adoption of NFTs despite their massive drop in popularity in 2022.

Crypto Punks NFTs traded 1m ETH

Crypto Punks, the most popular NFT project, just reached an important milestone. The total trading volume on OpenSea crossed 1 million Ethereum today, which is more than $1.3 billion at ETH’s price now. On average, a Crypto Punk NFT sells for approximately $100k, but someone bought Crypto Punk 2924 for $4.3 million today.

Interpol issued red notice on Do Kwon

Interpol issued a red notice on Do Kwon, the co-founder of Terraform Labs. Do Kwon insists that he is not hiding, but it is unclear where he is because Singaporean authorities claim he is not in the country.

More market movers

MakerDAO’s big transaction

The so-called decentralized autonomous organization MakerDAO is transferring $500 million worth of the token to fixed-income obligations. These consist of corporate bonds and short-term US Treasuries.

Semtech stock dips 10%

Semtech shares dropped by 10% in a single day. Semtech Stocks are trading lower after the company announced a $250 million convertible senior notes offering. The stock is down 68% so far this year.

US initial jobless claims grow

The number of Americans submitting new applications for unemployment benefits increased by 29,000, reaching 219,000. The number increased from the five-month low. This was significantly higher than the forecast at 203,000, pointing to a possible easing of labor market conditions.

Former Terra employee arrested

After months of investigation, South Korean police have reportedly caught Yoo Mo. He is the first captured person involved in the Terra blockchain ecosystem collapse. Yoo Mo was the head of business and has done market making in his time.

Silver falls by 5% 📉

Silver rose rapidly from $18 to $21 in just a few days, and safe-haven bids propelled this growth. Now silver falls by more than 5% below the $20 mark.

Higher US jobs numbers

Private businesses in the US created 208K jobs in September 2022 compared to an upwardly revised 185K in August. This was followed after schools reopened and pandemic concerns receded. However, while job growth is stable, it remains below the recent three-month average.

News

Will gas make Russia and Pakistan allies?

Recently, there has been a lot of discussion about what allies Russia has after invading Ukraine, when Europe and the US turned away from it.
Dow Jones tries to stay above 30,000 USD
DOW
-1.2%

Dow Jones tries to stay above 30,000 USD

Stocks trade today without a clear direction, but volatility persists as Dow tries to stay above 30,000 mark.
These 5 countries avoided high inflation (at least for now) ★ Premium This content is only available for registered users - sign up for free now

These 5 countries avoided high inflation (at least for now)

Inflation is the hottest topic in 2022, and almost everyone experiences price increases in products and services. However, some avoided this.
EUR/GBP stays above significant support
0.26%

EUR/GBP stays above significant support

So far, the 0.87 support has held, offering some nice momentum for the bulls.